TTUS Administered Optional Retirement Plan and Tax Deferred Account

The Texas Tech University System (TTUS) is seeking proposals from qualified proposers to provide lead recordkeeper, investment, administrative, and participant services for TTUS-administered Optional Retirement Plan (ORP) and Tax-Deferred Accounts (TDA) plans. TTUS intends to consolidate the ORP and TDA plans into two system-wide plans covering five component institutions - Texas Tech University, Texas Tech University Health Sciences Center, Angelo State University, Texas Tech University Health Sciences Center El Paso, and Midwestern State University. Proposals are due by 4:00 PM Central on September 9, 2024, and the maximum contract term is anticipated to be five years, with the possibility of one two-year renewal. Proposers must meet mandatory requirements such as having a minimum of $10 billion in total defined contribution plan assets under administration, currently administering a minimum of 250,000 retirement plan participants, and having experience with at least five active defined contribution plans for university or university systems in Texas for at least five years. Proposals will be evaluated based on factors such as financial value, demonstrated ability to fulfill requirements, value-added options, and quality assurance.

This solicitation may be awarded to multiple proposers at the discretion of TTUS, with the intent to consolidate vendors to a state-mandated four, with flexibility for additional vendors as needed. TTUS does not appear to have any set-aside designations or restrictions on the types of organizations that can respond. The RFP does not specify any listed incumbent vendors or current contractors, nor does it provide any details on existing infrastructure or technology that requires integration. The RFP does not include any information on possible award values or budget ranges.