Washington Saves Program Administration and Investment Management

The Washington Saves Governing Board is soliciting proposals for Program Administration Services, Investment Management Services, or an integrated combination of both for the Washington Saves state-facilitated auto-IRA program, with proposals due October 9, 2026 at 11:59 p.m. Pacific Time. A virtual pre-bid conference is scheduled for September 1, 2026; Notice of Intent to Submit is due September 3; questions are due September 15. No set-asides, preferences, or eligibility restrictions are specified, though bidders may claim Washington Small Business or Certified Veteran-Owned Business status for up to 3 points each under Executive Order 18-03 compliance scoring.

Program Administration Services encompass employer and participant recordkeeping, IRA custodial administration, portal management, United States-based customer service (8:00 a.m. to 7:00 p.m. PT Monday–Friday with multi-lingual support), compliance support, marketing and communications, and reporting. Investment Management Services include design, management, monitoring, and reporting of IRA-compliant investment options across five subcategories: Target Date Retirement Funds (default option), Capital Preservation/Liquidity, Growth/Equity, Income/Fixed Income, and Additional/Optional Options. Bidders proposing investment management must confirm a minimum of $2 billion in assets under management in comparable programs and provide SOC 1 and SOC 2 Type 2 reports, audited financial statements or SEC filings, and three-year performance track records. All bidders must demonstrate at least five years of relevant experience in program administration, IRA administration, recordkeeping, or investment management. Bidders may deliver services directly or through affiliates, subsidiaries, subcontractors, or consortia, provided all performing entities are clearly identified.

The initial contract term is seven years with potential extension for up to three additional one-year renewal periods. The program launch target is July 1, 2027. The contractor bears all expenses attributable to program launch, development, marketing, and operations. Evaluation is on a 100-point basis per service category, with cost accounting for 30 points (Program Administration) or 45 points (Investment Management) and scored non-cost factors for the remainder. Optional demonstrations are November 2–5, 2026, with Apparent Successful Bidders announced November 18 and contract awards on December 1, 2026. Bidders must register with Washington's Electronic Business Solution (WEBS) and submit certifications addressing debarment, conflicts of interest, regulatory history, data breaches, and bankruptcies. This is a best-and-final proposal; no negotiation is permitted under Washington state contracting rules.