CITY OF WEST LINN
RETIREMENT PLAN ADMINISTRATION
Proposals due: Dec. 14, 2019 @ 4:00 pm
REQUEST FOR PROPOSALS
The City of West Linn (hereinafter “City” or “Plan Sponsor”) is soliciting proposals from qualified firms (hereinafter “Proposing Firm(s)” or “Firm(s)”) to provide retirement plan administration, record keeping, education, communications, investment‐related, and other services for the 457 Deferred Compensation Plan (hereinafter “Plan”).
The primary goals for this Request for Proposal (hereinafter “RFP”) process include the following:
Enhancing participant retirement outcomes;
Analyzing the overall competitiveness of the Plan;
Providing for the integrated administration and reporting for the Plan;
Offering the most appropriate investment menu;
Improving participant education and communication services;
Enhancing the formal education for the Deferred Compensation Committee (hereinafter “Committee”);
Providing robust online transaction and information capabilities;
Providing support for as many administrative functions as deemed appropriate;
Evaluating alternative pricing structures, including scenarios that consolidate plans to one record keeper;
Fee transparency and reducing participant and Plan expenses;
Providing for an orderly and timely transition of assets and services if necessary; and
Formalizing the recordkeeper/Committee working relationship
The Plan is using a combination of administrative fees and revenue share to pay for recordkeeping and administrative services today. As part of this RFP, the Committee will explore the utilization of institutional, non‐revenue share investment options and using an explicit participant fee to pay for recordkeeping and administrative services. This will allow for fee transparency and provide a more equitable distribution of Plan costs.
As part of this process, the City, is looking to develop a Deferred Compensation Plan Committee (hereafter “Committee”) to carry out the fiduciary duties and have discretionary authority over the administration of the retirement programs. The Committee will continue to monitor and evaluate the Plan on an ongoing basis through regular meetings. All RFP responses received in good order will be reviewed by Hyas Group (hereafter “City’s Consultant”) and the Committee.
The Committee carries out the fiduciary duties and has discretionary authority over the administration of the Plan.
Full RFP and instructions are online at: https://bids.westlinnoregon.gov/rfp/rfp-plan-administration-and-record-keeping-services
Published in Business Tribune Nov. 26, 2019
Published in West Linn Tidings Nov. 28, 2019.