457 Deferred Compensation Plan: Plan Administration and Record Keeping Services RFP - 901362

Agency: Yuba County
State: California
Type of Government: State & Local
NAICS Category:
  • 541611 - Administrative Management and General Management Consulting Services
Posted Date: Aug 19, 2019
Due Date: Sep 27, 2019
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Description Opening Date/Time Closing Date/Time
457 Deferred Compensation Plan: Plan Administration and Record Keeping Services RFP - 901362
Yuba County is looking for professional services for the 457 deferred compensation plan for County personnel.
August 16, 2019 : September 27, 2019 4:30 PM

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County of Yuba
Administrative Services
915 8th Street, Suite 119, Marysville CA 95901
Timothy J. McCoy, Director
REQUEST FOR PROPOSAL
457 Deferred Compensation Plan
Plan Administration and Record Keeping Services - 901362
Notice to Prospective Proposers
August 16, 2019
You are invited to review and respond to this Request for Proposal (RFP), entitled 901362 – Yuba
County 457 Plan. In submitting your proposal, you must comply with these instructions.
Note that all agreements entered into with the County of Yuba will include by reference General
Terms and Conditions that may be viewed and downloaded at Internet site
https://www.yuba.org/departments/administrative_services/purchasing/purchasing.php
If you do not have Internet access, a hard copy can be provided by contacting the person listed
below.
In the opinion of the Yuba County Department of Human Resources, this RFP is complete and
without need of explanation. However, if you have questions, or should you need any clarifying
information, the contact person for this RFP is:
Lee Ann Hennessy, Buyer I
Department of Administrative Services
915 8th Street, Suite 119
Marysville, CA 95901
(530) 749-7889
lhennessy@co.yuba.ca.us
Please note that no verbal information given will be binding upon the County unless such information
is issued in writing as an official addendum.
Timothy J. McCoy,
Purchasing Agent, Contract Administrator
Director of Administrative Services
County of Yuba
Administrative Services
915 8th Street, Suite 119, Marysville CA 95901
Timothy J. McCoy, Director
I. OVERVIEW
The County (hereinafter “County” 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 related services for the Deferred Compensation Plans (hereinafter
“Plans”).
The primary goals for this Request for Proposal (hereinafter “RFP”) process include the following:
Enhancing participant retirement outcomes;
Analyzing the overall competitiveness of the Plans;
Providing for the integrated administration and reporting for the Plans;
Offering the most appropriate investment menu(s);
Improving participant education and communication services;
Enhancing the formal education for the Deferred Compensation Committee
Providing robust on-line 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;
Reducing participant and Plan expenses;
Providing for an orderly and timely transition of assets and services if necessary; and
Continuing the formal record keeper/Committee working relationship.
The Committee – which is made up of 6 representatives of County management– carries out the fiduciary duties
and has sole discretionary authority over the administration of the retirement program.
The Committee will potentially consider various revenue-generating investment menus. One is the traditional
model where funds share revenue and plan costs are paid by the investment options. Another model is where the
investment options do not share revenue and plan costs are paid through an explicit fee. Where revenue sharing
investment options are the only alternative, the Committee may look to engage a model that provides for a more
equitable distribution of that revenue to the participants that are actually invested in the funds that produced it.
Several questions have been structured with these different types of models in mind.
The County also participates in the California Public Employees’ Retirement System’s (CalPERS) defined benefit
plan.
All RFP responses received in good order will be reviewed by Hyas Group, LLC (hereafter “County
Consultant”) and an Evaluation Committee (hereinafter “Evaluation Committee”) formed specifically for this
RFP. The Evaluation Committee is made up of County employees and will serve in an advisory role to the
Committee. The Committee carries out the fiduciary duties and has discretionary authority over the
administration of the Plan.
County of Yuba
Request for Proposal
Page 1
County of Yuba
Administrative Services
915 8th Street, Suite 119, Marysville CA 95901
Timothy J. McCoy, Director
II. RFP TIMELINE AND PROCESS
The County plans to adhere to, but reserves the right to change, the following schedule:
RFP issue date:
Questions and clarifications from
Proposing Firms due:
Response to questions and clarifications:
Proposal due date:
Finalist interviews:
August 16, 2019
August 30, 2019
September 13, 2019
September 27, 2019
Week of December 2, 2019
QUESTIONS AND CLARIFICATIONS
If any Proposing Firm contemplating submitting a proposal for the items or services listed herein is in doubt as to
the true meaning of any part of this RFP, it may email its questions and/or requests for clarification to the County
Contact, Lee Ann Hennessy, at LHennessy@co.yuba.ca.us. This also includes requests to waive or otherwise
modify minimum qualifications and/or contract language including indemnification, insurance requirements, and
venue for disputes that will be added to any contract form provided by Proposing Firm (See Attachment A). The
deadline for receiving requests for interpretation and questions related to this RFP is August 5th at 4:00pm Pacific
Time. Interpretations, clarifications, modifications, and/or supplemental instructions will be emailed to those
Proposing Firms that have been recorded as receiving the RFP document directly from the County Consultant.
The date for answering questions is on or around August 26th.
Contacting County staff with questions or for information related to this RFP may disqualify your firm from
consideration.
PROPOSAL SUBMITTAL
Proposals must be received on or before September 13th at 4:00pm Pacific Time. Submit one (1) hard copy (marked
“Original”), and one (1) electronic version on CD or flash drive of the proposal to the following address. Please
be sure to provide the Questionnaire portion in Word format and include the entire Exhibit Folder in
electronic form on the CD or flash drive.
County of Yuba
457 Deferred Compensation Request for Proposal 901362
Attn: Purchasing Agent
915 8th Street, Ste 119
Marysville, CA 95901
DO NOT OPEN
Additionally, submit one (1) electronic version on a CD or flash drive of the proposal to the County Consultant at
the following address. Please be sure to provide the Questionnaire portion in Word format and include the
entire Exhibit Folder in electronic form on the CD or flash drive.
457 Deferred Compensation Request for Proposal
Attn: Ned Taylor, Senior Consultant
Hyas Group, LLC
108 NW 9th Avenue, Suite 203
Portland, Oregon 97209
County of Yuba
Request for Proposal
Page 2
County of Yuba
Administrative Services
915 8th Street, Suite 119, Marysville CA 95901
Timothy J. McCoy, Director
It is each Proposing Firm’s responsibility to ensure that its proposal is received prior to the stated
closing time. The County shall not be responsible for identifying and properly handling any proposal submitted
incorrectly. Proposals, modifications and withdrawals submitted after the stated submittal deadline shall not be
accepted and shall be returned unopened. Facsimile and emailed proposals will not be accepted.
ADDENDA AND INTERPRETATIONS
The County may make changes to this RFP solicitation. Any interpretation or correction of the County
specifications will be made only by addendum, duly issued by the County representative(s) and/or the County
Consultant as identified above. Copies of such addenda will be emailed to those Proposing Firms that have been
recorded as receiving the RFP document directly from the County Consultant. Oral or other interpretations,
clarifications, or submittal instructions will be without legal effect. Proposing Firms shall not be allowed to take
advantage of any errors in or omissions from the RFP. Full instructions will be given if such error or omission is
discovered and called to the attention of the County in a timely manner.
COST OF PREPARING A PROPOSAL
Proposing Firms are solely responsible for all costs incurred in the submission or presentation of its proposal or
in undertaking any necessary study for its preparation.
PROPOSAL VALIDITY PERIOD
Each proposal shall be irrevocable for a period of ninety (90) calendar days from the Proposal Submission Date.
PUBLIC DISCLOSURE
All responses, inquiries, and correspondence related to this RFP and all reports, charts, displays, schedules, exhibits,
and other documentation produced by the Proposing Firms that are submitted as part of the proposal will become
the exclusive property of the County when received by the Committee and may be considered public information
under applicable law. Any proprietary information in the proposal should be identified as such. The County will
not disclose proprietary information to the public, unless required by law. However, the County cannot guarantee
that such information will be held confidential. At such time as the Committee recommends a Firm to the County
Board of Supervisors, proposals may become available to the public upon request.
RESERVED RIGHTS
The County reserves the right to:
Reject any or all proposals not in compliance with all public procedures and requirements;
Reject any proposal not meeting the specifications of this RFP;
Waive any or all irregularities in proposals submitted;
Reject all proposals;
Negotiate services and cost within the scope of this RFP with the highest ranked Proposing Firm. In the
event the County is unable to negotiate a contract with the highest ranked Proposing Firm, to commence
contract negotiations with the next highest ranked Proposing Firm and to continue this process until a
contract is executed;
Cancel this RFP at any time, for any reason;
Award any or all parts of any proposal; and
Request references and other data to determine responsiveness.
CONTRACT PERIOD
The contract term will be negotiated at the conclusion of this RFP process. Proposing Firms will be given
opportunities in their response to this RFP to provide pricing information related to different term structures. The
County reserves the right to sign any document necessary to protect prices, delivery schedules, interest rates and/or
any other critical factor contained in the response to this RFP. No action will be binding on the County until a
contract has been executed by all applicable parties.
County of Yuba
Request for Proposal
Page 3
County of Yuba
Administrative Services
915 8th Street, Suite 119, Marysville CA 95901
Timothy J. McCoy, Director
III. PROPOSAL REQUIREMENTS
MINIMUM QUALIFICATIONS
The County requires each Proposing Firm responding to this RFP to certify that it meets or agrees to the following
criteria:
1. The Proposing Firm must have a minimum of five (5) years of experience administering governmental Section
457 deferred compensation plans and must currently provide sole-provider administration to a minimum of
three (3) Section 457 deferred compensation retirement plans with an asset size of at least $50 million in each.
2. Any contract must stipulate that there will be no front-end charges and/or no back-end charges. In addition,
there will be no restrictions or penalties associated with any Plan- or participant-initiated transfers or
withdrawals (including contract termination), with the exception of capital preservation (stable value and/or
Fixed or General Account) equity wash and/or put provisions, and/or mutual fund specific short-term trading
fees.
3. The Proposing Firm must accurately and fully disclose all fund expense and revenue sharing arrangements
associated with all funds being offered within the Plan(s). Fixed or General Account products will not be
excluded from this requirement. Proposing Firms offering such products must provide an accurate assessment
of product expenses and revenue remitted to the Proposing Firm.
4. The Proposing Firm must accurately and fully disclose all expenses and revenue associated with any service
made available under the Plan(s). This includes services such as managed accounts, investment advice, financial
planning and/or self-directed brokerage accounts.
5. The Proposing Firm must agree, under contract, not to sell and/or promote products not directly affiliated
with the Plan(s) unless given specific, written authorization by the Committee to do so.
6. Upon award of the contract, the selected Proposing Firm must be duly qualified to do business in the State of
California.
7. The Proposing Firm must be able to transition and continue administration of existing Plan loans.
8. The organization must be able to offer a self-directed brokerage option.
9. The Proposing Firm must be able to accommodate the joint administration of the Plans as applicable and must
be able to facilitate appropriate payroll processing, applicable account transfers, and separate recordkeeping
for each of the Plans.
10. The Proposing Firm must be willing to have representatives attend Committee meetings in person as required
(no more than quarterly).
11. The Proposing Firm must have knowledge of and comply with all applicable County, State of California and
federal regulations regarding governmental retirement plans and investment options. All applicable laws of the
County and the State of California, whether substantive or procedural, shall apply to this contract, and all
statutory, charter, and ordinance provisions that are applicable to County contracts shall be followed with
respect to this contract.
County of Yuba
Request for Proposal
Page 4

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