RFP 25-058 Fiduciary Consulting Services for ATU Retirement Plans Addendum...

Agency:	Arkansas Tech University
State:	Arkansas
Type of Government:	State & Local
NAICS Category:	541611 - Administrative Management and General Management Consulting Services 541618 - Other Management Consulting Services
Posted Date:	Nov 18, 2025
Due Date:	Jan 2, 2026
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Contact information:	Please Login to View Page
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Procurement Services

404 N El Paso

Russellville, AR 72801

479-968-0269

Request for Proposal RFP 25-058

Fiduciary Consulting Services for ATU Retirement Plans

Sealed Reponses must be received by

Issuing Officer-Jennifer Warren

Jwarren2@atu.edu

Phone: 479-964-0589 ext. 3552

Anticipated Procurement Timetable

RFP Issued: November 14, 2025

Questions deadline: November 28, 2025 at 4 p.m. Submit all questions via email

Jennifer Warren, jwarren2@atu.edu .

Answers posted to website: December 3, 2025 4 p.m.

Opening of Proposals: January 2, 2023 3 p.m.

Selection Committee meeting: Weeks of January 5 and 12, 2026

Interview selected finalist Weeks of January 19 and 26, 2026

Awardee(s) selected: Week of January 26, 2026

Board of Trustees Meeting: February 19, 2026

Professional Services Consulting Contract Submission for Review by Arkansas

Legislative committee: March 2026 -Month of Review Subject to Change

Contract Begins: April 1, 2026-Dependent on ALC contract review approval.

Background

Arkansas Tech University is a state university established in 1909 with programs

at the technical certification, associate, baccalaureate and graduate levels. The

University has campuses in Russellville, Arkansas, and Ozark, Arkansas. The

institution also operates Arkansas Tech Career Center (ATCC), a career and

technical training initiative headquartered in Russellville with satellite locations at

Clarksville, Danville, Ozark and Paris.

ATU Russellville-Offers 120 undergraduate degree programs and more than 25

graduate degree options.

ATCC-Serves over 1,000 students from 19 school districts across 9 program areas

ATU Ozark-Serves over 2,100 students in 29 technical and associate programs.

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Employee Count and Current Retirement Plan Information

ATU has approximately 780 full-time employees located on three campuses –

Russellville, Ozark and the Arkansas Tech Career Center (ATCC).

Arkansas Tech University sponsors several retirements plans for eligible

employees. Employees participate in APERS, ARTRS, and TIAA.

The institution seeks to enhance its fiduciary oversight, ensure compliance, and

optimize plan performance and cost-effectiveness for the 403(b) and 457(b) plans

with TIAA.

ATU retirement plans are not subject to ERISA; however, we expect some

practices to be modeled after ERISA requirements.

Scope

ATU respectfully requests proposals for firms or individuals to assist with the

following:

A. Fiduciary Role

The institution is seeking proposals that outline two distinct fiduciary service

models:

1. Co-Fiduciary Model (modeled after ERISA section 3(21))

Consultant provides investment advice and recommendations.

Final decision-making authority remains with the institution’s retirement plan

committee.

Consultant supports plan governance, investment reviews, and documentation.

2. Full Fiduciary Model (modeled after ERISA section 3(38))

Consultant assumes full discretionary authority over plan investments.

Responsible for selecting, monitoring, and replacing investment options.

Respondents should clearly indicate which model(s) they offer and

provide separate pricing and service descriptions for each.

B. Additional Responsibilities

In addition to fiduciary responsibilities, ATU is seeking a consultant who will

provide the following services:

1. Vendor Management

Act as liaison between the institution and plan recordkeeper(s).

Facilitate communication, issue resolution, and service level monitoring.

2. Fee and Contract Review

Review and negotiate recordkeeping and investment fees.

Benchmark fees against industry standards.

3. Investment Oversight

Review and monitor the plan’s investment lineup.

Provide recommendations for fund additions, removals, or replacements.

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Assist in developing and maintaining an Investment Policy Statement (IPS).

4. Plan Governance

Support the institution’s retirement plan committee.

Provide fiduciary training and documentation support.

Assist with plan design reviews and regulatory compliance.

5. Participant Communication Support

Advise on participant education strategies and materials.

Review communications for clarity and compliance.

6. State-Specific Legal Expertise

Demonstrate familiarity with Arkansas-specific laws and regulations that may

impact the administration and fiduciary responsibilities of a 403(b)-plan

sponsored by a public higher education institution.

Provide guidance on compliance with state-level fiduciary standards,

procurement rules, and public sector retirement plan governance.

Proposal Requirements

Responses to this RFP should include the requested information below and be no

longer than 30 pages in length.

Company Background

Please tell us about yourself, your firm, or your team. If your team is affiliated

with a large firm that includes multiple teams around the country, please tell us

about your team.

1. Firm or Team Name

2. Address

3. Contact for this RFP

a. Name, Phone, and Email

4. Describe the ownership and structure of your firm.

5. List your firm’s lines of business, including any affiliated companies.

6. How many years has your firm been in business?

7. Briefly describe your firm’s history:

a. How many years has your firm been servicing retirement plan clients?

b. What documentation of your firm’s experience servicing retirement

plan clients can you provide?

c. What experience can your firm provide as it relates to higher education

client, and in particular, public higher education clients?

8. What is the total number of employees in the firm?

a. Number of employees who are Investment Advisory Representatives

(IARs)?

b. Do you use subcontractors? If yes, who and for what services?

9. What is the position of your firm in the employer-sponsored retirement plans

business?

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a. Percentage of revenue from retirement plan investment advisory

services

b. Plan assets under advisement

c. Total number of clients with a defined contribution plans under your

advisement (401(k)/403(b)/401(a) Profit Sharing/ 401(a) Profit Sharing

or Money purchase other than 401(k) plans, Government 457, 457(b),

and 457(f) plans)

d. Number of core client plans (with whom your firm have regular

quarterly contact)

e. Number of client plans added over the past 24 months

f. Number of clients lost over the past 24 months

g. Publications your firm has created or contributed to

h. Recognition received from independent sources demonstrating

expertise and credibility

10. Please list the types of services your firm offers for retirement plans

11. Please describe your firm’s experience helping clients through complex

process such as Department of Labor audits, Internal Revenue Service audits,

voluntary compliance actions, partial plan termination determinations, plan

mergers of spin-offs, plan terminations, or corrective contributions

12. Describe what differentiates your firm from other investment consulting firms.

13. How does your firm define and measure the success of retirement plan

consulting relationships?

14. Please list the federal, state, and other regulatory agencies with which your

firm is licensed or registered, and the type of license held.

a. Please indicate which employees are not registered or licensed, and

why.

15. Have any individuals from your firm ever been disciplined by any government

regulator for unethical or improper conduct or been sued by a client who was

not happy with the work performed by the firm?

16. Has your firm or any advisor of your firm been found guilty of any violation or

paid any fines because of violations of securities regulations or ERISA?

17. Is your firm bonded/insured? If so, to what amount?

18. Does your firm work with client plans on an advisory basis?

a. If applicable, please provide a copy of both parts of your firm’s most

recent SEC Form ADV.

19. Does your firm work with clients on a commission basis?

Higher Education Experience

1. Please describe your/your team’s experience with the higher education

market and industry.

2. Do you currently serve higher education clients? Provide the number of

higher education plans served by your firm and a representative reference list

of higher education clients.

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3. Please describe your process for the following if the team’s approach is

unique for higher education clients:

Plan governance

Investment due diligence

Reviews of plan service provider cost/administration

Participant communication and education

4. Based on your experiences, what relevant plan issues should higher education

institutions be aware of/focused on?

5. Explain your approach to understand our defined contribution retirement

program and how you will work with us to develop a strategy given current

best practices.

Arkansas Experience

1. How many retirement plan clients does your firm currently serve in

Arkansas?

a. Please specify the number of public sector clients (e.g., universities,

municipalities, state agencies)

2. Describe your process for monitoring state-level legislation and regulatory

changes in Arkansas, and how you assess and communicate their potential

impact on our retirement plan(s).

Key Personnel

1. Describe your service model to our plan (staff, responsibilities, interactions

with our plan, frequency of in-person meetings, frequency of conference calls,

team dynamics)

2. Primary contact for our relationship: Include the following

Name, title, address, phone, email. overall experience with employer-

sponsored retirement plans, commitment to the retirement plans business,

education, honors, designations and other credentials, regular activities to

stay current on market and regulatory developments, area of expertise

years with the firm, number of plans supported, average size of plans

supported

3. Will the primary contact be the only person with whom we will be working?

(If no, please list name(s), contact information, and profile information listed

above for each person)

Investment Services

1. Describe your firm’s approach to defined contribution plan investment

consulting

2. What investment policy statement support do you offer?

3. What tools does your firm use to evaluate investment funds and

managers?

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This page summarizes the opportunity, including an overview and a preview of the attached documents.

RFP 25-058 Fiduciary Consulting Services for ATU Retirement Plans Addendum 1-Opening Date Clarification

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