Tennessee Department of General Services #RFP 30901-65526

Tennessee Seeks Recordkeeping, Administration, and Investment Services for State Retirement and Higher Education 403(b) Plans

This opportunity involves the State of Tennessee Treasury Department seeking service providers for recordkeeping, administration, and investment services for the State's Optional Retirement Program (ORP) and Public Higher Education 403(b) Plans. - Government Buyer: - State of Tennessee Treasury Department - Covers University of Tennessee and Tennessee Board of Regents 403(b) Plans - OEMs and Vendors Mentioned: - TIAA - Voya - Products/Services Requested: - Recordkeeping and administration for ORP and 403(b) plans - Participant education (in-person and virtual) - Investment advisory services - Open-architecture investment platforms - Custodial trustee services - Notable Requirements: - Experience with higher education defined contribution plans - Robust quality assurance and compliance monitoring - IRS deferral limit monitoring - Ability to process payroll from multiple sources - Emphasis on reducing participant and program fees - Enhanced participant support and technological tools for retirement readiness - Streamlined employer reporting and compliance - Potential future consolidation of plans - Opportunity is open to all qualified respondents nationwide

Description

This solicitation is a Request for Proposals (RFP) issued by the State of Tennessee Treasury Department to procure recordkeeping, administration, and investment options services for the State's Optional Retirement Program (ORP) and Public Higher Education 403(b) Plans. The State seeks two service providers to provide accurate and timely recordkeeping, administer the plans within prescribed service standards, and assist in participant education and retirement security. The contract aims to reduce fees, enhance participant support and education, provide technological tools for retirement readiness, and streamline employer reporting and program compliance. The response due date is June 29, 2026.

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