San Mateo Opengov #2026-RFP-00350

Audit Services for County of San Mateo Defined Contribution Retirement Plans

The County of San Mateo's Human Resources Department is seeking a qualified firm to provide audit services for its voluntary defined contribution (DC) retirement program. - The DC program includes five separate plans, totaling nearly $1 billion in assets and serving over 16,000 participants. - Required audit services: - Financial reporting and statement audits - Participant data and eligibility testing - Contribution and payroll review - Internal controls review - Distribution and loan testing - Participant investment review - Administrative expense verification - Compliance with plan documents and regulations - Documentation review - The initial audit will establish a baseline, with annual audits to follow. - No specific OEMs or vendors are named; the County requires firms to meet licensing, independence, and peer review standards. - The contract will last five years, with an option to extend for two additional years.

Description

The County of San Mateo is seeking audit services for its Defined Contribution Plan, which has assets totaling nearly $1 billion across five plans. The scope includes financial reporting, participant data testing, contribution review, internal controls, distribution testing, investment review, expense verification, and compliance checks. The initial audit will establish a baseline, with annual audits planned. The selected firm will enter into a five-year contract, with an option to extend for an additional two years.

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