Tennessee Department of General Services #30901-65526

Tennessee Seeks Comprehensive Retirement Plan Administration and Investment Services for Higher Education

The State of Tennessee is seeking two service providers to deliver comprehensive recordkeeping, administration, investment advisory, custodial trustee, and participant education services for its Optional Retirement Program (ORP) and Public Higher Education 403(b) Plans. - Government Buyer: - Tennessee Department of General Services, on behalf of the State Treasury Department - Deferred Compensation Program, State of Tennessee Treasury Department - OEMs and Vendors Mentioned: - TIAA - Voya - State Street - AIG Retirement Services (VALIC) - American Funds (Capital Group) - Vanguard - Victory Capital (Victory Sycamore) - JP Morgan - PIMCO - Products/Services Requested: - Recordkeeping and administration for ORP and 403(b) plans, including compliance, daily valuation, and participant account management - Investment advisory and participant education services, including open-architecture investment platforms and support for custom unitized investment options - Custodial trustee services for plan assets, including daily net cash flow reporting and coordination with State Street for the Treasury Managed Fund - Communication and education services, including multimedia resources and customized materials - Technology platform services, including secure participant and employer portals and payroll system integration - Self-directed brokerage account (SDBA) services for experienced investors - Investment products including a broad lineup of mutual funds, annuities, fixed accounts, and money market funds (see product line items for details) - Unique or Notable Requirements: - Providers must have experience in higher education defined contribution markets - Must offer robust participant support, daily valuation, and reporting - Integration with Tennessee Treasury Managed Fund (State Street as custodian) - Emphasis on reducing participant fees, enhancing service quality, and streamlining plan administration - Strong fiduciary standards and transparent fee structures - Technology platforms must support secure data exchange and participant self-service - SDBA access subject to minimum balance and transfer requirements - Plan serves over 43,000 participants with combined assets exceeding $6 billion

Description

The State of Tennessee, Treasury Department, is soliciting proposals to provide recordkeeping, administration, communication, education, investment advisory, broad open-architecture investment platforms, and custodial trustee services for the Optional Retirement Program (ORP) and the Public Higher Education 403(b) Plans, including the University of Tennessee 403(b) Plan and the Tennessee Board of Regents 403(b) Plan. The solicitation seeks two service providers to administer these plans, ensuring accurate and timely recordkeeping, adherence to service standards, and participant education and retirement security. The contract term for new providers will begin no later than September 1, 2027, and the State aims to reduce fees, enhance participant support, and streamline administration through this competitive process.

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