Pierce County Fire Protection District 6 Opengov #2026-RFP-156

Pierce County Solicits 457(b) Deferred Compensation Plan Recordkeeping and Administration Services

Pierce County, Washington is seeking proposals for comprehensive recordkeeping and administrative services for its Section 457(b) Deferred Compensation Plan. - Government Buyer: - Pierce County, Procurement and Contract Services office - Scope of Services: - Full administration of the 457(b) deferred compensation plan for approximately 3,200 employees - Plan setup and transition support - Participant recordkeeping and account maintenance - Payroll and contribution processing, with integration to Workday payroll system - Investment administration and compliance support - Participant services, including call center and secure web access - On-site participant education and outreach at about 50 worksites - Plan sponsor reporting and financial wellness programs - Plan Details: - Current plan assets: approximately $350 million - Current provider: Nationwide - Minimum Qualifications: - At least 10 years of experience managing governmental 457(b) plans - Experience with at least six plans, each with $350 million or more in assets - Financial stability and robust compliance capabilities - Unique/Notable Requirements: - In-person education and support for participants - Seamless integration with the County's Workday payroll system - Strong compliance and regulatory update services - OEMs/Vendors Mentioned: - Nationwide (current provider) - The County is open to proposals from other qualified vendors and is seeking a transition from the current provider.

Description

Pierce County, Washington is soliciting proposals from qualified firms to provide retirement plan administrative services including recordkeeping, education, communications, and investment-related services for its current 457(b) deferred compensation plan. The scope includes plan setup, participant recordkeeping, payroll processing, investment administration, compliance support, participant services, governance, and education. The plan serves approximately 3,200 employees with about $350 million in assets as of March 31, 2026. The initial contract period is anticipated to start around October 1, 2026, with possible extensions. Proposers must meet minimum qualifications including experience and financial stability.

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