San Mateo Opengov #2026-RFP-00604

San Mateo County Seeks Investment and Fiduciary Consultant for Retirement Plans

The County of San Mateo Human Resources Department is seeking an investment and fiduciary consultant to support its defined contribution retirement plans, which total nearly $1 billion in assets and serve over 15,000 participants. - Government Buyer: - County of San Mateo Human Resources Department, Employee Benefits Office - Scope of Services: - Plan governance consulting, including fiduciary best practices, committee member education, and legislative/regulatory updates - Investment evaluation and monitoring, including performance benchmarking, investment menu review, and Health Savings Account investment reporting - Fee monitoring and reporting, with a focus on cost reduction opportunities - Plan administration support, including participation in oversight and strategic planning meetings - Relationship management, such as conducting RFPs for service providers, reviewing provider contracts and performance, and consulting on plan/provider transitions - Unique/Notable Requirements: - Experience with public sector retirement plans is emphasized - Consultant will support five defined contribution plans and a retiree health reimbursement arrangement - Services include both quarterly and annual deliverables over a five-year contract term - No specific OEMs or vendors are named; opportunity is open to qualified investment and fiduciary consulting firms - Assets and Participants: - Defined contribution plans: approximately $982 million in assets, 15,000+ participants - Retiree health reimbursement arrangement: $5.5 million in assets, 1,266 participants

Description

The County of San Mateo Human Resources Department is soliciting proposals for an investment and fiduciary consultant to support its defined contribution retirement plans. The scope includes plan governance consulting, investment evaluation, fee monitoring, plan administration, and relationship management. The consultant will assist with multiple defined contribution plans totaling approximately $982 million in assets and over 15,000 participants, as well as a retiree health reimbursement arrangement. Proposals must be submitted electronically by August 21, 2026, with interviews tentatively scheduled for September 16, 2026.

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