RFP-25070 403(b) Plan & 457(b) Plan Provider Services
ID: BPM051644
• State: Maryland
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Description
Background
The Baltimore City Public Schools (City Schools) is seeking proposals from qualified entities to provide recordkeeping services for its 403(b) and 457(b) retirement plans. The objective of this RFP is to enhance plan operations, reduce fees, refresh the investment lineup, ensure compliance with regulations, improve participant services, and reduce administrative burdens by transitioning to a single vendor solution.
City Schools serves approximately 75,811 students across 162 schools in Baltimore City and operates under the governance of the Baltimore City Board of School Commissioners.
Work Details
The selected vendor will provide comprehensive services including: full recordkeeping, compliance management, participant communications and education, technology support, an open architecture investment platform, custodial services, and ongoing service days. Specific requirements include: no proprietary target date funds or risk models; a minimum of 1 million participants on the proposed recordkeeping platform; non-commission based compensation for vendor representatives; and a budget for absorbing all outstanding surrender charges.
The vendor must also ensure that all new contributions are directed to the new vendor while allowing participants to initiate transitions of existing assets.
Period of Performance
The contract will commence upon award notification and is expected to be implemented promptly thereafter. Specific timelines for implementation will be outlined in the proposal.
Place of Performance
Services will be performed at the Baltimore City Public Schools headquarters located at 200 East North Avenue, Baltimore, MD 21202.
Bidder Requirements
Bidders must demonstrate experience in managing defined contribution plans with a focus on K-12 education systems. They must provide evidence of insurance coverage including Errors & Omissions (E&O), Cybersecurity, and Fidelity Bond insurance. Additionally, bidders should disclose any litigation history that could affect their ability to provide services.
The proposal must include references from similar clients and details on how they will handle participant loans and distributions.
The Baltimore City Public Schools (City Schools) is seeking proposals from qualified entities to provide recordkeeping services for its 403(b) and 457(b) retirement plans. The objective of this RFP is to enhance plan operations, reduce fees, refresh the investment lineup, ensure compliance with regulations, improve participant services, and reduce administrative burdens by transitioning to a single vendor solution.
City Schools serves approximately 75,811 students across 162 schools in Baltimore City and operates under the governance of the Baltimore City Board of School Commissioners.
Work Details
The selected vendor will provide comprehensive services including: full recordkeeping, compliance management, participant communications and education, technology support, an open architecture investment platform, custodial services, and ongoing service days. Specific requirements include: no proprietary target date funds or risk models; a minimum of 1 million participants on the proposed recordkeeping platform; non-commission based compensation for vendor representatives; and a budget for absorbing all outstanding surrender charges.
The vendor must also ensure that all new contributions are directed to the new vendor while allowing participants to initiate transitions of existing assets.
Period of Performance
The contract will commence upon award notification and is expected to be implemented promptly thereafter. Specific timelines for implementation will be outlined in the proposal.
Place of Performance
Services will be performed at the Baltimore City Public Schools headquarters located at 200 East North Avenue, Baltimore, MD 21202.
Bidder Requirements
Bidders must demonstrate experience in managing defined contribution plans with a focus on K-12 education systems. They must provide evidence of insurance coverage including Errors & Omissions (E&O), Cybersecurity, and Fidelity Bond insurance. Additionally, bidders should disclose any litigation history that could affect their ability to provide services.
The proposal must include references from similar clients and details on how they will handle participant loans and distributions.
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Overview
Opportunity Type
RFP: Double Envelope Proposal
Opportunity ID
BPM051644
Version
1
Response Deadline
July 14, 2025
Past Due
Date Posted
June 6, 2025
Source
Est. Value Range
Experimental
$500,000 - $2,000,000
(AI estimate)
Agency Distribution
High
On 6/6/25 Baltimore City Public Schools in Maryland issued RFP: Double Envelope Proposal 403(b) Plan & 457(b) Plan Provider Services with ID BPM051644 due 7/14/25.
Contacts
Documents
Posted documents for RFP-25070 403(b) Plan & 457(b) Plan Provider Services
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AI Analysis
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Classifications
Opportunity Classification
Compensation or benefits planning
Additional Details
Additional Instructions
The Entity’s Proposal shall be submitted as TWO (2) individual files PDF files via eMaryland Marketplace Advantage https://emma.maryland.gov.Entities shall submit in separate attachments the following:
Volume I - Technical Proposal Volume II - Financial Proposal
Alternate ID
RFP-25070 403(b) Plan & 457(b) Plan Provider Services
Lot #
1
Round #
3