Deferred Compensation Services
ID: 395376 • State: Tennessee
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Description
Background
The Metropolitan Government of Nashville and Davidson County (Metro) is seeking proposals for Deferred Compensation Services, specifically for a 457 Deferred Compensation Plan. The Metro Employee Benefit Board administers the benefit system for eligible employees, including classified and unclassified employees, as well as non-teaching employees of the Metropolitan Board of Education.
The goal of this contract is to provide comprehensive investment management, recordkeeping, administration, custodial trustee services, and communication/education for the plan.
Work Details
The contractor will be responsible for the following services:
1) Investment management and recordkeeping services;
2) Account management for individual contributions, earnings, and withdrawals;
3) Production of quarterly participant statements;
4) Maintenance of individual participant records;
5) On-site marketing and enrollment services;
6) Providing a single point of contact for seamless administration;
7) Administration under IRS Section 401(a)(9) and 457;
8) Support for ongoing consultation with Metro and plan participants;
9) Reimbursement for independent investment performance reviews (estimated annual cost $100,000);
10) Comprehensive education and communication programs;
11) Enrollment services including maintenance of enrollment materials;
12) Liability for processing errors affecting participant accounts;
13) Self-directed brokerage services;
14) Administrative support for financial hardship distributions and Domestic Relations Orders (DRO).
Period of Performance
The contract will commence upon award with specific timelines to be determined based on the proposal acceptance process.
Place of Performance
Services will be performed in Nashville, TN, with specific locations to be determined based on employee participation across Davidson County.
Bidder Requirements
Offerors must demonstrate compliance with various insurance requirements including general liability, professional liability, automobile liability, workers' compensation, cyber liability, and technological errors & omissions insurance. Additionally, all offerors must affirm their compliance with nondiscrimination policies as outlined in the Metro Code of Laws.
The Metropolitan Government of Nashville and Davidson County (Metro) is seeking proposals for Deferred Compensation Services, specifically for a 457 Deferred Compensation Plan. The Metro Employee Benefit Board administers the benefit system for eligible employees, including classified and unclassified employees, as well as non-teaching employees of the Metropolitan Board of Education.
The goal of this contract is to provide comprehensive investment management, recordkeeping, administration, custodial trustee services, and communication/education for the plan.
Work Details
The contractor will be responsible for the following services:
1) Investment management and recordkeeping services;
2) Account management for individual contributions, earnings, and withdrawals;
3) Production of quarterly participant statements;
4) Maintenance of individual participant records;
5) On-site marketing and enrollment services;
6) Providing a single point of contact for seamless administration;
7) Administration under IRS Section 401(a)(9) and 457;
8) Support for ongoing consultation with Metro and plan participants;
9) Reimbursement for independent investment performance reviews (estimated annual cost $100,000);
10) Comprehensive education and communication programs;
11) Enrollment services including maintenance of enrollment materials;
12) Liability for processing errors affecting participant accounts;
13) Self-directed brokerage services;
14) Administrative support for financial hardship distributions and Domestic Relations Orders (DRO).
Period of Performance
The contract will commence upon award with specific timelines to be determined based on the proposal acceptance process.
Place of Performance
Services will be performed in Nashville, TN, with specific locations to be determined based on employee participation across Davidson County.
Bidder Requirements
Offerors must demonstrate compliance with various insurance requirements including general liability, professional liability, automobile liability, workers' compensation, cyber liability, and technological errors & omissions insurance. Additionally, all offerors must affirm their compliance with nondiscrimination policies as outlined in the Metro Code of Laws.
Overview
Agency
Opportunity Type
RFQ
Opportunity ID
395376
Response Deadline
June 9, 2025
Past Due
Date Posted
May 14, 2025
Est. Value Range
Experimental
$5,000,000 - $15,000,000
(AI estimate)
Agency Distribution
Moderate
Source
On 5/14/25 Nashville in Tennessee issued RFQ Deferred Compensation Services with ID 395376 due 6/9/25.