Recordkeeping, Administration, and Investment Options for the State of Tennessee's Optional Retirement Program and Public Higher Education 403(b) Plans
ID: RFP 30901-65526
• State: Tennessee
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Description
Background
The State of Tennessee, through its Treasury Department, is issuing this Request for Proposals (RFP) to solicit qualified organizations to provide recordkeeping, administration, and investment options for the State's Optional Retirement Program (ORP) and Public Higher Education 403(b) Plans.
The goal is to procure necessary services at competitive prices while enhancing participant support and education.
Work Details
The selected service providers will be responsible for:
- Providing recordkeeping and administration services for the ORP and 403(b) Plans.
- Offering communication and education services, including in-person and virtual field education.
- Delivering investment advisory services with broad, open-architecture investment platforms.
- Acting as custodial trustees for the plans.
- Ensuring accurate and timely recordkeeping services while adhering to prescribed service standards.
- Assisting in the education and retirement security of program participants.
The State seeks two service providers for both the ORP and 403(b) Plans, with services commencing no later than September 1, 2027, unless the provider is an incumbent.
Period of Performance
Services shall commence on a date specified in the Pro Forma Contract (Attachment 6.6), with a start date no later than September 1, 2027.
Place of Performance
The services will be performed within the State of Tennessee, specifically serving employees of the University of Tennessee System, Tennessee Board of Regents, and six locally governed institutions.
Bidder Requirements
Respondents must demonstrate extensive experience in the higher education defined contribution market. They must adhere to quality assurance procedures, have a customer-focused approach, provide adequate client service staff support, and comply with all relevant insurance requirements. Additionally, they must hold all necessary business or professional licenses to provide the required goods or services.
The State of Tennessee, through its Treasury Department, is issuing this Request for Proposals (RFP) to solicit qualified organizations to provide recordkeeping, administration, and investment options for the State's Optional Retirement Program (ORP) and Public Higher Education 403(b) Plans.
The goal is to procure necessary services at competitive prices while enhancing participant support and education.
Work Details
The selected service providers will be responsible for:
- Providing recordkeeping and administration services for the ORP and 403(b) Plans.
- Offering communication and education services, including in-person and virtual field education.
- Delivering investment advisory services with broad, open-architecture investment platforms.
- Acting as custodial trustees for the plans.
- Ensuring accurate and timely recordkeeping services while adhering to prescribed service standards.
- Assisting in the education and retirement security of program participants.
The State seeks two service providers for both the ORP and 403(b) Plans, with services commencing no later than September 1, 2027, unless the provider is an incumbent.
Period of Performance
Services shall commence on a date specified in the Pro Forma Contract (Attachment 6.6), with a start date no later than September 1, 2027.
Place of Performance
The services will be performed within the State of Tennessee, specifically serving employees of the University of Tennessee System, Tennessee Board of Regents, and six locally governed institutions.
Bidder Requirements
Respondents must demonstrate extensive experience in the higher education defined contribution market. They must adhere to quality assurance procedures, have a customer-focused approach, provide adequate client service staff support, and comply with all relevant insurance requirements. Additionally, they must hold all necessary business or professional licenses to provide the required goods or services.
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Overview
Opportunity Type
Request for Proposals (RFP)
Opportunity ID
RFP 30901-65526
Response Deadline
June 29, 2026
Due in 20 Days
Date Posted
May 12, 2026
Source
Source Notes
Source does not have a linkable page for this opportunity. To find the opportunity, go to the Source website listed above and search for the Opportunity ID.
Est. Value Range
Experimental
$8,000,000 - $35,000,000
(AI estimate)
Agency Distribution
Moderate
On 5/12/26 State of Tennessee in Tennessee issued Request for Proposals (RFP) Recordkeeping, Administration, and Investment Options for the State of Tennessee's Optional Retirement Program and Public Higher Education 403(b) Plans with ID RFP 30901-65526 due 6/28/26.
Contacts
Documents
Posted documents for Recordkeeping, Administration, and Investment Options for the State of Tennessee's Optional Retirement Program and Public Higher Education 403(b) Plans
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