RFP 2024DD-03 - 457 Deferred Compensation Plan
Bid/RFP Status:
Open - accepting bids and proposals
Bid/RFP Due Date:
Thursday, May 23, 2024 - 3:00pm
Bid/RFP Reference Number:
RFP 2024DD-03
INTRODUCTION
Purpose
The City of Kyle, Texas (“City”) is seeking proposals from qualified vendors (“Proposer”) to provide 457 Deferred Compensation Plan (DCP).
Background
The City of Kyle is a municipal city government chartered by the State of Texas. Our current employment exceeds 300 employees (full-time, part-time, seasonal, and intermittent).
The City of Kyle is seeking Plan Administrator/Service Provider to provide enrollment, communication, education, and recordkeeping services. The City of Kyle serves as the DCP Plan Sponsor. Currently there is one 457 DCP Plan providers with a variety of financial investment options; they are:
• Mission Square
As of February 1, 2024, total assets in the Plan were approximately $2,000,000. All contributions to the 457 Plan are made by plan participants; the city does not make or match contributions. The city participates in Social Security and the Texas Municipal Retirement System (TMRS).
General Submission Information
This RFP is posted on the City of Kyle’s website at www.cityofkyle.com/rfps.
PROPOSAL SUBMISSION DEADLINE: Thursday, May 23rd PRIOR TO 3:00 p.m.
Proposals should be clearly marked 457 Deferred Compensation Plan - RFP 2024DD-03 and submitted to:
Daniel Dellemonache
City of Kyle, Purchasing Supervisor
100 W. Center Street, Kyle, TX 78640
(512) 779-3874
Any proposal received later than the specified time, whether delivered in-person or by mail will be disqualified. The City of Kyle will not be responsible for late delivery from the post office or delivery to any location other than the one specified above. Responders are encouraged to hand deliver their proposals well ahead of opening time or follow up to confirm their proposals were received before the deadline. The City further reserves its right to reject all proposals for any reason or any proposal that does not contain all the information requested in this RFP.
Potential responders may also submit a written email request to KylePurchasing@cityofkyle.com for additional information or clarification. The deadline for questions is Thursday, May 16th at 5:00 p.m. Please reference the RFP name in the subject line and provide the applicable page number with each question. Responses to questions will be posted on the City of Kyle’s website at www.cityofkyle.com as an addendum prior to the submission deadline.
SCOPE OF WORK
The successful Plan Administrator will report to the Plan Sponsor and to an appointed consultant fiduciary capacity and acknowledge in writing its fiduciary status, without qualification. The successful Plan Administrator will provide objective and independent advice to the Plan Sponsor which is solely in the best interest of the Plan participants, their beneficiaries, and the Plan Sponsor.
SUBMITTAL REQUIREMENTS & SCORING
See Section 9, Proposal Submittals in the Solicitation Instructions.
SELECTION PROCESS
This RFP provides information necessary to prepare and submit proposals for consideration and ranking by the City. The City will analyze and evaluate the proposals and rank the companies in order of the most qualified based on demonstrated competence and qualifications in accordance with the process below.
• Step 1 – City Staff Evaluation
o City staff will evaluate all proposals for demonstrated competence based on the selection criteria listed in Section 10 of the Solicitation Instructions.
o A maximum of 100 points will be awarded for a Responder’s proposal.
o The City staff may invite a limited number of Responders for a scored interview prior to Council Consideration.
• Step 2 City Council Award
o City Council will make the final determination of the most qualified responder and will award the contract. City Council will make their determination based on Responder’s proposals, interview materials from responders if applicable, and recommendations from the City Staff Evaluation panel.
