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MB-3310 - USA (Port Charlotte, Florida) - Third Party Administration Service for Deferred Compensation Program - Deadline August 7,2019

Product (RFP/RFQ/RFI/Solicitation/Tender/Bid Etc.) ID: MB-3310

Government authority located in Port Charlotte, Florida; USA based organization looking for expert vendor for third party administration service for deferred compensation program.

[A] Budget: Looking for Proposals

[B] Scope of Service:

(1) Vendor needs to provide third-party administrator and recordkeeper to provide oversight of the four plans, identify program efficiencies, assume the day-to-day administration and master recordkeeping functions of the program, ensure compliance with all legal requirements of the program, and act as a liaison between the county and the four plan vendors to the government authority located in Port Charlotte, FL.
- The firm providing these services must demonstrate significant qualifications in the administration of deferred compensation programs through a combination of management, recordkeeping, auditing and legal compliance experience. The successful firm must provide designated qualified and experienced personnel capable of handling third-party administration, recordkeeping and legal compliance services and who can build working relationships with the County.
- Conduct initial and periodic review of Plan Documents and Adoption Agreements for consistency and legal compliance;
- Negotiate and implement amendments to or restatements of Plan documents as authorized by the County;
- Conduct initial and periodic administrative process and compliance reviews, and provide recommendations for improvements to administration and management to the County;
- Conduct initial and periodic Program-wide analysis designed for Legal Compliance protection, including initial and ongoing Program design benchmarking and Legal Compliance “best-practices” recommendations, and provide initial and ongoing Program fitness and risk analysis to the County;
- Provide on-going legislative and regulatory updates affecting the Program;
- Act as liaison between the County and the Plan Vendors;
- Coordinate and standardize processes necessary for day-to-day Program administration, including enrollment, deferral changes, distributions, hardship withdrawals and associated employee notifications, “catch-up” deferrals, beneficiary designation and other Program functions, and perform these processing and recordkeeping functions on behalf of the County;
- Perform master recordkeeping functions.
- Coordinate and consolidate information from all vendors on an ongoing basis to ensure contribution and reporting compliance and compliance with IRS non-discrimination requirements;
- Conduct compliance audits no less than annually to assure compliance with all governmental laws, rules and regulations pertaining to 457(b) plans as administered by public employers;
- Assist with internal Program audits, if required;
- Represent the County in any outside Program audits, including by the IRS, as necessary;
- Analyze and synthesize quarterly reports provided by the Plan Vendors and provide consolidated reporting to County
staff with general recommendations as appropriate concerning Plan performance and fee structures;
- Negotiate Plan changes and changes to fee structures as appropriate and authorized by the County; and
- Provide quarterly reporting to the County regarding employee participation in the Program, including number of Program participants, amounts deferred, aggregate fund balances, number of employee service requests, emergency withdrawal requests, beneficiary changes, and employee contacts and questions.
(2) A pre - quote meeting will be held on July 29, 2019.
(3) All question must be submitted no later than August 7, 2019.

[C] Eligibility:

- Onshore (USA Only);

[D] Work Performance:

Performance of the work will be Offsite. Vendor needs to carry work in their office location.

Expiry Date : Wednesday, 7 August, 2019

Pre-proposal Conference Date : Monday, 29 July, 2019

Question Answer Deadline : Wednesday, 7 August, 2019

Category : Medical Billing and Coding

Country : USA

State : Florida

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