MB-7230 - USA (Massachusetts) - Independent Third-Party Administration of 403(b) Compliance Program Services - Deadline April 24,2023

Product (RFP/RFQ/RFI/Solicitation/Tender/Bid Etc.) ID: MB-7230

Government Authority located in Massachusetts; USA based organization looking for expert vendor for independent third-party administration of 403(b) compliance program services.

[*] Budget: Looking for Proposal

[*] Scope of Service:

(1) Vendor needs to provide independent third-party administration of 403(b) compliance program services for 403(b) and similar pre-tax salary contribution or deferral program: authorizations, monitoring, tracking, disbursing, communication, customer service and auditing.
- The Lead District has authority to seek proposals for TPA services on behalf of the Collective Purchasing Group.
- Each CPG member School District maintains independent payrolls, which are processed according to each member School District's schedule.
- The CPG member School Districts have a total of approximately 30,000 employees. This estimate is provided for information purposes only; the actual number of 403(b) plan participants may vary from year to year and will likely be less than the total number of eligible employees. Additionally, there is no guarantee that all members of the CPG will hire the TPA who is awarded this contract.
- It is the intent to award a contract to an independent qualified TPA firm to provide compliance services based on the IRS 403(b) regulations to the most advantageous proposer who is an independent qualified TPA firm.
- Review existing employee Salary Reduction Agreements to verify compliance with Internal Revenue Code and applicable regulations. Develop and maintain all employee files to ensure that each participating employee has a compliance salary reduction agreement on file. Review new and revised Salary Reduction Agreements within three (3) business days of receipt. Proposals must include a sample salary reduction agreement for review and Proposer's procedures for obtaining these documents and maintaining compliance.
- Manage the enrollment process and the flow of information and money between the participant, member School Districts, the Contractor and the investment vehicles.
- Audit individual vendor/ provider activity to ensure contributions are distributed to employee accounts in a timely manner when received. Proposals should describe how the audits would occur.
(2) All question must be submitted no later than April 3, 2023.

[*] Eligibility:

- Onshore (USA Organization Only);

[*] Work Performance:

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

Expiry Date : Monday, 24 April, 2023

Category : Medical Billing and Coding

Country : USA

State : Massachusetts

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