Description
The City of Fairbanks is seeking a qualified vendor to serve as the sole administrator of its municipal 457(b) deferred‑compensation retirement plan. The contractor will be responsible for full plan administration, IRS compliance testing and reporting, participant communications and education, and the provision of an open, non‑proprietary investment platform that includes mutual‑fund options and a stable‑value fund. All fees must be purely asset‑based with full revenue disclosure, and the vendor must meet extensive insurance, bonding, and performance‑guarantee requirements. The contract is for a five‑year term with potential extension subject to City Council approval.
• Administer the City’s 457(b) plan for ~90 active participants and $9.95 M in assets, handling contributions, distributions, loans, and hardship withdrawals.
• Provide a compliant, daily‑NAV mutual‑fund investment platform plus a stable‑value fund, with no front‑end, back‑end, or market‑value‑adjustment charges.
• Deliver a comprehensive participant‑education program, regular performance and compliance reporting, and maintain all required IRS filings (Form 5500, audit packages, etc.).
• Meet strict insurance and bonding limits, submit bid guarantees, and supply performance guarantees if requested after award.
• Ensure integration with the City’s Munis payroll system and maintain robust web/phone self‑service portals, disaster‑recovery capabilities, and data‑security standards.