457 Recordkeeper

The City of Lawrence, Kansas, is seeking proposals from qualified vendors to provide recordkeeping services for its 457(b) and 401(a) retirement plans. The selected vendor will be responsible for day-to-day plan administration, including participant enrollment, contribution processing, investment options administration, distributions, loan management, and comprehensive reporting. The vendor should ensure full regulatory compliance, deliver an enhanced participant experience, and drive operational efficiencies in plan administration consistent with public-sector standards and fiduciary responsibilities. Key requirements include robust cybersecurity measures, transparent fee structures, and a user-friendly digital platform for both participants and plan administrators. • The 457(b) plan includes 655 participants and holds assets totaling $57.6 million. • The vendor should have proven experience administering public-sector retirement plans. • The vendor should demonstrate a commitment to the DC plan business and have a strong financial stability. • The vendor should have a robust cybersecurity system in place to protect personally identifiable information and other confidential information. • The vendor should provide a user-friendly digital platform for both participants and plan administrators. • The vendor should have a clear and transparent fee structure. • The vendor should be able to support the existing investment lineup offered to participants. • The vendor should have a dedicated conversion team assigned to ensure a smooth transition. • The vendor should provide comprehensive reporting and monitoring of plan health.