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Awarded contract·Jacksonville Aviation Authority·Florida

Retirement Plan Administration, Record Keeping, Education, Investment Services for 457B Deferred Compensation, and 401A Pension Plans

Won by Empower Retirement formerly Mass Mutual$5MSingle Award
Contract source

Awarded vendors

  • Empower Retirement formerly Mass Mutual

Description

This contract provides comprehensive retirement‑plan administration services for the Jacksonville Aviation Authority’s 457(b) deferred compensation and 401(a) pension plans. Empower Retirement (formerly Mass Mutual) will be responsible for record‑keeping, participant education, investment option management, and ongoing plan compliance throughout a ten‑year term. The agreement includes full‑service administration, reporting, and fiduciary support, ensuring that JAA employees receive consistent retirement‑benefit services. • Scope: Administration, record‑keeping, education, and investment services for 457(b) and 401(a) plans. • Term: Effective August 6 2021 – July 31 2031 (10‑year period). • Vendor: Empower Retirement (formerly Mass Mutual), a national provider of retirement‑plan solutions.

Attached files

Key dates

Starts
8/6/2021
Ends
7/31/2031
Duration
10 years

Last updated

Details

Award type
Single Award
Procurement
Sole Source
Industry
Financial Services
NAICS
525110
Solicitation №
20-07-31001

Contract value

$5,000,000

No explicit dollar amount is disclosed. Typical retirement‑plan administration fees for a municipal agency range from $30 K to $80 K per year, depending on participant count and plan complexity. Assuming a mid‑range of $50 K annually over a ten‑year contract yields an estimated total value of roughly $500,000. If the agency has a larger employee base or requires more extensive investment‑management services, the fee could be higher—potentially up to $5 M over the contract term. Given the lack of precise data, a conservative ball‑park estimate of $5 000 000 is provided, reflecting a possible upper‑range for a ten‑year, full‑service agreement with a national provider.

AI estimate from the award documents

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