403(b) Recordkeeping Services

The Massachusetts Department of Higher Education is seeking qualified organizations to provide recordkeeping and investment services for the Massachusetts 403(b) Supplemental Retirement Plan, a governmental plan under Internal Revenue Code Section 403(b). The contract aims to establish a partnership with vendors capable of managing the plan’s administrative functions, ensuring compliance with federal and state regulations, and supporting plan participants. The solicitation, identified as BD-24-1088-RGT01-RGT01-100455, was posted on April 3, 2024, with a response deadline of May 13, 2024. The procurement process emphasizes adherence to the Commonwealth’s standard contractual terms, which include provisions on payment, confidentiality, record retention, and performance obligations, all governed by the Commonwealth Terms and Conditions issued in 2019. Vendors responding to this bid are guided by detailed instructions for submitting proposals via the COMMBUYS system, ensuring proper acknowledgment, documentation, and compliance with bid requirements. The contract will incorporate the Massachusetts Substitute Form W-9 for tax reporting and certification purposes, and may involve providing business references to verify qualifications. The overall objective is to select a qualified vendor capable of delivering reliable recordkeeping and investment services that meet the regulatory standards and support the Department’s goal of providing a secure and efficient retirement plan for eligible governmental employees in Massachusetts.