Request for Proposal: 457(b) and 401(a) Plan Recordkeeping, Administration, and Compliance Services

The City of Cedar Rapids has issued a formal Notice of Request for Proposal (RFP) seeking qualified vendors to provide recordkeeping, administration, and compliance services for its 457(b) and 401(a) retirement plans. The solicitation emphasizes that all proposals must be submitted electronically through the City’s designated online procurement portal, IonWave, with a deadline of 3:00 pm CDT on July 10, 2024. The process involves a prompt opening and evaluation of proposals, with the City reserving the right to reject or accept proposals in whole or in part, and maintaining a 60-day period during which submitted proposals cannot be modified or withdrawn. The contract size is estimated to range between $500,000 and $2,000,000, and the primary point of contact is Heather Mell, reachable via email or phone. The solicitation is supported by various documents, including standard contractual terms and conditions that outline compliance requirements such as ADA standards, conflict of interest policies, and dispute resolution procedures. Additional documents include policies on local business preferences within Linn County, Iowa, and scope-specific details for related projects, such as engineering services for roof repairs at the Cedar Rapids Public Library. The procurement process also involves certifications regarding insurance capabilities and adherence to city policies, ensuring that vendors meet all legal, safety, and operational standards. Overall, the RFP aims to select a qualified service provider capable of managing the retirement plans efficiently while complying with all applicable regulations and policies.