RFP NO. 2026-45 457(b) Deferred Compensation Retirement Plan Administrator/Service Provider for the City of Brookside Village

The City of Brookside Village is soliciting proposals for a qualified third-party administrator, recordkeeper, and service provider for its governmental 457(b) deferred compensation retirement plan. The selected provider will be responsible for full-service plan administration, including providing IRS-pre-approved plan documents, fiduciary support for Investment Policy Statements, and managing the implementation and conversion from the incumbent provider. All services must comply with Section 457(b) of the Internal Revenue Code and Chapter 609 of the Texas Government Code, with a specific requirement for the provider to maintain analog fiduciary standards and update plan documents for SECURE 2.0 provisions. The contract features an initial term of three years with the option for two additional one-year renewals. Award decisions will be based on best value, with evaluation weights focusing on transparent fees (25%), experience with small Texas cities (20%), investment menu quality (20%), participant education (15%), technology and cybersecurity (10%), and the implementation plan (10%). Proposers must meet minimum qualifications on a pass/fail basis and provide significant insurance coverages, including $2 million for professional liability and cyber liability, and a $1 million fidelity bond. Proposals are due by November 4, 2026, and must include a standardized fee proposal in a separately sealed envelope. Submissions require one original unbound copy, three bound copies, and a USB drive containing a searchable PDF of the proposal. The City requires the provider to maintain a robust cybersecurity program aligned with NIST CSF standards and provide annual SOC 1 and SOC 2 Type 2 reports. The contract is governed by Texas law, with venue in Brazoria County, and is subject to the Texas Public Information Act.