RFP 18-HR01(R) - Investment Service and Administration for 401 and 457 Plans

The City of Milton is requesting proposals from qualified vendors to provide Investment Service and Administration for 401 and 457 Plans to the City of Milton and our employees.  

The City of Milton provides 401 and 457 plans for its municipal employees.  There are approximately 220 participants with total assets of approximately $11.2 M.  Proposers should, at a minimum, currently provide administration for  401 and 457 plans; have the ability to offer and administer Roth accounts, loans and in-service hardship withdrawals; and have no restriction on the size of accounts they will accept for voluntary transfer to a new plan. The City is Social Security exempt and requires employees to contribute to a Social Security replacement plan and matches those contributions.  Employees are immediately vested in the Social Security replacement plans. The City also offers 457 plans for individuals to contribute and offer a generous match on those plans as well.  The City currently has 145 budgeted authorized full-time positions.

The City of Milton reserves the right to reject any or all bids and to waive technicalities and informalities, and to make award in the best interest of the City of Milton.

See attached document(s):