4.5.1 Compliance 1) Administer the Program in compliance with Section 529 of the Internal Revenue Code, industry best practices, all applicable federal and state statutes, rules and regulations, and the contract pursuant to this RFP. 2) In consultation with the Treasurer and subject to the Treasurer’s approval, comply with the minimum requirements set forth in KSA 75-645(e)(1)-(9), and to facilitate Treasurer’s compliance with KSA 75- 645(e), (f), (g) and (h) and all other applicable law. 3) Be responsible for the performance of any subcontractor, affiliate, subsidiary, independent contractor or outside consultant it retains to perform any Program service. 4) Finalize subcontractor agreements with the approval of the Treasurer, who shall be a third-party beneficiary of such agreements, if not a signatory to them. 5) Monitor for all legal and regulatory changes that may materially affect the Program and make all necessary modifications to the Program at no cost to the Treasurer or Program. 6) Be current on all required SEC and other regulatory filings. 7) At a minimum, provide annually SSAE18 and Type II SOC1 and SOC2 reports, a financial audit of the Program, and such other reports or updates as may be required by the Treasurer. 8) Collaborate with the Treasurer’s staff, consultants and any partners engaged by the Treasurer. 4.5.2 Recordkeeping and Administration 1) Provide a secure, online portal with 24/7 self-service account maintenance functionality. 2) Provide online and paper-based enrollment methods. 3) Offer a Program website in both English and Spanish, and the ability to translate into other languages. 4) Facilitate contributions into the Program from automated payroll deductions. 5) Provide a user-friendly gifting platform. 6) Provide all required functionality to facilitate the KIDS Matching Grants Program. 7) Provide all required functionality to maintain the legacy Schwab Learning Quest 529 Plan. 8) Create, produce, and distribute Program Disclosures or supplements on at least an annual basis. 9) Maintain a rigorous cybersecurity plan and notify the Treasurer of any security breach with a plan to resolve within 24 hours. 10) All recordkeeping functions must be based in the U.S. 11) Maintain a disaster recovery plan that ensures business continuity, including two disaster recovery tests per year with reports delivered to the Treasurer. Accommodate testing of specific scenarios or vulnerabilities at the Treasurer’s request. 12) Prepare and submit Program data to third-party organizations as required or directed by the Treasurer. 13) Provide Treasurer’s staff real-time access to all Program files, records, documents and data, and upon Treasurer’s request, provide copies of such files, records, documents and data in any reasonably-requested format. 14) Provide Treasurer’s staff all agreed-upon Program reports on a regular basis. 15) Commit to mutually agreed-upon administrative performance criteria. 16) Attend meetings (in-person and remote) and make such presentations as reasonably requested by the Treasurer. 4.5.3 Customer Service 1) Offer best-in-class customer service with U.S.-based service representatives available by phone and email , Monday to Friday, except federal holidays and days on which the New York Stock Exchange is closed. The Treasurer prefers service representatives to be available on such days from 8am to 8pm Central Time, with a minimum requirement of 8am to 6pm Central Time. 2) Provide a toll-free telephone number that will be answered by live service representatives during open hours and allow voice messaging during closed hours. 3) Add service representatives as necessary to handle higher call volumes during peak periods. 4) Provide Spanish speaking representatives at the call center and offer translation services for other foreign languages. 5) All customer service functions must be based in the U.S. 6) Commit to mutually agreed-upon service level performance standards.
