27-0092-RFP Deferred Compensation Plan Recordkeeping and Administration Services

Description: On behalf of Pinellas County, this Request for Proposal is being issued as a Two-Phase Request for Proposal (“RFP”). The County intends to award the contract to a single Proposer. Pinellas County’s Plan (Plan) is a retirement plan sponsored by the County that serves over 1,000 plan participants. Plan assets total approximately $216 million. Pinellas County currently offers four providers for the 457(b) Deferred Compensation Plan. The current providers are Empower, Corebridge, Nationwide, and MissionSquare. The intent of this RFP is to consolidate to a single provider and consolidate all assets, as available, to the single provider. Pinellas County currently employs approximately 3,200 employees eligible for the 457(b) Deferred Compensation Plan. Approximately 1,000 participant accounts receive quarterly statements, and about 450 actively contribute. Of participants with balances, approximately 40% are active employees vs. retiree/terminated accounts. As of June 30, 2026, the Plan has approximately $216 million in total assets. Additional details on the participant breakdown, Plan demographics, and asset allocation are in Section 6.5 - Investment Management Services of this RFP, with stable value and fixed account assets for all four providers. MissionSquare, Nationwide, Corebridge, and Empower currently record-keep and administer the Plan. The intent of the RFP is to consolidate from the multi-provider scenario to a single provider. As part of the vendor consolidation to a single provider, the investment mapping would assume a complete re-enrollment into the age-appropriate target date fund. All assets will move to the projected target date fund. The existing Stable Value and/or Fixed Accounts have limited portability, as outlined in Section 6.5 - Investment Management Services of this RFP for all four providers. The Plan seeks proposals from respondents who can provide the services as outlined in the RFP QUESTIONNAIRE provided in Section 8, Vendor Questionnaire questions 1.3 and 1.4. Additional information on key service areas is provided here. Any exceptions to these services should be included in your RFP Response.