RFP 26-14-214404 ARRC 1776 401K 457 Recordkeeping

Summary (Newest Update)

Background The Alaska Railroad Corporation (ARRC) is soliciting proposals from qualified firms to provide retirement plan administration, record keeping, education, communications, investment-related, and other services for their 401(k) and 457(b) Plans. The goal of this Request for Proposals (RFP) is to evaluate competitive pricing for these services, with the potential to retain the current provider or select a new one based on proposal analysis. As of December 31, 2025, there was approximately $160 million total in the Plans. Work Details The contractor will be responsible for: - Administration and recordkeeping of the 401(k) and 457(b) retirement plans. - Providing participant education and communication services. - Offering investment management services. - Ensuring robust online transaction capabilities. - Supporting various administrative functions as deemed appropriate. - Evaluating alternative pricing structures to reduce participant and Plan expenses. - Facilitating an orderly transition of assets and services if necessary. ARRC has approximately 800 eligible employees for the 401(k) Plan, with payroll processed bi-weekly through JD Edwards. The contractor must also manage existing Plan loans and provide a self-directed brokerage option. Period of Performance The initial period of performance will be from January 1, 2027, to December 31, 2029. ARRC reserves the option to renew the contract for up to eight additional one-year terms. Place of Performance Services will be performed at various locations throughout Alaska where ARRC operates. The primary office is located at 327 West Ship Creek Avenue, Anchorage, Alaska. Bidder Requirements Proposing firms must have a minimum of five years of experience administering governmental Section 401(k) defined contribution and 457 deferred compensation plans. They must currently provide sole-provider administration to at least five Section 401(k) defined contribution retirement plans and five Section 457 deferred compensation plans with an asset size of at least $125 million each. Additionally, firms must disclose all fund expense and revenue sharing arrangements associated with all funds offered within the Plan.