Retirement Consulting Services

Summary (Newest Update)

Background The University of Kentucky (UK) is seeking proposals from qualified consulting firms to provide Retirement Consulting Services for its higher education and healthcare employee populations. The goal is to support ongoing retirement plan oversight, ensuring compliance, investment performance, and fiduciary education. UK maintains a comprehensive retirement program that includes various plans such as 403(b), 401(a), and others. The university expects a collaborative relationship with the selected consultant. Work Details The selected Retirement Plan Consultant will be responsible for: - Compliance evaluation and monitoring of recordkeepers. - Assistance with recordkeeper RFP processes. - Plan design analysis and its impact on workforce benefits. - Investment selection and monitoring, including fee analysis and benchmarking. - Providing 3(21) or 3(38) fiduciary services. - Conducting fiduciary training sessions. - Updating plan documents as necessary. - Assessing retirement readiness among employees. - Delivering quarterly independent performance reports with index and peer group benchmarking. - Harmonizing investment menus among current providers. - Conducting manager due diligence and acting as a liaison with managers on issues affecting staff and committee interests. Period of Performance The contract will commence upon award and is expected to continue for an initial term of one year, with options for renewal based on performance. Place of Performance Services will be performed at the University of Kentucky's campus in Lexington, KY. Bidder Requirements Offerors must demonstrate substantial experience in retirement consulting for higher education or governmental clients, maintain financial stability, provide evidence of appropriate licensure, registration, bonding, and insurance coverage. Additionally, they must comply with Kentucky's campaign finance laws and be registered with the Kentucky Department of Revenue.