Recordkeeping, Administration, and Investment Options for the State of Tennessee's Optional Retirement Program and Public Higher Education 403(b) Plans

Project ID: RFP 30901-65526 State|LocalOpportunities

Overview

Agency	Tennessee Department of General Services [TN]
Deadline	06/29/26
Posted	05/12/26
Estimated Value	$8,000,000 - $35,000,000 (AI estimate)
Set Aside	Not Provided
NAICS	Not Provided
PSC	Not Provided
Location	Tennessee

Description

Primary

Background

The State of Tennessee, through its Treasury Department, is issuing this Request for Proposals (RFP) to solicit qualified organizations to provide recordkeeping, administration, and investment options for the State's Optional Retirement Program (ORP) and Public Higher Education 403(b) Plans. The goal is to procure necessary services at competitive prices while enhancing participant support and education.

Work Details

The selected service providers will be responsible for: - Providing recordkeeping and administration services for the ORP and 403(b) Plans. - Offering communication and education services, including in-person and virtual field education. - Delivering investment advisory services with broad, open-architecture investment platforms. - Acting as custodial trustees for the plans. - Ensuring accurate and timely recordkeeping services while adhering to prescribed service standards. - Assisting in the education and retirement security of program participants. The State seeks two service providers for both the ORP and 403(b) Plans, with services commencing no later than September 1, 2027, unless the provider is an incumbent.

Period of Performance

Services shall commence on a date specified in the Pro Forma Contract (Attachment 6.6), with a start date no later than September 1, 2027.

Place of Performance

The services will be performed within the State of Tennessee, specifically serving employees of the University of Tennessee System, Tennessee Board of Regents, and six locally governed institutions.

Bidder Requirements

Respondents must demonstrate extensive experience in the higher education defined contribution market. They must adhere to quality assurance procedures, have a customer-focused approach, provide adequate client service staff support, and comply with all relevant insurance requirements. Additionally, they must hold all necessary business or professional licenses to provide the required goods or services.

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