Specifications include, but are not limited to: The Board of Trustees of the University of Arkansas, acting on behalf of the University of Arkansas System, located in Little Rock, Arkansas (“UAS” or “the University”) is seeking proposals from qualified and reputable respondents to provide a review of the administrative and operational services for the University’s 403B Defined Contribution Retirement Plan provided by the plan vendors, TIAA and Fidelity (“Vendors”), pursuant to the specifications, terms and conditions stated in this RFP. The University is seeking a review of TIAA and Fidelity in their daily administration of recordkeeping services for the University’s 403B Defined Contribution Retirement Plan. The plan serves approximately 20,000 active employee members and, including retirees and beneficiaries, total participation is approximately 37,000. Plan design is uniform across all UAS campuses (15 reporting campuses and units) except for some closed-group contribution formulas. The project will involve a review of current Vendor practices and procedures relative to plan documents, recordkeeping compliance, and formalized administrative processes. At minimum, a review will evaluate practices, accuracy, and timeliness in plan reporting, vesting tracking, loan administration, beneficiary designation, allocation of contributions, tracking of forfeiture accounts, administration of closed funds, contribution allocations, and general recordkeeping and participant and campus administrative support activities. The review should consider vendor technology, communications, staffing in support of the University, Vendor internal controls, workflow, and the allocation of duties and responsibilities between the Vendors and the University.
