Specifications include, but are not limited to: The Pension Committee of the Town of Guilford, Connecticut is soliciting proposals from established recordkeeping firms to secure a contract to provide recordkeeping, administrative, and participant services for the Town Deferred Compensation 401a and 457b Plans. Plans Background Information A. 401a Deferred Compensation Plans The Town and the Board of Education offer a 401a Deferred Compensation Retirement Plan for employees who qualify for inclusion. Not all employees are eligible to participate. Employee eligibility is based on collective bargaining agreements and is subject to change. As of March 31, 2024, there are 155 plan participants in the Town’s plan with an asset valuation of approximately $6.6M. This plan is managed by Mission Square. As of March 31, 2024, there are 181 plan participants in the Board of Education’s plan with an asset valuation of approximately $2.0M. This plan is managed by Mission Square. B. 457b Defined Compensation Plan The Town also offers two voluntary 457b Defined Compensation Plans to all employees who are scheduled to work 24 or more hours per week. These plans are managed by Lincoln Financial and Corebridge. Employees have the choice to contribute to one or both plans. As of March 31, 2024, there are 87 plan participants enrolled in the Corebridge program with an asset valuation of approximately $7.7M; and there are 25 plan participants enrolled in the Lincoln program with an asset valuation of approximately $2.3M. The Board of Education offers two voluntary 457b Defined Compensation Plans to all permanent employees. The current assets in these plans will not be included in this proposal, however all new enrollees to the Board of Education 457b Defined Compensation Plans will be only given the opportunity to enroll in the consolidated provider.
