RFP for Minnesota State Colleges and Universities
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Instructions
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same name for all products)
Product Name
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Market Segment
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describes this product
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millions)
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million
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or assets under or both to indicate size
of plans covered by this product
Assets Under (in
millions)
Last Update
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Please provide contact information for the sales associate(s) we will be partnering with on this search:
Contact #1
Contact #2
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Email
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Please provide details regarding the client servicing team which will be assigned to this particular client:
Role
Plan
Administrator
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Manager
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Specialist
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Specialist
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Years of
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RFP for Minnesota State Colleges and Universities
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Please provide confirmation that your services and
pricing includes the preparation and distribution of all
required notices. These mailings include, but are not
limited to, QDIA notice, Participant fee disclosure,
Summary Annual Report, Blackout notice, Universal
availability etc.
If you are selected as a sole provider, and a
compliance coordinator service is required, please
detail your capabilities in this area and confirm if there
are additional costs for this service or if this is included
in your pricing.
Please indicate whether your compliance coordinator
service is a proprietary tool or if you utilize a third
party vendor for this capability.
Identify non-standard elements and the associated
price structure for communication and education
support that would result in an additional charge to
MnSCU
Are you willing to provide a gross per participant
pricing structure that is inclusive of the required
services outlined within this RFP?
Are you willing to provide the MnSCU with the
opportunity to review and approve all communication
materials before distribution, as determined by
MnSCU?
Describe the process you will utilize to measure and
report to the various Universities the effectiveness of
employee education efforts.
Does your organization provide any services (i.e.,
personal questionnaires, software) that would help
individual participants with financial planning?
Will you provide wealth management services to the
plan participants at no additional cost? If yes, how are
the employees identified whom this service is offered
to (i.e. asset balance, compensation, client selection,
etc.)
Describe your position on providing investment advice
to participants. What fiduciary responsibility do you
assume if advice is provided?
Request for Proposal
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If advice is offered, is it in-house or via a third party?
Describe your process, mode, scope of advice, and
fiduciary responsibility.
Describe education tools or programs designed to
support IRA rollovers and/or retirement distributions.
What percentage of terminations roll monies out of
the Plan into your proprietary IRA offerings?
Provide samples of initial enrollment and ongoing
communication and education materials.
What organization will develop and circulate plan
communications related to the brokerage/mutual
fund window?
Provide information on newer tools either available
now or in the future such as applications for iPad,
iPhone, etc. What functionality do these tools have?
What do you have for near future release? Please use
this question to tell us about your newer methods of
communication and transactional options.
Please specify your default participant statement
option. If this is electronic, please specify any
additional costs if the University would elect to have
the default be paper based.
As part of a potential conversion, are you willing to
complete a beneficiary resolicitization of all
participants at no additional cost? Please detail your
recommended approach to such a resolicitization.
Please provide your capabilities as to how you can and
will notify participants who do not have a beneficiary
on file (web messaging, notices, etc.).
Throughout the year, MnSCU conducts various
different workshops and benefit fairs which the
vendor would be expected to attend. Please confirm
if you are agreeable to providing this support to
MnSCU as needed and requested at no additional
cost.
Based on a July 1, 2016 implementation date, please
provide a high level implementation and
communication timeline that identifies key milestones
and your suggested communication timeline.
Request for Proposal
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Response
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Are you willing to contractually agree to a set of
negotiated performance standards that do not
maintain a cure period and whereby you are willing to
place a significant amount of annual recordkeeping
fees at risk for noncompliance? What is your
proposed percentage of annual fees you are willing to
commit to place at risk?
Please identify the self-directed brokerage/mutual
fund window fees including total expenses,
transaction costs, redemption fees, short-term trading
fees, and any other expenses (e.g., maintenance, etc.).
Are there other potential costs not provided in your
fee proposal? If so, please describe and provide an
estimate as well as your assumptions for this estimate.
Please define what, if any, costs or fees the client
would incur as a result of an early termination by the
client, for reasons unrelated to nonperformance. We
would like to understand the basis and calculation for
assigning these costs and/or fees to the client.
If MnSCU considers alternative methods of allocating
costs to faculty and staff (e.g. flat fee or specified % of
assets), no matter which investment fund, do you
have the flexibility to accommodate them? If yes,
how would administrative fees be affected, if at all?
Please describe your capabilities in rebating or
returning any revenue sharing back to participants?
What are your available methods (e.g., pro rata, per
capita, allocated back to participants only in the funds
that generated the revenue sharing, etc.)?
If you have the ability to allocate back to only the
participants who were in the revenue sharing
generated funds, please describe your capabilities as
to how and when this is calculated. For example, do
you accrue the allocation to participants on a daily
basis so if someone moves out of the fund, they would
still receive an allocation of the revenue sharing or are
you limited to allocating back to participants who are
invested in the fund at a point in time?
Are you willing to clearly disclose and recognize ALL
revenue sharing paid by investments (both proprietary
Request for Proposal
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Response
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and non-proprietary) held within the brokerage
account? If yes, will you permit these amounts to be
used to offset the administrative required revenue?
Please specify how you will report any potential float
earnings to MnSCU. In addition, specify how any float
earnings will be used and confirm whether the float
will be reported on a plan level basis and disclosed to
the MnSCU on an annual basis.
Please confirm your willingness to provide a gross perparticipant pricing model on whichever service
structure is selected by the University.
Please provide specifics on any investment options
that are required on your platform.
Detail any restrictions or limitations on the inclusion
of non-proprietary and non-alliance investment funds
in the fund line-up. Please be specific as to number of
funds and level of assets.
How will participants be able to access the
brokerage/mutual fund window (e.g., the Plan’s
regular website or other)?
Will participants be able to direct contributions
directly to the investments within the window?
Describe the additional investment restrictions that
may be applied to participant access to the
brokerage/mutual fund window and account
investments.
Identify any forms/notifications indicating participants
make use of the window feature at their own peril
(e.g., a waiver of plan sponsor responsibility and
acknowledging the plan sponsor does not sanction or
monitor the investments made available through the
window in any way).
Can you restrict the available options in the window to
exclude the core investment options from the
available investment options in the window?
If a change in vendor is decided, would you permit a
one-time transfer of assets in-kind to the brokerage
window and if so, which funds (i.e., only proprietary)?
How do investments get invested in the funds in the
brokerage window? Do they go directly into the
Request for Proposal
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Response
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money market fund or can a participant direct their
ongoing contributions into a specific fund in the
brokerage window?
If a brokerage window were not offered, would the
price of recordkeeping be lower?
How many of your firm's current recordkeeping clients
offer the self-directed brokerage account?
Please provide at least one case study of a successful
change management effort you have facilitated (a
higher education client) involving TIAA-CREF. As part
of this case study, please include a list of lessons
learned from your experience.
Within the proposed service model, please provide
the total number of participants in PUBLIC 403(b)
plans (estimates are OK as long as they are a fair
representation).
Within the proposed service model, please provide
the total assets under management for PUBLIC 403(b)
plans (estimates are OK as long as they are a fair
representation).
Within the proposed service model, please provide
the total number of PUBLIC 403(b) plans administered
(estimates are OK as long as they are a fair
representation).
Within the proposed service model, please provide
the total number of PUBLIC 403(b) plans for which you
are the sole vendor (estimates are OK as long as they
are a fair representation).
Within the proposed service model, please provide
the total number of PUBLIC 403(b) plans for which you
are the master administrator. Of these plans, how
many have TIAA-CREF as one of the other vendors?
(estimates are OK as long as they are a fair
representation).
The plan provisions are summarized in the
supplemental document. Do any of the plan
provisions (including the potential future
enhancements) require customization or manual
administration? Confirm your ability to provide
services to match the plan terms as is.
Request for Proposal
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Response
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Describe your record retention standards for the
employee master file data. How much history is
online and what is the length of time it is kept?
What is your process for dealing with a security
breach?
Are you willing to indemnify the MnSCU for any
security breaches? Explain in detail.
MnSCU would like the selected vendor(s) to
contractually obligate themselves to branding the Plan
websites and all Plan materials in a MnSCU agreed to
format so that the branding promotes the institution
and not your firm. Are you willing to agree to such a
request?
Describe the hardware platform and software system
you use to recordkeep and administer defined
contribution plans.
Describe your documented disaster recovery plan.
How often do you test your recovery system?
Describe your maintenance and backup procedures
including daily backups, retention timetable, and offsite backup storage approach.
Are internal controls of your recordkeeping system
audited by an independent accounting firm on an
annual or more frequent basis? If so, please provide a
copy of the most recent SSAE 16 report.
Please provide details on any planned technology
improvements, especially if any of the improvements
will improve delivery of services.
Please provide 3 references of current clients who
have similar plan demographics (i.e., size, 403(b)
plans, and higher education, government) and
demonstrate your experience in working with TIAACREF. At least 1 of the 3 should have converted within
the last 1-2 years. Please provide client name, contact
name, address, phone number, services provided, and
the year they became a client. Note that references
will not be contacted unless you are selected as a
finalist for the services.
Please provide 3 references of former clients who had
similar plan demographics (i.e. size, 403(b) plans, and
Request for Proposal
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Response
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higher education, government) and demonstrate your
experience in working with TIAA-CREF. At least 1 of
the 3 should have left within the last 1-2 years. Please
provide former client name, contact name, address,
phone number, services provided, the year they
became a client, the year they ceased to be a client,
and the reason(s) why.
Please provide specifics on your proposed service
model for MnSCU. Will MnSCU have direct dial access
to their day-to-day contact or are you proposing a
team approach?
Will you provide a dedicated call center for MnSCU
participants that only supports MnSCU employees and
participants?
Provide a sample service agreement in an exhibit with
your response. Outline the specific service
measurements and standards that you would be
willing to include in the service agreement. How
many plans do you have where fees are at risk for not
meeting established service metrics? What existing
policies or suggestions (please state which) does your
company have in respect to penalties for nonperformance of services (e.g., inaccurate/late billing
and reporting, service level agreements not met,
unavailability of product, etc.)?
What are your capabilities and relevant experience
offering Roth 403(b) plan features? Would it be
possible to add a Roth feature to the Plan at the same
time as other changes identified in this RFP (i.e., at the
same time as a recordkeeper consolidation and/or
investment line-up change)? What would be your
proposed strategy for adding a Roth feature in terms
of timing and process? Would there be additional
charges to add a Roth feature? If so, please identify
the associated fees.
Today plan loans are NOT paid through payroll
deduction and there is no intention of changing this
practice. Please confirm your willingness to
administer the loan program with the understanding
that repayments will not be made through payroll
Request for Proposal
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Response
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deduction and confirm this is included in your
proposed pricing. In addition, specify the permitted
repayment forms you will accept.
Please specify your reporting capabilities as it relates
to generating plan reports based on location codes,
payroll codes, etc.
Verify that your firm will be responsible for ALL
aspects of required minimum distributions including,
but not limited to, calculating the required minimums,
communicating directly with participants, and
monitoring and tracking to ensure adherence to the
required minimum distribution requirements.
Provide the number of call centers your firm operates
and their locations.
As part of the services required, MnSCU is seeking a
partner who will handle all hardship determinations,
distributions, and loans requests. Does your pricing
incorporate the outsourcing of all of these
transactions?
Describe your experience in dealing with plans with
mandatory contributions and the nuances associated
with recordkeeping and monitoring regulatory limits.
Will you provide assistance to MnSCU in locating any
potential lost participants? If so, please specify what
firm or resource you utilize and the additional cost
you would propose for MnSCU.
Please confirm that included within your services
proposed for MnSCU, you will create a combined fee
disclosure (if multiple vendors exist) and distribute to
all necessary participants. Please specify that this
includes any initial notices and annual notices as well
as change notices that may be required. In addition,
confirm if this service is included in you pricing or if
additional costs apply.
Confirm your company adheres to the SPARK Institute
Best Practices for 403(b) and Related Retirement Plan
Information Sharing.
Request for Proposal
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RFP for Minnesota State Colleges and Universities
General Vendor Search Contacts
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Primary Contact
Response
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● Name
● Title
● Address
● Address2
● City
● State
● Zip Code
● Office Phone Number
● Mobile Phone Number
● Email Address
Secondary Contact
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Name
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Address
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City
State
Zip Code
Office Phone Number
Mobile Phone Number
Email Address
Request for Proposal
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RFP for Minnesota State Colleges and Universities
Organization and Market Focus
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By your submission of this response to the RFP, do you
certify that the substance of your answers accurately
reflects your capabilities and the services that can be
delivered?
What best describes the organizational structure of
your firm?
Has your firm merged with, been acquired by, or
acquired another organization within the past five
years?
Indicate what year your firm became active in the
defined contribution recordkeeping /administration
business.
Provide the total number of employees within your
firm's defined contribution plan business.
Are the following services done in-house, or on an
outsourced basis (e.g., partially or fully)? If outsourced
provide the requested information.
● Recordkeeping/Administration
● Regulatory/Compliance
● Trustee/Custodial
Request for Proposal
Page 11
Response
Choose an item.
Choose an item.
Choose an item.
Enter Text
Enter Text
In-house/outsourced: Choose an item.
Name of outsourcing firm: Enter text.
Length of relationship: Enter text.
☐Client deals directly with outsourcing firm?
☐Separate contract required?
Payment method: Choose an item.
In-house/outsourced: Choose an item.
Name of outsourcing firm: Enter text.
Length of relationship: Enter text.
☐Client deals directly with outsourcing firm?
☐Separate contract required?
Payment method: Choose an item.
In-house/outsourced: Choose an item.
Name of outsourcing firm: Enter text.
Length of relationship: Enter text.
☐Client deals directly with outsourcing firm?
☐Separate contract required?
Payment method: Choose an item.
RFP for Minnesota State Colleges and Universities
Organization and Market Focus
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● Communication/Education
● Conversion/Implementation
● Investment Advice
● Self-Directed Brokerage
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Are any of your defined contribution plan operations
performed in countries outside the U.S.?
8
If you answered "yes" to the above question, will the
client have any contact with the employees of your
offshore operations?
Are your offshore operations, if applicable, performed
by employees of your firm or contract employees from
another firm?
What is the total number of participants (with an
account balance) across all of the defined contribution
plans of your firm?
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Request for Proposal
Page 12
Response
In-house/outsourced: Choose an item.
Name of outsourcing firm: Enter text.
Length of relationship: Enter text.
☐Client deals directly with outsourcing firm?
☐Separate contract required?
Payment method: Choose an item.
In-house/outsourced: Choose an item.
Name of outsourcing firm: Enter text.
Length of relationship: Enter text.
☐Client deals directly with outsourcing firm?
☐Separate contract required?
Payment method: Choose an item.
In-house/outsourced: Choose an item.
Name of outsourcing firm: Enter text.
Length of relationship: Enter text.
☐Client deals directly with outsourcing firm?
☐Separate contract required?
Payment method: Choose an item.
In-house/outsourced: Choose an item.
Name of outsourcing firm: Enter text.
Length of relationship: Enter text.
☐Client deals directly with outsourcing firm?
☐Separate contract required?
Payment method: Choose an item.
☐Back office recordkeeping / administrative services
☐Call center
☐Communication services
☐Information technology
Other: Enter text.
Choose an item.
Choose an item.
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RFP for Minnesota State Colleges and Universities
Organization and Market Focus
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What is the average size of the defined contribution
plans (across all market segments) your firm provides
recordkeeping services for?
● By participant count:
● By asset size:
Indicate how many defined contribution plans you
currently recordkeep (within this market segment
only) for the following plan types:
● 401(k) / Profit Sharing Plans
● 403(b) Plans
● 457(b) Governmental Plans
● 457(b) Non-governmental Plans
● 401(a) Money Purchase Pension Plans
● 457(f) Plans
● Non-qualified Deferred Comp Plans
● ESOP Plans
● KSOP Plans
Indicate how many defined contribution plans you
currently recordkeep (across all market segments) for
the following plan types in each of the following
participant count ranges:
● 401(k) / Profit Sharing Plans
● 403(b) Plans
Request for Proposal
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Response
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< 100 participants: Enter text.
100 - 499 participants: Enter text.
500 - 999 participants: Enter text.
1,000 - 4,999 participants: Enter text.
5,000 - 9,999 participants: Enter text.
10,000 - 14,999 participants: Enter text.
15,000 - 19,999 participants: Enter text.
20,000 or more participants: Enter text.
< 100 participants: Enter text.
100 - 499 participants: Enter text.
500 - 999 participants: Enter text.
1,000 - 4,999 participants: Enter text.
5,000 - 9,999 participants: Enter text.
10,000 - 14,999 participants: Enter text.
15,000 - 19,999 participants: Enter text.
20,000 or more participants: Enter text.
RFP for Minnesota State Colleges and Universities
Organization and Market Focus
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● 457(b) Governmental Plans
Response
< 100 participants: Enter text.
100 - 499 participants: Enter text.
500 - 999 participants: Enter text.
1,000 - 4,999 participants: Enter text.
5,000 - 9,999 participants: Enter text.
10,000 - 14,999 participants: Enter text.
15,000 - 19,999 participants: Enter text.
20,000 or more participants: Enter text.
< 100 participants: Enter text.
100 - 499 participants: Enter text.
500 - 999 participants: Enter text.
1,000 - 4,999 participants: Enter text.
5,000 - 9,999 participants: Enter text.
10,000 - 14,999 participants: Enter text.
15,000 - 19,999 participants: Enter text.
20,000 or more participants: Enter text.
< 100 participants: Enter text.
100 - 499 participants: Enter text.
500 - 999 participants: Enter text.
1,000 - 4,999 participants: Enter text.
5,000 - 9,999 participants: Enter text.
10,000 - 14,999 participants: Enter text.
15,000 - 19,999 participants: Enter text.
20,000 or more participants: Enter text.
< 100 participants: Enter text.
100 - 499 participants: Enter text.
500 - 999 participants: Enter text.
1,000 - 4,999 participants: Enter text.
5,000 - 9,999 participants: Enter text.
10,000 - 14,999 participants: Enter text.
15,000 - 19,999 participants: Enter text.
20,000 or more participants: Enter text.
< 100 participants: Enter text.
100 - 499 participants: Enter text.
500 - 999 participants: Enter text.
1,000 - 4,999 participants: Enter text.
5,000 - 9,999 participants: Enter text.
10,000 - 14,999 participants: Enter text.
15,000 - 19,999 participants: Enter text.
20,000 or more participants: Enter text.
● 457(b) Non-governmental Plans
● 401(a) Money Purchase Pension Plans
● 457(f) Plans
● Non-qualified Deferred Comp Plans
Request for Proposal
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● ESOP Plans
Response
< 100 participants: Enter text.
100 - 499 participants: Enter text.
500 - 999 participants: Enter text.
1,000 - 4,999 participants: Enter text.
5,000 - 9,999 participants: Enter text.
10,000 - 14,999 participants: Enter text.
15,000 - 19,999 participants: Enter text.
20,000 or more participants: Enter text.
< 100 participants: Enter text.
100 - 499 participants: Enter text.
500 - 999 participants: Enter text.
1,000 - 4,999 participants: Enter text.
5,000 - 9,999 participants: Enter text.
10,000 - 14,999 participants: Enter text.
15,000 - 19,999 participants: Enter text.
20,000 or more participants: Enter text.
● KSOP Plans
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Indicate how many defined contribution plans you
currently recordkeep (across all market segments) by
plan type in each of the following asset ranges:
● 401(k) / Profit Sharing Plans
● 403(b) Plans
● 457(b) Governmental Plans
Request for Proposal
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Under 1 million: Enter text.
1 - 5 million: Enter text.
> 5 - 25 million: Enter text.
> 25 - 100 million: Enter text.
> 100 - 500 million: Enter text.
> 500 million - 1 billion: Enter text.
> 1 billion: Enter text.
Under 1 million: Enter text.
1 - 5 million: Enter text.
> 5 - 25 million: Enter text.
> 25 - 100 million: Enter text.
> 100 - 500 million: Enter text.
> 500 million - 1 billion: Enter text.
> 1 billion: Enter text.
Under 1 million: Enter text.
1 - 5 million: Enter text.
> 5 - 25 million: Enter text.
> 25 - 100 million: Enter text.
> 100 - 500 million: Enter text.
> 500 million - 1 billion: Enter text.
> 1 billion: Enter text.
RFP for Minnesota State Colleges and Universities
Organization and Market Focus
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● 457(b) Non-governmental Plans
Response
Under 1 million: Enter text.
1 - 5 million: Enter text.
> 5 - 25 million: Enter text.
> 25 - 100 million: Enter text.
> 100 - 500 million: Enter text.
> 500 million - 1 billion: Enter text.
> 1 billion: Enter text.
Under 1 million: Enter text.
1 - 5 million: Enter text.
> 5 - 25 million: Enter text.
> 25 - 100 million: Enter text.
> 100 - 500 million: Enter text.
> 500 million - 1 billion: Enter text.
> 1 billion: Enter text.
Under 1 million: Enter text.
1 - 5 million: Enter text.
> 5 - 25 million: Enter text.
> 25 - 100 million: Enter text.
> 100 - 500 million: Enter text.
> 500 million - 1 billion: Enter text.
> 1 billion: Enter text.
Under 1 million: Enter text.
1 - 5 million: Enter text.
> 5 - 25 million: Enter text.
> 25 - 100 million: Enter text.
> 100 - 500 million: Enter text.
> 500 million - 1 billion: Enter text.
> 1 billion: Enter text.
Under 1 million: Enter text.
1 - 5 million: Enter text.
> 5 - 25 million: Enter text.
> 25 - 100 million: Enter text.
> 100 - 500 million: Enter text.
> 500 million - 1 billion: Enter text.
> 1 billion: Enter text.
● 401(a) Money Purchase Pension Plans
● 457(f) Plans
● Non-qualified Deferred Comp Plans
● ESOP Plans
Request for Proposal
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Organization and Market Focus
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● KSOP Plans
Response
Under 1 million: Enter text.
1 - 5 million: Enter text.
> 5 - 25 million: Enter text.
> 25 - 100 million: Enter text.
> 100 - 500 million: Enter text.
> 500 million - 1 billion: Enter text.
> 1 billion: Enter text.
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Indicate the number of new defined contribution
plans you have added in the past 2 years (across all
market segments) in each of the following participant
count ranges:
● 401(k) / Profit Sharing Plans
● 403(b) Plans
● 457(b) Governmental Plans
Request for Proposal
Page 17
< 100 participants: Enter text.
100 - 499 participants: Enter text.
500 - 999 participants: Enter text.
1,000 - 4,999 participants: Enter text.
5,000 - 9,999 participants: Enter text.
10,000 - 14,999 participants: Enter text.
15,000 - 19,999 participants: Enter text.
20,000 or more participants: Enter text.
< 100 participants: Enter text.
100 - 499 participants: Enter text.
500 - 999 participants: Enter text.
1,000 - 4,999 participants: Enter text.
5,000 - 9,999 participants: Enter text.
10,000 - 14,999 participants: Enter text.
15,000 - 19,999 participants: Enter text.
20,000 or more participants: Enter text.
< 100 participants: Enter text.
100 - 499 participants: Enter text.
500 - 999 participants: Enter text.
1,000 - 4,999 participants: Enter text.
5,000 - 9,999 participants: Enter text.
10,000 - 14,999 participants: Enter text.
15,000 - 19,999 participants: Enter text.
20,000 or more participants: Enter text.
RFP for Minnesota State Colleges and Universities
Organization and Market Focus
#
Question
● 457(b) Non-governmental Plans
Response
< 100 participants: Enter text.
100 - 499 participants: Enter text.
500 - 999 participants: Enter text.
1,000 - 4,999 participants: Enter text.
5,000 - 9,999 participants: Enter text.
10,000 - 14,999 participants: Enter text.
15,000 - 19,999 participants: Enter text.
20,000 or more participants: Enter text.
< 100 participants: Enter text.
100 - 499 participants: Enter text.
500 - 999 participants: Enter text.
1,000 - 4,999 participants: Enter text.
5,000 - 9,999 participants: Enter text.
10,000 - 14,999 participants: Enter text.
15,000 - 19,999 participants: Enter text.
20,000 or more participants: Enter text.
< 100 participants: Enter text.
100 - 499 participants: Enter text.
500 - 999 participants: Enter text.
1,000 - 4,999 participants: Enter text.
5,000 - 9,999 participants: Enter text.
10,000 - 14,999 participants: Enter text.
15,000 - 19,999 participants: Enter text.
20,000 or more participants: Enter text.
< 100 participants: Enter text.
100 - 499 participants: Enter text.
500 - 999 participants: Enter text.
1,000 - 4,999 participants: Enter text.
5,000 - 9,999 participants: Enter text.
10,000 - 14,999 participants: Enter text.
15,000 - 19,999 participants: Enter text.
20,000 or more participants: Enter text.
< 100 participants: Enter text.
100 - 499 participants: Enter text.
500 - 999 participants: Enter text.
1,000 - 4,999 participants: Enter text.
5,000 - 9,999 participants: Enter text.
10,000 - 14,999 participants: Enter text.
15,000 - 19,999 participants: Enter text.
20,000 or more participants: Enter text.
● 401(a) Money Purchase Pension Plans
● 457(f) Plans
● Non-qualified Deferred Comp Plans
● ESOP Plans
Request for Proposal
Page 18
RFP for Minnesota State Colleges and Universities
Organization and Market Focus
#
Question
● KSOP Plans
Response
< 100 participants: Enter text.
100 - 499 participants: Enter text.
500 - 999 participants: Enter text.
1,000 - 4,999 participants: Enter text.
5,000 - 9,999 participants: Enter text.
10,000 - 14,999 participants: Enter text.
15,000 - 19,999 participants: Enter text.
20,000 or more participants: Enter text.
16
Indicate the number of new defined contribution
plans you have added in the past 2 years (across all
market segments) in each of the following asset
ranges:
● 401(k) / Profit Sharing Plans
● 403(b) Plans
● 457(b) Governmental Plans
● 457(b) Non-governmental Plans
Request for Proposal
Page 19
Under 1 million: Enter text.
1 - 5 million: Enter text.
> 5 - 25 million: Enter text.
> 25 - 100 million: Enter text.
> 100 - 500 million: Enter text.
> 500 million - 1 billion: Enter text.
> 1 billion: Enter text.
Under 1 million: Enter text.
1 - 5 million: Enter text.
> 5 - 25 million: Enter text.
> 25 - 100 million: Enter text.
> 100 - 500 million: Enter text.
> 500 million - 1 billion: Enter text.
> 1 billion: Enter text.
Under 1 million: Enter text.
1 - 5 million: Enter text.
> 5 - 25 million: Enter text.
> 25 - 100 million: Enter text.
> 100 - 500 million: Enter text.
> 500 million - 1 billion: Enter text.
> 1 billion: Enter text.
Under 1 million: Enter text.
1 - 5 million: Enter text.
> 5 - 25 million: Enter text.
> 25 - 100 million: Enter text.
> 100 - 500 million: Enter text.
> 500 million - 1 billion: Enter text.
> 1 billion: Enter text.
RFP for Minnesota State Colleges and Universities
Organization and Market Focus
#
Question
● 401(a) Money Purchase Pension Plans
● 457(f) Plans
● Non-qualified Deferred Comp Plans
● ESOP Plans
● KSOP Plans
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How many plans have you lost in the past two years?
What was your firm's client retention rate over the
last 5 years?
Request for Proposal
Page 20
Response
Under 1 million: Enter text.
1 - 5 million: Enter text.
> 5 - 25 million: Enter text.
> 25 - 100 million: Enter text.
> 100 - 500 million: Enter text.
> 500 million - 1 billion: Enter text.
> 1 billion: Enter text.
Under 1 million: Enter text.
1 - 5 million: Enter text.
> 5 - 25 million: Enter text.
> 25 - 100 million: Enter text.
> 100 - 500 million: Enter text.
> 500 million - 1 billion: Enter text.
> 1 billion: Enter text.
Under 1 million: Enter text.
1 - 5 million: Enter text.
> 5 - 25 million: Enter text.
> 25 - 100 million: Enter text.
> 100 - 500 million: Enter text.
> 500 million - 1 billion: Enter text.
> 1 billion: Enter text.
Under 1 million: Enter text.
1 - 5 million: Enter text.
> 5 - 25 million: Enter text.
> 25 - 100 million: Enter text.
> 100 - 500 million: Enter text.
> 500 million - 1 billion: Enter text.
> 1 billion: Enter text.
Under 1 million: Enter text.
1 - 5 million: Enter text.
> 5 - 25 million: Enter text.
> 25 - 100 million: Enter text.
> 100 - 500 million: Enter text.
> 500 million - 1 billion: Enter text.
> 1 billion: Enter text.
Enter Text
Enter Text
RFP for Minnesota State Colleges and Universities
Organization and Market Focus
#
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Question
What was your firm's total investment in defined
contribution plan services technology for the last
three years?
Under which of the following situations would you
take on a start-up plan? Check all that apply.
21
Which of the following industries represent 10% or
more of your client base? Check all that apply.
22
Please provide the current credit rating of your
organization from the following major rating services:
● Fitch
● Moody's
● Standard & Poor's
● Weiss
Does your service agreement specify that your firm
will maintain confidentiality of client data?
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Request for Proposal
Page 21
Response
Enter Text
☐In any situation
☐If there is an existing relationship
☐High expected cash flow
☐High anticipated rollovers
☐Under no circumstances
☐Case by case basis
☐Construction
☐Education
☐Engineering
☐Energy & Utilities
☐Finance & Insurance
☐Food Service Industry
☐Government
☐Health Care
☐Manufacturing
☐Non-profit
☐Professional Services
☐Religious/Church
☐Retail
☐Taft-Hartley
☐Technology
☐Telecommunications
☐Universities
Other: Enter text.
Enter Text
Enter Text
Enter Text
Enter Text
Choose an item.
RFP for Minnesota State Colleges and Universities
Organization and Market Focus
#
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Question
Does your service agreement have any penalties
(other than investment fund penalties) if the client
moves services from your firm within a specific
amount of time?
If yes, what is the minimum timeframe for a client to
terminate the agreement without incurring any
termination fees?
Will you incorporate specific service standards into
your service agreement?
If an error, by employees or contractors of your firm,
results in a participant being in a less favorable
position than they would have been in had the error
not occurred, will your firm make the financial
contribution necessary to put the participant in the
position they would have been in had the error not
occurred?
Does your firm have a written code of conduct or a set
of standards for professional behavior?
Within the last 5 years, has your firm been subject to
any litigation related to employee plan services
denoted? If so, please check off which areas were
affected.
Request for Proposal
Page 22
Response
Choose an item.
Choose an item.
Choose an item.
Choose an item.
Choose an item.
☐Business Conduct
☐Fiduciary Issues
☐Fee Litigation
☐ER Stock Investments
☐Investments (other than ER stock)
☐Data Security
☐Trust Services
☐Compliance
☐Recordkeeping
☐Employee Education
☐Other
☐None
RFP for Minnesota State Colleges and Universities
Recordkeeping Services
#
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Question
What recordkeeping system does your firm use?
Is the recordkeeping system proprietary or nonproprietary?
In what year was your recordkeeping system
developed / implemented?
In what year was the last major system upgrade
made?
In what year is the next planned major system
upgrade?
Who is responsible for updating your recordkeeping
system?
Does your firm have any plans to replace the system?
Do you provide an administration manual?
Is the administration manual generic for all clients or
customized for each client?
How frequently is the administration manual
reviewed and updated by the client servicing team?
What is your cut-off time for processing transactions?
How often are the Web, Voice and recordkeeping
systems adjusted so that they are in sync?
Does the Web or Voice system alert the participant
that they are about to make a transaction in a fund
that may be subject to redemption fees?
If so, does it show the approximate amount?
Will your firm communicate directly with participants
who have violated excessive trading restrictions
imposed by the funds in the plan?
If no, can you support the client with appropriate
information, such as participant level reports of
excessive trading, so that the client can communicate
with participants who have violated excessive trading
restrictions?
Are confirmation notices provided to participants for
account transactions such as transfers/exchanges,
investment election changes, deferral rate changes
and enrollment?
Can you accept payroll files from multiple
locations/vendors?
If so, are all payroll files required to be in the same
format?
Request for Proposal
Page 23
Response
Enter Text
Choose an item.
Enter Text
Enter Text
Enter Text
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RFP for Minnesota State Colleges and Universities
Recordkeeping Services
#
20
Question
Do you have experience transferring data to/from the
following payroll systems:
21
How many payroll feeds will you accept per year
without any additional charge?
Will you accept full payroll for all employees
(including the indicative data) each pay period?
Will you accept weekly files of indicative data, even if
contribution files are sent less frequently?
Do you require that contribution and indicative data
be provided in your preferred format?
When an error is discovered in data transmitted to
you, how does your firm handle it?
How much time is needed from the receipt of clean
payroll data to process the file and post
contributions?
Can you initiate/accept ACH debit for funding of
contributions?
Will you accept wires for funding of contributions?
Will you accept checks for funding of contributions?
Will you determine eligibility for new hires?
Can you calculate eligibility based on:
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● Hours
● Elapsed time
Will you determine eligibility for rehires?
Will you automatically send an enrollment kit to
newly eligible employees once they have met the
eligibility requirements?
Can employees enroll in the plan via:
Can you accommodate Roth contributions?
Can you accommodate traditional after-tax
contributions?
Request for Proposal
Page 24
Response
☐ADP
☐Ceridian
☐Peoplesoft
☐Workday
☐Paychex
☐UltiPro
Choose an item.
Choose an item.
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☐Web
☐Voice
☐Call center representatives
☐Paper Form
Choose an item.
Choose an item.
RFP for Minnesota State Colleges and Universities
Recordkeeping Services
#
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Question
Can a participant elect regular deferrals (i.e. not
catch-up) in percentage and/or dollar amounts?
Does your system allow separate elections for catchup contributions?
If yes, can a participant elect catch-up contributions in
percentage and/or dollar amounts?
If yes, how are catch-up elections made? Check all
that apply.
Are catch-up elections carried over from year to year
on your system, or does the participant need to make
a new election each year?
Can a participant make a special deferral election for
bonuses?
If yes, can a participant's deferral election for bonuses
be in percentage and/or dollar amounts?
Are percentage elections for any deferral type
(regular, catch-up or bonus) required to be in whole
percentages?
Are dollar elections for any deferral type (regular,
catch-up or bonus) required to be in whole dollar
amounts?
Are contribution rate changes allowed via:
When a participant terminates, is it your normal
practice to zero out their contribution rate(s) and feed
the zero rate(s) back to the client's payroll system?
Will you collect and review rollover documentation
and approve the rollover without plan sponsor
involvement?
Can you accommodate Roth rollovers?
Can you accommodate in-plan Roth conversions?
Do you perform data edits for missing data, data
inconsistencies and plan restrictions on the electronic
data you receive?
Request for Proposal
Page 25
Response
Choose an item.
Choose an item.
Choose an item.
☐Web
☐Voice
☐Call center representatives
☐Paper form
☐N/A
Choose an item.
Choose an item.
Choose an item.
Choose an item.
Choose an item.
☐Web
☐Voice
☐Call center representative
☐Paper form
Choose an item.
Choose an item.
Choose an item.
Choose an item.
Choose an item.
RFP for Minnesota State Colleges and Universities
Recordkeeping Services
#
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Question
Can custom data edits be created for unique client
situations?
How do you provide payroll information regarding the
following to clients?
● New loans
● Loan payoffs
● Hardship suspensions
● Auto enrollments
● Auto increases
● Deferral elections
● Catch-up elections
● Bonus deferral elections
How often can you send payroll information to the
client? Check all that apply.
55
Can transfers / exchanges be processed in the
following manner:
56
Do you offer automatic rebalancing based on current
elections?
If you offer automatic rebalancing, what rebalancing
frequencies are available?
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Can you determine eligibility for specific employer
contributions (such as match, profit sharing)?
Request for Proposal
Page 26
Response
Choose an item.
Choose an item.
Choose an item.
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Choose an item.
☐Monthly
☐Biweekly
☐Weekly
☐Daily
☐At client's request
☐Balance realignment in percentages
☐Percentage from / percentage to
☐Dollar from / dollar to
☐Shares from / shares to
Choose an item.
☐Monthly
☐Quarterly
☐Semiannually
☐Annually
☐N/A
Choose an item.
RFP for Minnesota State Colleges and Universities
Recordkeeping Services
#
59
Question
Can you calculate the following employer
contributions:
60
Can you calculate a fixed match based on a % of
compensation on a pay period basis?
Can you calculate a true-up match at year-end?
Can you calculate a true-up match more frequently
than annually?
Can you calculate vesting service based on:
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● Hours
● Elapsed time
Indicate the number of non-immediate vesting
schedules your system can track per plan.
Can a separate vesting schedule be maintained for
each account source?
Will you maintain a forfeiture account and report
account activity and available balance to the client?
Can forfeitures be tracked by division / location?
Can forfeitures be tracked by money source?
How can forfeiture balances be used? Check all that
apply.
For terminated participants who have not taken a
distribution from the plan, how frequently does your
system identify those participants who are subject to
forfeiture (for example, if they have had a 5-year
break in service) and process the forfeiture?
Request for Proposal
Page 27
Response
☐Fixed/discretionary match based on a % of
contribution
☐Age-weighted match
☐Service-weighted match
☐Age/service-weighted match
☐Profit sharing allocation based on ratio of each
eligible participant's pay to total eligible pay
☐Age-weighted profit sharing
☐Service-weighted profit sharing
☐Age/service-weighted profit sharing
☐Integrated profit sharing
☐Salary/service unit contribution formula
☐Cross-testing/New comparability
Choose an item.
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Choose an item.
☐Reallocated to participants
☐Offset future contributions
☐Pay expenses
☐Reinstatement of forfeited balances for rehires
Choose an item.
RFP for Minnesota State Colleges and Universities
Recordkeeping Services
#
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Question
For plans with a forfeiture buyback provision, when
an employee is rehired (during the appropriate
timeframe) who forfeited because of a distribution
from the plan, do you notify the employee that
his/her forfeiture can be reinstated upon repayment?
(assuming employee will supply information if you
don't have it)
What is the standard turnaround time (in business
days) for mailing the following
withdrawal/distribution checks?
● In-service withdrawal checks
● Termination distribution checks
● Loan checks
Are general purpose loans available on a paperless
basis (assuming there are no spousal consent
requirements)?
For primary residence loans, will your firm collect,
review and maintain the appropriate documentation,
and approve the loan without client involvement?
If a plan allows for hardship loans only, will your firm
collect, review and maintain the appropriate
documentation, and approve the loan without client
involvement?
Can loan proceeds be direct deposited into a
participant's bank account (assuming the participant
provides you with his banking information)?
Can you accommodate a waiting period between
loans?
Can you accommodate new loans for terminated
participants (with repayments made directly to your
firm)?
Can you accommodate varying payroll frequencies for
loan repayments?
How does the client notify you that an employee with
an outstanding loan has changed payroll frequency?
If an employee with an outstanding loan has a change
in pay frequency, do you reamortize their loan and
report the new loan amount to payroll?
What is the standard process if the loan payment
received is different than what is expected?
Request for Proposal
Page 28
Response
Choose an item.
Choose an item.
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RFP for Minnesota State Colleges and Universities
Recordkeeping Services
#
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Question
How soon after disbursement of a new loan are loan
repayments scheduled to begin?
If your normal practice is to begin loan repayments up
to 2 months after disbursement, are general purpose
loans amortized over a maximum of 58 months, to
ensure that they are paid off within the maximum 5year period?
Do you monitor loan delinquencies and automatically
provide notice of the delinquent loan to participants
(prior to default) without any client involvement?
If you provide notice of a loan delinquency to
participants (prior to default), when does the notice
go out?
Do you default delinquent loans according to the cure
period specified in the plan document or loan policy
without any client involvement?
Do you provide notice of a loan default to
participants?
For active employees with outstanding loans, how are
ongoing loan repayments made?
For participants on an unpaid leave of absence with
an outstanding loan, will you accept ongoing loan
repayments via:
91
For terminated participants with an outstanding loan,
will you accept ongoing loan repayments via:
92
Can you accept loan payoffs via:
93
If a loan payoff is received for more than the required
payoff amount, will you cut a check directly to the
participant for the excess amount?
For participants on an unpaid leave of absence with
an outstanding loan, will you monitor the 12-month
suspension (if applicable) and reamortize their loan
upon their return from LOA?
94
Request for Proposal
Page 29
Response
Choose an item.
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Choose an item.
☐Personal check
☐Cashier's check
☐Money order
☐ACH
☐Personal check
☐Cashier's check
☐Money order
☐ACH
☐Personal check
☐Cashier's check
☐Money order
☐ACH
Choose an item.
Choose an item.
RFP for Minnesota State Colleges and Universities
Recordkeeping Services
#
95
Question
If the client notifies you that a participant is out on
military leave, will you adjust their loan interest rate
so that it does not exceed the 6% maximum (if
applicable), as required under USERRA?
96 Can your system prevent participants from taking a
new loan if they have defaulted on a prior loan?
97 Can you refinance an existing loan (and issue a larger
loan to the participant) when only one loan is allowed
by the plan?
98 Can you collect, review and maintain hardship
documentation and approve the hardships without
client involvement?
99 After a hardship distribution has been processed is
the employer notified if the payroll file includes a
contribution for that employee within the next 6
months?
100 What happens after a participant's hardship
suspension period expires?
101 Which of the following will your firm handle without
requiring client review / approval? Check all that
apply.
102 Can withdrawal / distribution proceeds be direct
deposited into a participant's bank account (assuming
the participant provides you with his banking
information)?
103 Can you accommodate ongoing installment payments
for terminated participants?
104 Can you accommodate partial account distributions
for terminated participants?
105 Do you proactively monitor terminated employees
with vested balances of $1,000 or less and process
mandatory cash-out distributions?
106 Do you proactively monitor terminated employees
with balances > $1,000 but < $5,000 and process
mandatory rollover distributions to the client's
selected IRA provider?
107 Do you offer an IRA rollover product with qualifying
investment options for mandatory rollovers?
Request for Proposal
Page 30
Response
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☐Age 59½ withdrawal
☐Other in-service withdrawals (non-hardship)
☐Termination distributions
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RFP for Minnesota State Colleges and Universities
Recordkeeping Services
#
Question
108 If you partner with another firm to offer an IRA
rollover product, provide the name of the IRA
provider.
109 Can your system exclude rollover amounts when
determining vested balances for mandatory cashouts/rollovers?
110 For direct rollover distributions, which options are
available for payment:
111 Will you automatically send a distribution kit to
participants upon receipt of termination date?
112 Are distributions to terminated participants allowed
via:
113 Can you identify participants who are subject to a
minimum required distribution and calculate the
required amount?
114 Will you notify participants who are required to take a
minimum distribution (in advance of the distribution
deadline)?
115 Will you process the required minimum distributions
prior to the deadline for participants who have not
actively requested it?
116 If some participant accounts require the spouse's
signature for loans, withdrawals, or distributions, can
they be flagged so that paperless processing is not
offered for these participants?
117 Can terminated participants contact your firm directly
and request a change to their address information?
118 Can you support automatic enrollment?
119 Can you support automatic deferral increases as part
of the automatic enrollment program?
120 Do you require a plan to implement automatic
increases if the plan has an automatic enrollment
feature?
Request for Proposal
Page 31
Response
Enter Text
Choose an item.
☐Check mailed directly to rollover institution
☐Check mailed to participant
☐Electronic transfer of funds to rollover institution
Choose an item.
☐Web
☐Voice
☐Call center representatives
☐Paper form
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RFP for Minnesota State Colleges and Universities
Recordkeeping Services
#
Question
121 Can automatic increase be made available to
participants on a voluntary basis, regardless of
whether auto increase is tied to a plan-level
automatic enrollment provision?
122 If automatic increase is available to participants on a
voluntary basis, how is the timing of the increase
determined?
123 If automatic increase is implemented in conjunction
with automatic enrollment, how is the timing of the
increase determined?
124 For Eligible Automatic Contribution Arrangement
(EACA) plans, do you track the 90 day window for
distributions?
125 Will you collect and maintain beneficiary information
for plan participants?
126 Are beneficiary designations allowed via:
127 Do you require that the client provide marital status
information in order to maintain beneficiary
information, or do you allow the participant to
confirm their marital status when making a
designation?
128 When you are notified by a beneficiary of the death of
a terminated participant, will you work directly with
the beneficiary to collect the death certificate and set
up a beneficiary account in accordance with the
designation on file, without client involvement?
129 Does the recordkeeping system allow for client
customization / limits on:
130 Specify the recordkeeping system's maximum limits
with regard to the following:
● Investment funds
● Money sources
● Combination (funds/sources)
Request for Proposal
Page 32
Response
Choose an item.
Choose an item.
Choose an item.
Choose an item.
Choose an item.
☐Web
☐Voice
☐Call center representatives
☐Paper form
Choose an item.
Choose an item.
☐Transfer frequency
☐Minimum/maximum contribution percentages
☐Withdrawal frequency
☐Investment election changes
☐Contribution rate changes
Choose an item.
Choose an item.
Choose an item.
RFP for Minnesota State Colleges and Universities
Recordkeeping Services
#
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Question
● Loans per participant
Do you provide qualification services for DROs?
Do you use a third party to qualify DROs?
● If yes, who is that third party?
Do you provide written QDRO procedures as part of
your QDRO services?
Do you handle all the communications with the
participant and alternate payee as part of your QDRO
services?
Do you limit accessibility to plan data to only those
employees within your firm who work on the plan?
How many redundant recordkeeping sites do you
maintain?
Are your redundant sites sufficiently geographically
dispersed in order to minimize the possibility of
multiple sites being impacted by the same disaster?
How many redundant call center sites do you
maintain?
Where are your call centers located? (list city, state
and country for each)
140 How often do you test your disaster recovery
procedures?
141 In the event of a disaster, how long will it take for
your hot site to be fully functional?
142 How often do you do full backups of your files?
143 Are the backups catalogued and stored offsite?
144 How quickly can the files be recalled if data needs to
be restored?
145 Do you have an outside firm that is in charge of your
back-up facility?
146 How long is your recordkeeping data retained and
accessible?
Request for Proposal
Page 33
Response
Choose an item.
Choose an item.
Choose an item.
Enter Text
Choose an item.
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Choose an item.
Choose an item.
Choose an item.
1): Enter text.
2): Enter text.
3): Enter text.
4): Enter text.
5): Enter text.
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RFP for Minnesota State Colleges and Universities
Recordkeeping Services
#
Question
147 Do you retain a history of all transactions, the back-up
detail of the decision request and the documentation
supporting the request outcome, even when those
details could ultimately show an error on the part of
employees or contractors of your organization
involving your clients' plans?
148 How long are terminated employees maintained on
your system?
149 How are negative contributions on the contribution
file handled?
150 If a contribution reversal (or other error by the client)
results in a situation where the participant needs to
be made whole, will you calculate the applicable gain
/ loss and make the correction (assuming the client
funds any loss)?
151 Do you offer an address search service, to locate
participants with bad address information on file?
152 Is undeliverable mail returned to your firm (rather
than the client)?
153 When participant mail is returned because of a bad
address, do you flag the participant's account to
prevent any future mailings?
154 When an active employee's mail is returned because
of a bad address, do you notify the client?
Request for Proposal
Page 34
Response
Choose an item.
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RFP for Minnesota State Colleges and Universities
Conversion Services
#
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Question
Is the Relationship Manager involved from the
beginning and throughout the conversion process?
Do you provide a dedicated conversion specialist?
What is the typical number of conversions managed
by the conversion specialist at any one time for this
market segment?
Will the conversion specialist manage all deliverables
and coordinate with the other members of the
conversion team (communications, legal, data
conversion, etc.)?
Will the conversion team work directly with the
client's payroll group and/or payroll vendor to define,
develop and test the ongoing payroll files?
Will the conversion team work directly with the prior
recordkeeper to identify and collect the necessary
conversion data?
Will the conversion specialist provide a detailed
project log at the beginning of the process,
documenting all project milestones, roles,
responsibilities and due dates?
If yes, will you update the project log periodically
throughout the conversion to document decisions
made and steps completed, and review it with the
client?
Will the conversion team conduct an in-depth
"kickoff" meeting with the client, to discuss roles and
responsibilities, review plan provisions, consider
possible plan design and/or administrative changes,
and identify servicing requirements?
Will the conversion team conduct periodic conference
calls with the client throughout the conversion to
review progress and discuss outstanding issues?
What options are available for the transfer of assets
upon conversion? Check all that can be handled by
your firm.
Request for Proposal
Page 35
Response
Choose an item.
Choose an item.
Choose an item.
Choose an item.
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☐Maintain the same fund lineup
☐Map to like funds
☐Map to target date funds
RFP for Minnesota State Colleges and Universities
Conversion Services
#
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Question
If your firm can accommodate the mapping of all
assets to target date funds, is the participant given an
opportunity (prior to the asset transfer) to opt out of
the default mapping and make an active investment
election?
Can you map risk-based lifestyle funds to target date
funds at the time of the conversion?
What options are available for the establishment of
participant investment elections upon conversion?
Check all that apply:
How many business days is the blackout period once
you have "good data" from the prior recordkeeper?
What percentage of your firm's conversions are
completed within the time frame quoted above?
On the date of the asset transfer, what is your
deadline (Eastern Time) for receiving the following, in
order to invest the money that day:
● Wire
● Breakdown of transferring assets by fund
If more than one plan is being converted, can
individual plans be brought out of blackout if others
aren't ready?
Which of the following can you accept during the
blackout period?
What type of format do you require for conversion
records?
How does your system handle conversions of preexisting loans from another recordkeeping system?
Which of the following are available to participants via
a website during the blackout period?
Request for Proposal
Page 36
Response
Choose an item.
Choose an item.
☐Maintain the same elections
☐Mapped to like funds
☐Map to target date funds
☐Solicit participant elections (prior to asset transfer)
Choose an item.
Choose an item.
Enter Text
Enter Text
Choose an item.
☐Contributions
☐Loan repayments
☐Participant rollover contributions
Choose an item.
☐Keep same amortization schedule
☐Reamortize all loans
☐Information about the conversion
☐Plan features/provisions
☐Information about the investments
☐Make investment choices for future contributions
☐Make investment choices for balances being
converted
RFP for Minnesota State Colleges and Universities
Conversion Services
#
23
Question
Which of the following are available to participants
through the participant call center during the blackout
period?
24
Can you convert existing beneficiary designations
from the prior recordkeeper?
Can you convert prior transaction history from the
prior recordkeeper?
Is the client required to approve conversion reports
prior to the plan going live?
In general, what is the minimum amount of time (in
weeks) you require to convert a plan, once you have
been awarded the business?
How many weeks prior to the asset transfer do you
need to have the investment lineup finalized?
Will you refuse to accept the assets from the prior
recordkeeper if any of the following are not finalized
and executed by the client prior to the asset transfer?
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Will your firm prepare the blackout notice, as required
by Sarbanes Oxley?
Will your firm mail the blackout notice to the homes
of all affected participants and beneficiaries (both
active and terminated)?
In addition to the Sarbanes Oxley blackout notice, will
your firm prepare the following communications
related to the conversion process?
33
Will your firm mail the following communications
related to the conversion process to participant
homes?
34
If prior self-directed brokerage accounts are being
converted to your SDBA provider, will you prepare
and distribute the necessary communications to
participants, with instructions on setting up their new
account, etc.?
Request for Proposal
Page 37
Response
☐Information about the conversion
☐Plan features/provisions
☐Information about the investments
☐Make investment choices for future contributions
☐Make investment choices for balances being
converted
Choose an item.
Choose an item.
Choose an item.
Choose an item.
Choose an item.
☐Plan document or amendment
☐Service agreement
☐Trust / custodial agreement
Choose an item.
Choose an item.
☐Initial announcement of vendor selection /
upcoming transition
☐Detailed conversion newsletter with mapping
information
☐"Go live" announcement
☐Initial announcement of vendor selection /
upcoming transition
☐Detailed conversion newsletter
☐"Go live" announcement
Choose an item.
RFP for Minnesota State Colleges and Universities
Conversion Services
#
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Question
If you provide an administration manual, is it initially
created as part of the conversion process, and
reviewed with the client prior to conversion?
In the event of a future merger/acquisition situation,
will the same conversion team be assigned to that
project wherever possible?
In the event of a future merger/acquisition situation,
is the entire plan subject to a blackout, or does the
blackout apply to impacted participants only (those
who are being merged into the plan)?
Request for Proposal
Page 38
Response
Choose an item.
Choose an item.
Choose an item.
RFP for Minnesota State Colleges and Universities
Regulatory and Compliance Services
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Question
Will a dedicated compliance consultant be assigned to
the client?
Will your firm provide recordkeeping services for
plans with a customized document?
If yes, will you ensure that the plan is administered in
accordance with a custom document?
Can your firm draft a custom plan document?
Can your firm maintain a custom plan document with
required amendments?
For clients with a custom plan document, can your
firm create a customized Summary Plan Description
(SPD)?
Does your firm provide either a prototype or volume
submitter plan document for clients to use?
Does your firm provide a SPD based on your prototype
or volume submitter document?
If yes, can the SPD be modified by the client?
Will you mail the plan SPD to the homes of newly
eligible employees once the eligibility requirements
are met (regardless of whether your firm created the
SPD)?
Without regard to whether additional fees would be
involved, are you willing to distribute the plan
SPD/SMMs to all eligible participants using any of the
following delivery methods?
Will your firm provide a qualification submission
package to the IRS?
Do you provide a loan policy for plans that offer
loans?
Can the plan loan policy be made available to
participants upon request (regardless of whether your
firm created it)?
Request for Proposal
Page 39
Response
Choose an item.
Choose an item.
Choose an item.
Choose an item.
Choose an item.
Choose an item.
Choose an item.
Choose an item.
Choose an item.
Choose an item.
☐Mail to participant homes
☐Email if consent to email delivery has been
provided by participant
☐Include with quarterly statement mailing
☐Post on website
☐Client is responsible for delivery
Choose an item.
Choose an item.
Choose an item.
RFP for Minnesota State Colleges and Universities
Regulatory and Compliance Services
#
15
Question
Which of the following will your firm perform:
16
Will you monitor 402(g) limits on a per-pay-period
basis, and notify the client if a participant exceeds the
limit?
If so, how do you process the contribution for the
participant who exceeds the 402(g) limit?
Will you monitor the timing of payroll deposits to
ensure they are in compliance with DOL regulations
and notify clients if they are not in compliance?
Does your firm take responsibility for preparing the
annual participant disclosure required under 404a-5?
Without regard to whether additional fees would be
involved, will your firm distribute the annual fee
disclosure to participants and beneficiaries with a
balance (including terminated employees), and
eligible employees who are not participating, using
any of the following delivery methods?
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Does your firm take responsibility for disclosing the
administrative and investment expenses charged
against individual accounts on the quarterly
statements, as required under 404a-5?
What is your turnaround time for quarterly participant
statements or the annual notice (in business days
after period end)?
Request for Proposal
Page 40
Response
☐Annual ADP/ACP
☐Mid-year projected ADP/ACP
☐Permissible Disaggregation
☐QMAC/QNEC calculations to cure failures
☐IRC 415(c) limits
☐IRC 402(g) limits
☐IRC 416 testing (top heavy)
☐IRC 414(s) testing (compensation)
☐IRC 410(b) coverage testing (ratio percentage)
☐IRC 410(b) coverage testing (average benefits)
☐IRC 401(a)(4) general non-discrimination testing
(rate group)
☐Benefits, rights and features testing
☐QSLOB testing
☐Cross-testing
Choose an item.
Choose an item.
Choose an item.
Choose an item.
☐Mail to participant homes
☐Email if consent to email delivery has been
provided by participant
☐Include with quarterly statement mailing
☐Post on website
☐Client is responsible for delivery
Choose an item.
Choose an item.
RFP for Minnesota State Colleges and Universities
Regulatory and Compliance Services
#
23
Question
What delivery methods are available for the
distribution of quarterly participant statements?
24
Does your firm take responsibility for including the
investment information required under 404a-5 on
your participant website?
How does your firm keep the client up to date on
regulatory changes? Check all that apply:
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Do you provide an annual regulatory calendar to the
client, outlining regulatory responsibilities and due
dates?
If yes, is the regulatory calendar generic or customized
for the client's plan?
Can you provide the auditor with limited access to the
plan sponsor website in order to retrieve the audit
package and/or access audit reports?
Are your firm's systems and procedures audited by an
independent certified public accountant?
● If so, when was the last audit?
What type of auditor's opinion was received?
Will you provide a copy of your firm's most recent
SSAE No. 16 report upon request?
Will your firm serve as a 3(16) fiduciary for any of the
following services?
Request for Proposal
Page 41
Response
☐Mail to participant homes
☐Email if consent to email delivery has been
provided by participant
☐24/7 website with annual notice mailing (FASB
2006-03)
Choose an item.
☐Periodic newsletter
☐Letters
☐Telephone contact
☐E-mail
☐Plan Sponsor Website
☐Web conferences
☐Periodic face-to-face meetings
Choose an item.
Choose an item.
Choose an item.
Choose an item.
Click here to enter a date.
Choose an item.
Choose an item.
☐Timely and accurate reporting (e.g., Form 5500)
☐Timely and accurate disclosures (e.g., SPD/SMM,
fee disclosure, benefit statements, QDIA notices and
other required participant disclosures)
☐Distribution of benefits
☐Administration of loans
☐Administration of hardships
☐Administration of QDROs
☐Tracking of eligibility and vesting
RFP for Minnesota State Colleges and Universities
Regulatory and Compliance Services
#
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Question
Are there any states in which you are not licensed to
conduct business for either 401(k) or 403(b) or 457
plans?
Do you prepare the following regulatory notices?
Response
Choose an item.
● Automatic Contribution Arrangement
● Eligible Automatic Contribution Arrangement
notice
● Qualified Automatic Contribution Arrangement
notice
● Traditional Safe Harbor notice
● Qualified Default Investment Alternative notice
Will you distribute the following regulatory notices to
newly eligible participants?
Choose an item.
Choose an item.
36
37
Will you prepare a Universal Availability notice?
Without regard to whether additional fees would be
involved, will you distribute the Universal Availability
notice, via any of these delivery methods?
38
Assume some plan participants, but not all, are
subject to a qualified pre-retirement survivor annuity
provision (QPSA) and/or 50% joint and survivor
annuity benefit as the normal form of distribution.
Can you flag these participants in your system and
provide the required QPSA notice only to these
participants?
Request for Proposal
Page 42
Choose an item.
Choose an item.
Choose an item.
☐Automatic Contribution Arrangement
☐Eligible Automatic Contribution Arrangement notice
☐Qualified Automatic Contribution Arrangement
notice
☐Traditional Safe Harbor notice
☐Qualified Default Investment Alternative notice
Choose an item.
☐Mail to participant homes
☐E-mail if consent to e-mail delivery has been
provided by participant
☐Include with quarterly statement mailing
☐Post on website
☐Client is responsible for delivery
Choose an item.
RFP for Minnesota State Colleges and Universities
Participant Experience
#
1
2
Question
What % of participant transactions are processed by
channel (across all your firm's plans)?
● Web
● Voice
● Call center representatives
What are the hours a call center representative is
available? (ET)
● Monday - Friday
● Saturday
● Sunday
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13
What is the average wait time before a call is
answered? (in seconds)
What is the percentage of issues resolved on the first
call to a call center representative?
What is the average number of minutes that a call
center representative spends on participant calls?
If an issue requires further research, what is the
maximum timeframe to contact the participant with a
status update?
Are all participant calls recorded?
How long are participant call recordings retained?
Can a dedicated toll-free number be established for a
client?
Are call center representatives assigned specifically to
certain clients, or do they take calls for any client?
Does your call center employ a skills based routing
system whereby participant calls are directed to an
appropriate representative based on (for example) the
complexity of the issue/request, the participant's
particular age/life stage, etc.?
Does your firm's call center offer Spanish-speaking
representatives?
Is access to languages other than English or Spanish
provided through Language Line or some other
means?
Request for Proposal
Page 43
Response
Enter Text
Enter Text
Enter Text
From: Enter text.
To: Enter text.
From: Enter text.
To: Enter text.
☐Not available on Saturday
From: Enter text.
To: Enter text.
☐Not available on Sunday
Choose an item.
Choose an item.
Choose an item.
Choose an item.
Choose an item.
Choose an item.
Choose an item.
Choose an item.
Choose an item.
Choose an item.
Choose an item.
RFP for Minnesota State Colleges and Universities
Participant Experience
#
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Question
Can participants communicate with call center
representatives via secure e-mail?
If yes, do you retain a history of these emails?
How long are participant emails retained?
Can participants communicate with call center
representatives via live chat?
If yes, do you retain a history of these chat
communications?
How long are participant chat communications
retained?
Will call center representatives walk participants
through your online investment guidance and/or
advice tools?
What kind of licenses/credentials do you require for
call center representatives?
Is a call center representative's compensation based
on participation satisfaction?
Provide the information needed to access a demo of
your participant website.
● Web address
● User ID
● Password/PIN
● Password/PIN expiration date
● Other information needed:
Provide your current website availability percentage.
What options exist for customizing / branding the
website for the client?
Can a dedicated website address be established for a
client?
Can custom client messages or announcements be
posted on the website?
Request for Proposal
Page 44
Response
Choose an item.
Choose an item.
Choose an item.
Choose an item.
Choose an item.
Choose an item.
Choose an item.
☐NASD Series 6
☐NASD Series 7
☐NASD Series 63
☐NASD Series 65
☐ASPPA - QKA
☐ASPPA - QPA
☐ASPPA - CPC
Other: Enter text.
Choose an item.
Enter Text
Enter Text
Enter Text
Click here to enter a date.
Enter Text
Choose an item.
☐Include client logo on website
☐Customized banner
☐Optional color schemes / artwork
☐Fully customizable
Choose an item.
Choose an item.
RFP for Minnesota State Colleges and Universities
Participant Experience
#
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35
Question
If so, can messaging be targeted (for example, by
location, age, etc.)?
Can a Spanish language version of the website be
made available?
Can a link be posted on the client's intranet which
takes participants directly to your website without
requiring the participant to log in again?
If a participant has multiple accounts with your firm
(DB plan, IRA, NQ plan, etc.), are all accounts
accessible via a single sign-in?
If the client has multiple qualified plans being
recordkept by your firm, can you provide consolidated
statements?
If the client provides you with a file of information
regarding other benefits (such as a DB plan accrued
benefit), can you report that information:
Can account data be downloaded directly into
Quicken?
How many years of history can be displayed on the
website?
Request for Proposal
Page 45
Response
Choose an item.
Choose an item.
Choose an item.
Choose an item.
Choose an item.
☐On the website
☐On the participant statement
Choose an item.
Choose an item.
RFP for Minnesota State Colleges and Universities
Participant Experience
#
36
Question
What inquiry functionality is available on the website?
37
What transaction functionality is available on the
website?
38
Do you offer an online retirement income projection
or "gap analysis" tool?
Request for Proposal
Page 46
Response
☐Balance by fund
☐Balance by source
☐Vested balance
☐Vested percentage
☐Current outstanding loan balance
☐Current deferral rate(s)
☐Current investment elections
☐Current beneficiary elections
☐Personal rate of return
☐Investment performance history
☐Pending transactions
☐Loan modeling
☐Loan payoff amount / instructions
☐Prior quarterly statements
☐Fund prospectuses
☐Fund fact sheets / M* page
☐Summary Plan Description
☐Plan highlights / summary of plan provisions
☐Call center contact instructions
☐Create and change user ID
☐Change PIN / password
☐Enrollment
☐Change deferral rate(s)
☐Change investment elections
☐Rebalance account
☐Enroll in automatic rebalancing
☐Transfers / exchanges
☐Enroll in automatic increase
☐Elect or change beneficiary
☐Request in-service withdrawal
☐Request final distribution
☐Request loan
☐Request statement on demand, for a participantspecified time period
Choose an item.
RFP for Minnesota State Colleges and Universities
Participant Experience
#
39
Question
If yes, does your online retirement income projection
tool:
40
Do you provide lifetime income projections:
41
Do you provide a separate periodic statement to
participants with projected lifetime income and/or
"gap analysis" information?
Do you provide a modeling tool on the website to help
participants determine how much they can spend
during retirement?
Can a notification be displayed on the website for
employees who do not have a beneficiary election?
Are pre-recorded generic financial education webinars
available to participants on the website?
If yes, are any of your pre-recorded educational
webinars available in Spanish?
Can your firm create and record customized, clientspecific webinars for plan participants?
Can your firm conduct live customized, client-specific
webinars for plan participants?
Can your firm conduct on-site group meetings for
employees?
Can your firm conduct on-site one-on-one meetings
for employees?
Is an online scheduling tool available to schedule oneon-one meetings or phone appointments?
42
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50
Request for Proposal
Page 47
Response
☐Project Social Security benefits
☐Offer default assumptions with the flexibility for the
participant to change assumptions
☐Allow participants to manually enter other
retirement income sources such as spousal benefits,
IRAs or other personal savings, etc.
☐Incorporate account information from other
institutions via "screen-scraping" functionality (if the
participant provides the necessary account login
information)
☐Provide suggestions to participants for improving
results (by increasing their deferral rate or investing
more aggressively, for example)
☐N/A
☐On the website
☐On the participant statement
Choose an item.
Choose an item.
Choose an item.
Choose an item.
Choose an item.
Choose an item.
Choose an item.
Choose an item.
Choose an item.
Choose an item.
RFP for Minnesota State Colleges and Universities
Participant Experience
#
51
Question
What kind of licenses/credentials do you require for
"on-site" representatives who meet one-on-one with
the client's employees?
52
Is an on-site representative's compensation based on
participant satisfaction?
Is an on-site representative's compensation tied to
certain investment products, asset levels invested in
the particular funds or products?
Does your firm have retirement service centers /
investor centers where participants can receive oneon-one counseling?
Can your firm leverage participant data to create
personalized communications with recommended
actions, based on that participant's situation and
needs?
Is your website available via mobile devices
(smartphones and tablets), optimized for mobile
viewing?
Is there an application available specifically for mobile
devices?
● If so, which devices are supported:
53
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55
56
57
58
Can participants conduct any of the following
transactions via your mobile application?
59
If your mobile application is currently inquiry-only, do
you have plans to introduce transaction capabilities in
the future and what is the expected timing?
Request for Proposal
Page 48
Response
☐NASD Series 6
☐NASD Series 7
☐NASD Series 63
☐NASD Series 65
☐ASPPA - QKA
☐ASPPA - QPA
☐ASPPA - CPC
☐N/A
Other: Enter text.
Choose an item.
Choose an item.
Choose an item.
Choose an item.
Choose an item.
Choose an item.
☐iOS (Apple)
☐Android
☐Windows (Microsoft)
☐Fire OS (Amazon Kindle Fire)
☐Blackberry
Other: Enter text.
☐Enrollment
☐Contribution rate changes
☐Investment election changes
☐Fund transfers / exchanges
Choose an item.
RFP for Minnesota State Colleges and Universities
Participant Experience
#
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61
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63
64
65
Question
Assuming that participants have provided your firm
with their contact information, do you have the ability
to push communications to participants via:
Provide your current voice system availability
percentage.
Is the voice system available in Spanish?
Is the voice system inquiry-only or is there any
transaction capability?
Does your firm maintain a presence on any of the
following social media platforms?
In what ways do you monitor participant satisfaction?
Check all that apply:
Request for Proposal
Page 49
Response
☐Email
☐Text
Choose an item.
Choose an item.
Choose an item.
☐Facebook
☐LinkedIn
☐Twitter
☐Google+
☐YouTube
☐Conduct random survey of call center participants
Frequency: Choose an item.
☐Conduct random online survey of participants using
the website
Frequency: Choose an item.
☐External independent third party surveys
Frequency: Choose an item.
If yes, name of firm: Enter text.
☐Solicit feedback from employee enrollment /
education meetings
☐Conduct focus groups to evaluate call center and/or
web capabilities
☐Do not monitor
Other: Enter text.
RFP for Minnesota State Colleges and Universities
Plan Sponsor Experience
#
1
2
3
Question
What are the minimum education requirements and
years of industry experience required for a Plan
Administrator before working on client plans?
● Minimum Education
● Minimum Experience
What are the minimum education requirements and
years of industry experience required for a
Relationship Manager before working on client plans?
● Minimum Education
● Minimum Experience
What kind of licenses/credentials do you require for
the Plan Administrator?
Response
Choose an item.
Choose an item.
Choose an item.
Choose an item.
☐NASD Series 6
☐NASD Series 7
☐NASD Series 63
☐NASD Series 65
☐ASPPA - QKA
☐ASPPA - QPA
☐ASPPA - CPC
☐Other
☐NASD Series 6
☐NASD Series 7
☐NASD Series 63
☐NASD Series 65
☐ASPPA - QKA
☐ASPPA - QPA
☐ASPPA - CPC
☐Other
4
What kind of licenses/credentials do you require for
the Relationship Manager?
5
What is the average number of clients serviced by the
following team members for this market segment?
● Plan Administrator
Choose an item.
● Relationship Manager
Choose an item.
What is the turnover rate for the following positions in
the last 24 months?
● Plan Administrator
Internal: Choose an item.
External: Choose an item.
● Relationship Manager
Internal: Choose an item.
External: Choose an item.
6
Request for Proposal
Page 50
RFP for Minnesota State Colleges and Universities
Plan Sponsor Experience
#
7
Question
In what ways do you monitor client satisfaction?
Check all that apply:
8
If a team member's compensation is based on client
satisfaction, indicate which team members are subject
to this measurement.
9
Does your firm maintain a client advisory board to
discuss system/service enhancements?
If your firm has a client advisory board in place, how
often does the board meet each year?
Will your firm work with multiple client contacts?
How frequently are team members willing to meet in
person with the client to review plan statistics,
demographics, communications, etc.?
If there are service standards in place (regardless of
whether or not they are part of your service
agreement), how frequently will the team members
measure and report results back to the client?
Is it your normal practice to assign a dedicated
communication specialist to the client / plan?
Can you develop a custom communication campaign
from "scratch" that includes the client's look and feel
(not just their logo)?
Do you measure the success of participant
communication campaigns and report results back to
the client?
Can you provide retirement related articles for inhouse newsletters?
Provide the information needed to access a demo of
your plan sponsor website.
● Web address
● User ID
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Request for Proposal
Page 51
Response
☐Self-driven client satisfaction survey
Frequency: Choose an item.
☐External independent third party surveys
Frequency: Choose an item.
Name of survey firm: Enter text.
☐Measurable service guarantees
Other: Enter text.
☐Do not monitor
☐Plan Administrator
☐Relationship Manager
☐Communication Specialist
☐Compliance Specialist
☐Conversion Specialist
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Enter Text
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RFP for Minnesota State Colleges and Universities
Plan Sponsor Experience
#
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Question
● Password/PIN
● Password/PIN expiration date
● Other information needed
What plan-level information is available on the plan
sponsor website?
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What other features are available on the plan sponsor
website?
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Is the client able to access detailed participant-level
information via the plan sponsor website?
How many years of participant-level history can be
accessed through the plan sponsor website?
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Request for Proposal
Page 52
Response
Enter Text
Click here to enter a date.
Enter Text
☐Balance by fund
☐Balance by account
☐Investment performance history
☐Fund prospectuses
☐Fund fact sheets / M* page
☐Plan document
☐Summary Plan Description
☐Loan policy
☐Plan administration manual
☐QDRO procedures
☐Plan service reviews
☐Service agreement
☐408(b)(2) disclosure
☐Compliance testing results
☐Audit package
☐Participant communications
☐Team calendar
☐Regulatory calendar
☐Administrative scorecard / Service Level Agreement
results
☐Secure exchange of documents and files
☐Transaction approval for loans / withdrawals
☐Transact business on participant's behalf
☐Participant indicative data changes
☐Create custom messages to appear on the
participant website
☐Regulatory / legislative updates from your firm
☐Research, surveys and other thought leadership
from your firm
Choose an item.
Choose an item.
RFP for Minnesota State Colleges and Universities
Plan Sponsor Experience
#
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Question
Are different levels of access to the plan sponsor
website available based on a client contact's role (for
example, an HR contact could access participant level
data but a Finance contact could only access plan level
data)?
Can access to the plan sponsor website be based on
organizational structure (for example, a contact for
ABC division would only be able to see data for ABC
division)?
Are pre-programmed standard reports available on
the plan sponsor website?
Does the client have the ability to create custom adhoc reports on the plan sponsor website?
How quickly are custom ad-hoc reports typically
available after request through the plan sponsor
website?
Can reports generated off of the plan sponsor website
be run based on location or division (assuming the
client is providing the appropriate location or division
codes)?
Can reports generated off of the plan sponsor website
be downloaded to Excel?
When running reports through the plan sponsor
website, is the plan sponsor able to access current
data (as of the most recent market close)?
When running reports through the plan sponsor
website, is the client able to request data as of a
specific prior date?
How many years of data can be accessed through the
plan sponsor website reporting tool?
Can the client request a custom report from the
servicing team directly, without using the plan
sponsor website?
What is the typical turnaround time for custom
reports requested through the client service team?
Can the client service team provide in-depth training
on the plan sponsor website at the time of
conversion?
Request for Proposal
Page 53
Response
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RFP for Minnesota State Colleges and Universities
Plan Sponsor Experience
#
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Question
Would training on the plan sponsor website be
available to new client contacts on an as-needed
basis?
Does your firm require that all service requests be
submitted via the plan sponsor website?
Can access to the plan sponsor website be provided
for third parties such as consultants and auditors?
If your firm offers an online retirement income
projection or "gap analysis" tool for participants, are
plan-level results available to the client (for example,
the percentage of participants who are on track to
meet their retirement goals)?
If yes, are results available on the plan sponsor
website and updated regularly?
Request for Proposal
Page 54
Response
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RFP for Minnesota State Colleges and Universities
Fee Flexibility and Transparency
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Question
Confirm whether your firm will provide the client with
an initial plan sponsor fee disclosure as required under
ERISA section 408(b)(2), along with updated
disclosures as needed.
How frequently will team members review fees with
the client?
Will your firm agree to provide a "gross pricing" fee
proposal, meaning your quoted
administration/recordkeeping fees are not contingent
on investment related revenue sharing / offsets?
If your firm will agree to provide a "gross pricing" fee
proposal, please check all available pricing
methodologies.
5
Under a gross pricing arrangement, can your fees be
paid from plan assets in the following manner?
6
Under a gross pricing arrangement where your fees
are paid from plan assets on a per capita (dollar per
participant) basis, can exceptions be made for the
following participants?
● Participants with balances below a certain threshold
(as defined by the client)
● Participants with less than a certain amount of
service (as defined by the client)
● If you answered other, please explain:
Under a gross pricing arrangement where your fees
are paid from plan assets, is the transaction clearly
reflected in the participants' accounts as a separate
line item and labeled as a fee?
Under a gross pricing, dollar per participant pricing
methodology how is the number of participants
defined?
● If you answered other, please explain:
Will you set up an expense budget account for the
plan?
Is there a minimum plan asset size in order for you to
set up an expense budget account for the plan?
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Request for Proposal
Page 55
Response
Choose an item.
Choose an item.
Choose an item.
☐Dollar per participant
☐Basis points
☐Combination asset based + dollars
☐N/A, will not provide gross pricing
☐Dollar per participant
☐Basis points
☐Combination asset based + dollars
☐N/A, will not provide gross pricing
Choose an item.
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Enter Text
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RFP for Minnesota State Colleges and Universities
Fee Flexibility and Transparency
#
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Question
● If so, what is the minimum?
If an expense budget account is available, is it part of
the plan assets or is it a bookkeeping arrangement
outside of the plan?
If an expense budget account is set up, how frequently
do you provide a reconciliation report to the client?
How can the assets in the expense budget account be
used?
If an expense budget account is only available as a
bookkeeping arrangement outside of the plan, what
happens to any money remaining in the account at
year end?
● If you answered other, please explain:
When assets from the expense budget account are
allocated to participants, how is the transaction
reflected in the participant accounts?
Can the revenue sharing received on the investments
in the plan be rebated to participants?
Is revenue sharing rebated at a fund level or a plan
level?
What allocation options are available for rebating
revenue sharing?
How frequently is revenue sharing rebated?
When revenue sharing is rebated, how is the
transaction reflected in the participant accounts?
If a client moves to a new recordkeeper, what do you
do with any revenue sharing previously received by
your firm but not yet rebated to participants?
● If you answered other, please explain:
If a client moves to a new recordkeeper, what do you
do with any revenue sharing generated by the plan
but received by your firm after the asset transfer?
● If you answered other, please explain:
Request for Proposal
Page 56
Response
Enter Text
Choose an item.
Choose an item.
☐Pay eligible plan expenses
☐Allocate to participants
☐N/A
Choose an item.
Enter Text
Choose an item.
Choose an item.
Choose an item.
☐Pro rata
☐Per capita
☐Direct rebate to participants
☐N/A
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Enter Text
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Enter Text
RFP for Minnesota State Colleges and Universities
Fee Flexibility and Transparency
#
23
Question
Is your system capable of charging third party (e.g.
auditor, attorney) fees back to participant accounts as
a:
24
For third party fees paid from participant accounts, is
the transaction clearly reflected in the participant
accounts as a separate line item and labeled as a fee?
Will you guarantee the amount of your fees?
If so, generally for how long?
In general, how often are fees reviewed to determine
if fee changes are required?
Do you ever put your fees at risk if service standards
are not met?
What is the maximum amount of your total annual
fees you are willing to put at risk?
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If you are not willing to put your fees at risk but
service standards are not met, will you provide
additional services instead (such as participant
meetings, communication materials, consulting
services, etc.)?
Under a traditional pricing arrangement where there
are no hard dollar fees to put at risk but service
standards are not met, will you provide additional
services instead (such as participant meetings,
communications materials, consulting services, etc.)?
If your firm retains "float" income as additional
earnings, will you disclose these earnings to the client?
Will your firm agree to return "float" income to the
client/plan?
Does your firm (including any affiliate of your firm)
ever receive revenue sharing on the mutual fund
assets held in the plan's self-directed brokerage
accounts?
● If so, will you report the amount of revenue sharing
received to the client?
● Can the revenue sharing received be used to offset
your firm's recordkeeping fees?
Request for Proposal
Page 57
Response
☐Per capita flat dollar amount
☐Pro rata amount based on account balance
☐Ongoing expense charge via an additional pro rata
or per capita charge
Choose an item.
Choose an item.
Choose an item.
Choose an item.
Choose an item.
% of fees: Enter text.
Flat amount: Enter text.
☐Varies by client
☐N/A
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RFP for Minnesota State Colleges and Universities
Fee Flexibility and Transparency
#
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Question
Does your firm retain any of the fees paid for
investment advice and managed account products
offered in the plan?
Request for Proposal
Page 58
Response
Choose an item.
RFP for Minnesota State Colleges and Universities
Investment Products
#
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Question
For this market segment, what investment platforms
are available?
2
If you have a proprietary fund requirement under
your open architecture platform, which of the
following apply?
3
If you offer an open architecture platform, are you
willing to add additional funds or class shares to your
platform if they are not currently traded?
If yes, what is the lead time required to add an
additional fund or share class to your platform?
If you offer an open architecture platform, can you
accommodate commingled or common trust options
(including unitization)?
If yes, will you create fund fact sheets for plan
participants regarding commingled or common trust
options?
If you offer an open architecture platform, can you
accommodate separate accounts (including
unitization)?
If yes, will you create fund fact sheets for plan
participants regarding separate accounts?
If you offer an open architecture platform, can you
accommodate "white label" funds consisting of
multiple underlying investments (including
unitization)?
If yes, will you create fund fact sheets for plan
participants regarding "white label" funds?
Can you support an offering of customized lifecycle
portfolios that invest in the plan's underlying core
funds?
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Request for Proposal
Page 59
Response
☐Full open architecture
☐Open architecture with a proprietary fund
requirement
☐Proprietary funds only
☐Pool of pre-selected funds
☐Use of proprietary fixed/stable value option is
required
☐Use of proprietary index funds is required
☐Use of proprietary lifecycle funds (risk-based or
target date) is required
☐A minimum percentage of assets must be in
proprietary funds
☐Other
☐Not applicable
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RFP for Minnesota State Colleges and Universities
Investment Products
#
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Question
● According to level of risk?
● According to target date for retirement?
● According to a combination of risk level and target
date for retirement?
If yes, will you create fund fact sheets for plan
participants regarding custom lifecycle portfolios?
Do you require that custom lifecycle portfolios be
unitized or can they be offered in the model
construct?
Can you support automatic rebalancing according to a
lifecycle portfolio model?
Can you calculate and report returns on model
portfolios to participants if they are not unitized?
If your investment platform is comprised of a pool of
pre-selected funds, do you accept fiduciary liability
with respect to the available fund options?
If your investment platform is comprised of a pool of
pre-selected funds, is there an initial and ongoing due
diligence process used in selecting and monitoring the
fund managers offered in your menu, including
qualitative and quantitative measures? Check all that
apply.
Do you offer a self-directed brokerage account
option?
Can restrictions be placed on the types of securities
that will be offered for the self-directed brokerage
option?
Can trading be restricted to mutual funds only for the
self-directed brokerage option?
Can trading of company stock be restricted for the
self-directed brokerage option?
Are there limits on the amount of money that can be
directed to the self-directed brokerage option?
● If so, please describe.
Request for Proposal
Page 60
Response
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☐No defined process
☐Internal RIA
☐External RIA
☐Quantitative review for all funds
☐Quantitative review for subset of funds
☐Qualitative review for all funds
☐Qualitative review for subset of funds
☐Annual monitoring report to sponsor
☐Quarterly monitoring report to sponsor
☐N/A
Choose an item.
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Enter Text
RFP for Minnesota State Colleges and Universities
Investment Products
#
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Question
If so, who sets the limit for the self-directed brokerage
option?
Is additional education given to participants using the
self-directed brokerage option?
Can the participant use their own broker for the selfdirected brokerage option?
Who is your trading partner for the self-directed
brokerage option?
Do you offer a web-based participant investment
advice product?
If multiple providers are offered, at what level is the
choice of provider made?
Will the provider(s) named above take on a fiduciary
role with respect to the advice they provide to plan
participants?
Is the information from your recordkeeping system
fed directly into the investment advice software?
Do you offer a managed account product for
participants, with the authority to make investment
decisions delegated to an investment professional?
● If so, who provides the service?
Will the provider(s) named above take on a fiduciary
role with respect to the investment decisions they
make on behalf of participants?
Is the information from your recordkeeping system
fed directly to the managed account provider?
If you offer a managed account product for
participants, does it include a drawdown feature
(provider allocates participant assets for income and
manages the annual amount paid from the plan)?
Can your investment platform accommodate
managed payout fund options?
Request for Proposal
Page 61
Response
Choose an item.
Choose an item.
Choose an item.
Enter Text
☐In-house system
☐Financial Engines
☐Ibbottsen
☐Morningstar
☐ProManage
☐ProNvest
☐Guided Choice
☐MasteryPOINT
Other: Enter text.
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Enter Text
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RFP for Minnesota State Colleges and Universities
Investment Products
#
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Question
Can you facilitate the purchase of annuities outside
the plan as options for plan distributions at retirement
(for example, through an annuity purchase window)?
Do you provide any of the following in-plan insurancebased retirement income products?
If you provide any in-plan insurance-based retirement
income products:
● If the participant terminates employment, is their
annuity benefit portable?
● Are the plan's annuity investments portable if the
client changes recordkeepers?
If yes, provide the credit rating for the insurance
company offering the annuity from the following
major rating services:
● Fitch
● Moody's
● Standard & Poor's
● Weiss
If you don't currently offer an in-plan retirement
income product, do you have any plans to implement
one?
Will you assign an investment specialist to the client?
Does the assigned investment specialist provide
investment advice to clients related to the funds
offered in the plan?
Are you a co-fiduciary for the investment advice
provided to the client?
Do you specify co-fiduciary status (regarding
investment advice) in writing?
Request for Proposal
Page 62
Response
Choose an item.
☐Fixed income annuities
☐Variable income annuities
☐Variable income annuities with a guaranteed
minimum withdrawal benefit
☐Qualified longevity annuities
Choose an item.
Choose an item.
Enter Text
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Enter Text
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