401(a) Special Pay Plan Administration
Town of Oyster Bay > Department of Human Resources
Original Solicitation Links
Submission Instructions
Description
The Town seeks a qualified provider to implement and administer a 401(a) Special Pay Plan for employee termination payments. Services include account recordkeeping, investment options and participant disclosures, trustee services, compliance support, distribution processing, participant and Town support, quarterly reporting, and a dedicated account manager. The provider must also offer a secure participant web portal and mobile app, a customized dashboard integrated with the Town’s Paypro payroll system, educational materials, and in-person staff for meetings as needed. Proposals should describe the firm’s qualifications, assigned staff, financial capability, investment vehicles and managed account values, operational and legal roles, fees, references, regulatory or legal history, participant withdrawal rights, and transition arrangements. The agreement is planned for five years, with two optional one-year extensions. The successful bidder must provide a performance bond equal to 100% of proposed program participant revenue.
Classification Codes
Smart Codes
Specifications
Timeline
Requirements
- Commercial General Liability — $3,000,000.00
- Commercial Business Automobile Liability — $1,000,000.00
- Protection and Indemnity Insurance — $3,000,000.00
- Professional Liability — $1,000,000.00
- Performance Bond — 100%
- Minimum 3 references
Documents
| Title |
|---|
| HR-001.pdf |
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