The City of San Luis Obispo is seeking proposals for retirement plan consulting services. Key requirements include open architecture platforms, certified financial planning services, quarterly onsite visits, compliance with regulations, no selling of other recordkeeper products, no plan setup/termination fees, no additional fees for 40 Act mutual funds, and transparent fee disclosures. Proposals are due by June 12, 2026. Firms must register on Bidnet Direct. The contract term is five years with a potential one-year extension. Award will be based on a combination of factors, not solely price.
All proposals must be received via Bidnet Direct by June 12, 2026, at 3:00 p. m.
Compensation will be paid as set forth in the contractor's proposal and pursuant to payment terms. The contract prices shall include full compensation for all taxes. City will pay and contractor shall receive compensation as set forth in contractor's proposal and pursuant to the payment terms set forth in exhibit b.
Proposals will be evaluated on understanding of the work, quality, clarity, responsiveness, demonstrated competence, professional qualifications, recent experience, background and experience of individuals, value, potential conflicts of interest, and references. Contract award will not be based solely on price, but on a combination of factors.
Firms must demonstrate ability to provide open architecture platforms, websites, phone apps, and service representatives; provide certified financial planning services; conduct quarterly onsite in-person visits; comply with all county, state, and federal regulations; not sell other recordkeeper products without approval; have no plan setup or termination fees; have no additional fee for access to all available 40 Act mutual funds; provide plan level and participant fee transparency and disclosures; and be able to manage small and large plans.
Failure to comply with local ordinances may result in monetary fines and cancellation of the agreement. If the contractor fails to enter into the contract after award, the award will be annulled and any bid security will be forfeited.
Quarterly onsite in-person visits by a local representative are required.
Demonstration logins for both the plan sponsor website and participant website are requested.
Firms must state any instances in the last five years where they have been removed from a project or disqualified from proposing on a project due to violation of law, safety regulation, financial difficulties, project delays, or disputes regarding work or product quality.