The Maryland Small Business Retirement Savings Program (MSBRSP) is seeking proposals for program administration and investment management services. It seeks them to assist in the development of Maryland$aves, a state-sponsored, payroll-deduction IRA retirement savings program.
The MSBRSP will accept proposals through April 17, 2020. Any questions related to the RFP must be received by 2:00 PM Eastern Daylight Time on March 19; the MSBRSP will post answers on March 23.
More specifically, the program leadership seeks third parties to administer through the following services, separately or in combination:
Program Administrator: will provide all administration services including general compliance and oversight; communication, connection, and funds collection and transmission with employers; account administration and recordkeeping; communication, education, and reporting/recordkeeping services and disbursement for savers; provision of call center; website, social media and other communication, outreach marketing and education services.
Investment Manager: will be responsible for management and monitoring (and, as appropriate, reporting) of funds entrusted to the program, which will be a combination of commercially available investment vehicles selected by Maryland$aves based on proposals received. Unless participants select otherwise, funds will be invested in a default investment option which is described below.
Program Manager: will provide both Program Administration and Investment Management Services.
Program Administrator: will provide all administration services including general compliance and oversight; communication, connection, and funds collection and transmission with employers; account administration and recordkeeping; communication, education, and reporting/recordkeeping services and disbursement for savers; provision of call center; website, social media and other communication, outreach marketing and education services.
Investment Manager: will be responsible for management and monitoring (and, as appropriate, reporting) of funds entrusted to the program, which will be a combination of commercially available investment vehicles selected by Maryland$aves based on proposals received. Unless participants select otherwise, funds will be invested in a default investment option which is described below.
Program Manager: will provide both Program Administration and Investment Management Services.
About Maryland$aves
The program, created by legislation which went into effect on July 1, 2016, requires employers with 10 or more employees which use an automated payroll system or service and do not offer their own plan to either participate in the state program or pay an annual filing fee. It also creates a state-run auto-IRA program that businesses can offer and thereby fulfill the law’s requirements.
The law also established the Maryland Small Business Retirement Savings Board to implement, maintain, and administer the program and the trust. It requires the board to: (1) ensure that the program is not preempted by federal law, (2) establish procedures and disclosures to protect the interests of participants and employers, and (3) disseminate information about the program to employers and employees before enrollment.
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