RFP 26-4771 to provide Tax Deferred Annuity Program Services

The Office of Human Resources (OHR) administers or oversees the administration of a variety of benefits that are provided or offered to employees. One such benefit is the University of Hawaii's 403(b) Tax-Deferred Annuity (TDA) Program which is a voluntary supplemental retirement income investment programs authorized and regulated by Sections 403(b) and 403(b)7 of the Internal Revenue Code (IRC) and Chapter 303 of the Hawaii Revised Statutes. The OHR is not a financial advisor to employees on their supplemental retirement 403(b) and 403(b)7 investments. The OHR is charged with ensuring IRC compliance requirements are met and providing assistance to both the service providers and employees in administering the TDA Program. Failure to properly follow through on TDA problems such as exceeding the maximum allowable contribution, missing warrants, refund of contributions, etc., could lead to penalties incurred by the employee as well as the University of Hawaii. Currently, the University is coordinating approximately 34 service providers for approximately 1,438 participants in the University of Hawaii TDA program and is seeking a Contractor to assist the OHR in the TDA program administration and compliance tasks. As a State entity, the University’s TDA program is exempt from ERISA. OHR will contract with the successful Offeror ("Contractor") to be the Administrator responsible for the TDA program administration, which includes but is not limited to, the tasks/deliverables as specified under the attached RFP document, titled: "SECTION 2 - SCOPE OF WORK".
523940: Investment management; 523940: Managing investment funds; 525110: Pension plans (e.g., employee benefit, retirement); 525110: Retirement pension plans; 523940: Financial investment advice services, customized, fees paid by client; 541611: Financial management consulting (except investment advice) services; 523940: Investment advice consulting services, customized, fees paid by client; 523940: Investment advice counseling services, customized, fees paid by client
The Office of Human Resources (OHR) administers or oversees the administration of a variety of benefits that are provided or offered to employees. One such benefit is the University of Hawaii's 403(b) Tax-Deferred Annuity (TDA) Program which is a voluntary supplemental retirement income investment programs authorized and regulated by Sections 403(b) and 403(b)7 of the Internal Revenue Code (IRC) and Chapter 303 of the Hawaii Revised Statutes.
The OHR is not a financial advisor to employees on their supplemental retirement 403(b) and 403(b)7 investments. The OHR is charged with ensuring IRC compliance requirements are met and providing assistance to both the service providers and employees in administering the TDA Program. Failure to properly follow through on TDA problems such as exceeding the maximum allowable contribution, missing warrants, refund of contributions, etc., could lead to penalties incurred by the employee as well as the University of Hawaii.
Currently, the University is coordinating approximately 34 service providers for approximately 1,438 participants in the University of Hawaii TDA program and is seeking a Contractor to assist the OHR in the TDA program administration and compliance tasks. As a State entity, the University’s TDA program is exempt from ERISA. OHR will contract with the successful Offeror ("Contractor") to be the Administrator responsible for the TDA program administration, which includes but is not limited to, the tasks/deliverables as specified under the attached RFP document, titled: "SECTION 2 - SCOPE OF WORK".