Green Mountain Secure Retirement Plan, Montpelier, Vt., reissued its RFP for record-keeping, administrative and fund management services for a new state-run defined contribution plan for private-sector employees.
The reissued RFP allows for a wider range of responses and proposed solutions that could meet the state's needs.
For example, the revised RFP removes the minimum qualification of five years of experience; removes the requirement for the vendor to have a state presence; no longer requires an open-architecture investment fund concept; and simplifies documentation and reporting requirements.
The services sought are for a new DC plan set to launch Jan. 1. The plan will be available on a voluntary basis for employers with no more than 50 employees that do not currently offer a retirement plan to their employees.
In June, Vermont Gov. Phil Scott signed into law the retirement savings plan for private-sector employees. The new plan would also be open to the self-employed. Employers that choose to participate will have employees automatically enrolled but allow for them to opt out. Funding will come from employees, but employers may be able to make voluntary contributions in the future.
The RFP is available on the state's procurement website. Proposals are due by 3 p.m. EDT on June 29. A selection is expected to be made by July 27.
State purchasing agent Stephen Fazekas could not be reached for comment.