Deferred Compensation

Location:	Maryland
Posted:	Aug 24, 2025
Due:	Oct 8, 2025
Agency:	Charles County
Type of Government:	State & Local
Category:	R - Professional, Administrative and Management Support Services
Publication URL:	To access bid details, please log in.

Project ID:

Title: Deferred Compensation

Addenda: 0

Release Date: 8/22/2025

Due Date: 10/8/2025

Post Information

Posted At:Fri, Aug 22, 2025 12:07 PMSealed Bid Process:Yes (Bids Sealed / Pricing Sealed)Private Bid:No

Overview

Summary

The County Commissioners of Charles County are seeking proposals from qualified firms to provide recordkeeping, administration, and communication services for the 457(b) deferred compensation plan.

Background

Charles County Government system currently has 1,606 full-time and 703 part-time eligible employees. The County currently offers a 457(b)-retirement plan, managed by three (3) different providers. The goal of this request for proposals is to consolidate providers by implementing either a single or dual vendor solution.

The Plan assets are shown below. The data for Nationwide and Empower is as of 6/30/2025; data for Brighthouse is as of 12/31/2024.

Vendor	Plan Assets
Nationwide	$51,055,136
Empower	$34,180,040
Brighthouse	$7,005,245
Total	$92,240,421

Vendor	Participants actively contributing	Participants with a balance	Terminated Participants
Nationwide	403	611	68
Empower	299	348	49
Brighthouse	58	89	n/a
Total	760	1,048	117

Brighthouse Data as of 12/31/2024
Nationwide Data as of 6/30/2025
Empower Data as of 5/31/2025

Payroll

The County’s payroll vendor is processed in-house, using the Tyler Munis Financial Software. The average monthly gross payroll over the last twelve months is $151,042,970.

Ongoing Service Days

The County would like the selected vendor to provide monthly onsite support at 8 different locations.

Cash Flow

The following provides additional data on a representative selection vendors by cash flows, loans & managed accounts, as of December 31, 2024.

Cash Flow

Empower	2025	2024	2023	2022	2021
Contributions	$807,784	$1,990,795	$1,993,657	$2,273,539	n/a
Distributions	-$1,359,075	$2,136,185	$1,091,825	$2,054,197	n/a
Net Cash Flow	-$551,291	-$145,390	$841,832	$219,342	n/a
Nationwide
Contributions	$915,324	$2,497,428	$2,342,149	$2,141,794	$2,032,124
Distributions	-$594,474	$2,432,084	$3,204,133	$2,216,448	$2,044,308
Net Cash Flow	$320,850	$65,344	-$861,984	-$74,654	-$12,184
Brighthouse
Contributions	-	$521,966	$250,514	$216,955	$186,012
Distributions	-	$1,080,825	$180,068	$157,309	$368,268
Net Cash Flow	-	-$558,859	$70,447	$59,646	-$182,257

Brighthouse Data as of 12/31/2024
Nationwide Data as of 6/30/2025
Empower Data as of 5/31/2025

Loans

Vendor	457(b) Plan Loans		457(b) Plan Hardship Distributions
Nationwide	0	$0	1	$1,650
Empower	0	$0	1	$4,200
Brighthouse	0	$0	0	$0

Managed Account Program

Vendor	Current Assets	Number of Participants
Nationwide	$5,801,689	76
Empower	$0	0
Brighthouse	n/a	n/a

Transfer Restrictions

The Nationwide and Empower assets are portable at the plan sponsor level and will transferred to the single provider if the single vendor solution is selected. The Brighthouse assets are only transferrable at the participant level. There is currently a $1.1 million Market Value Adjustment on the Nationwide Fixed Account. There are surrender charges on both the Empower and the Brighthouse contracts.

Vendor	Current Dollar Amount of MVA
Nationwide	$1.1 million
Empower	$0
Brighthouse	n/a

Surrender Charges

Vendor	Charge Amount	Number of Participants
Nationwide	$0	N/A
Empower	$16,359	10
Brighthouse	$241,655	71

Brighthouse Data as of 12/31/2024
Nationwide and Empower Data as of 3/31/2025

Timeline

Release Project Date:

August 22, 2025

Pre-Proposal Meeting Registration Deadline:

September 10, 2025, 8:00am

Firms must register in advance to attend the pre-proposal meeting via the County's eProcurement Portal RSVP Manager.

Pre-proposal meeting will occur virtually/teleconference, unless otherwise specified. Firms that have registered timely will receive participation instructions.

If multiple attendees from your firm will be attending the meeting, please have each individual complete the eProcurement Portal RSVP Manager process.

Pre-Proposal Meeting (Non-Mandatory):

September 11, 2025, 10:00am

Pre-proposal meeting will occur virtually/teleconference, unless otherwise specified. Firms that register timely and via the County's eProcurement Portal RSVP Manager will receive participation instructions.

The attendance roster will be published on the County's eProcurement Portal.

Question Submission Deadline:

September 18, 2025, 4:30pm

Questions shall be submitted via the eProcurement Portal Question & Answer feature prior to the due date and time specified. The County will not provide responses to questions received after the deadline.

Proposal Submission Deadline:

October 8, 2025, 11:00am

Deferred Compensation

See also