RFP 26-14-214404 ARRC 401K 457 Recordkeeping

Alaska Railroad Corporation
401(k) Defined Contribution Plan &
457 Deferred Compensation Plan
Request for Proposals for
Retirement Plan Administration and Record Keeping Services
April 21, 2026
ALASKA RAILROAD CORPORATION
327 WEST SHIP CREEK AVENUE
ANCHORAGE, ALASKA 99501
EMAIL:
ned.taylor@morganstanley.com and
cc: wallaces@akrr.com
Important Notice: If you received this solicitation from any source other than the Plan Sponsor's Consultant, you
must request a copy directly from Fiduciary Consulting Group in order to receive answers as well as subsequent
updates, amendments and/or other documents. Failure to contact the Consultant may result in the rejection of your
offer.

ALASKA RAILROAD CORPORATION
327 W. Ship Creek Avenue
Anchorage, AK 99501
REQUEST FOR PROPOSAL
#26-14-214404
Retirement Plan Administration and Record Keeping Services
Response Required: This page must be completed and returned to ensure receipt of future
addenda or additional information. Please e-mail this form to ned.taylor@morganstanley.com and
cc: wallaces@akrr.com. All addenda will be forwarded to the contact's name and address listed
below.
Firms that have not returned the cover sheet will not be informed of addendums and will
only be alerted to addendums by checking ARRC's internet site: www.alaskarailroad.com,
select Procurement and then Solicitations. Bidders must acknowledge the receipt of all
issued addendums in their proposal/bid submittal.
Company
Address
Contact
Phone
Email
Website: www.alaskarailroad.com

April 21, 2026
REQUEST FOR PROPOSAL
26-14-214404
Retirement Plan Administration and Record Keeping Services
The Alaska Railroad Corporation (ARRC) is issuing a Request for Proposals (RFP) from
qualified firms to provide administration, recordkeeping, education, communication,
investment-related services, and other support for its 401(k) and 457(b) retirement plans.
The RFP aims to evaluate competitive pricing for these services, and ARRC may either
retain its current provider or select a new one based on the proposal analysis.
An electronic copy shall be submitted (email is acceptable). Proposals will be received
until 3:00 p.m. Alaska time, on May 15, 2026 to ARRC's Consultant Morgan Stanley
Attn: Ned Taylor and ARRC Contract Administrator Sarah Wallace.
The entire bid may be emailed to ned.taylor@morganstanley.com and must contain the RFP
number in the subject line of the email. Please note that email transmission is not
instantaneous. Like sending a hard copy bid, if you are emailing your bid, ARRC and Morgan
Stanley recommend sending it ahead of time to ensure the email is delivered by the deadline
for receipt of bids.
It is the bidder's responsibility to contact the issuing agency at 1(971)-634-1498 or by email
at ned.taylor@morganstanley.com to confirm that the entire bid has been received. The state
is not responsible for unreadable, corrupt, or missing attachments.
It is the Firm's responsibility to understand what is required by this solicitation. The ARRC
shall not be held responsible for Firm's lack of understanding. Should a Firm not understand
any aspect of this RFP, or require further explanation, or clarification regarding the intent or
requirements of this document, it shall be the responsibility of the Firm to seek guidance from
the ARRC.
Proposals shall be submitted on the forms furnished herein. Amendments or withdrawals
must be received by ARRC's Contracts Section prior to the date and time listed above.
Exceptions to Terms, Conditions and Specifications:
Each Proposer shall indicate all exceptions to terms, conditions, and specifications of this
solicitation individually in its proposal. IMPORTANT: Exceptions other than those not
allowed by law will be rejected. Exceptions received or placed after the proposal's
submission date will be considered as counter offers and as such will render the entire
proposal non-responsive.

Multiple Proposals:
Multiple proposals are not allowed and if submitted all of your Firm's proposals will be
determined as non-responsive.
The ARRC may award a contract resulting from this solicitation to the responsible offeror
whose offer conforming to this solicitation will be most advantageous to the ARRC.
ARRC may reject any or all offers if such action is in the best interest of ARRC, and waives
informalities and minor irregularities in offers received. ARRC may award a contract on
the basis of initial offers without discussions. Therefore, each initial offer should contain
the offeror's best terms from a cost or price and technical standpoint. Any contract resulting
from this solicitation shall incorporate ARRC's Standard Terms and Conditions contained
in this solicitation package as well as ARRC's Procurement Rules.
This Request for Proposal is not to be construed as a commitment of any kind nor does it
commit the ARRC to pay for any cost incurred in the submission of an offer or for any other
cost incurred prior to the execution of a formal contract.
Protests (Per ARRC Procurement Rule 1800.2):
A protest based on alleged improprieties or ambiguities in a solicitation must be filed at
least 10 days before the due date of the bid or proposal, unless a later protest due date is
specifically allowed in the solicitation. If a solicitation is made with a shortened public notice
period and the protest is based on alleged improprieties or ambiguities in the solicitation,
the protest must be filed before the due date of the bid or proposal.
The protest of an invitation to bid or a request for proposals in which a pre-bid or pre-
proposal conference is held within 12 days of the due date must be filed before the due
date of the bid or proposal if the protest is based on alleged improprieties or ambiguities in
the solicitation. A protest based upon alleged improprieties in an award of a contract or a
proposed award of a contract must be filed within 10 days after a notice of intent to award
a contract is issued by the procurement officer.
ARRC Disadvantaged Business Enterprise (DBE) Program: ARRC is an equal
opportunity corporation that encourages the participation of DBEs as prime contractors and
subcontractors on its contracts funded in whole or in part by the Federal Transit
Administration (FTA) or the Federal Highway Administration (FHWA). The ARRC has a
race neutral DBE Program and does not set DBE goals on individual solicitations.
Nonetheless, the ARRC aspires to achieve an overall DBE participation of 4.0% in federal
fiscal years 2025-2027 on contracts funded by agencies within the U.S. Department of
Transportation. If this contract is funded in whole or in part by funds from the FTA or the
FHWA, it is imperative that you consult the Federal Terms and Conditions portion of this
solicitation.
Alaska Railroad is a member of Green Star (http://www.greenstarinc.org/).
ARRC earned an initial Green Star Award in 1994 and a Green Star Air Quality
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Award in 2007. The Alaska Railroad considers Green Star membership to be a
positive business attribute, and regards a Green Star award as a tangible sign
of an organization's commitment to environmental stewardship and continual
improvement within its operations.
Questions
Please direct all questions concerning this RFP via email to ned.taylor@morganstanley.com.
Please include the RFP number in the subject line.
Sincerely,
Sarah Wallace
Contract Administration Specialist
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I. OVERVIEW
Alaska Railroad Corporation (ARRC) is soliciting a Request for Quotes ("RFP") from qualified firms (hereinafter
"Proposing Firm(s)" or "Firm(s)") to provide retirement plan administration, record keeping, education,
communications, investment-related, and other related services for its 401(k) Plan. The purpose of the RFP is to
determine a competitive level of pricing for the services ARRC needs to administer the 401(k) and 457 Plans.
Based on analysis from the RFP responses, ARRC reserves the right, at its sole discretion, to retain its incumbent
provider or select an alternate provider.
The primary goals for this Request for Quotes process include the following:
Enhancing participant retirement outcomes;
Analyzing the overall competitiveness of the Plan;
Providing for the integrated administration and reporting for the Plan;
Offering the most appropriate investment menu;
Improving participant education and communication services;
Providing robust on-line transaction and information capabilities;
Providing support for as many administrative functions as deemed appropriate;
Evaluating alternative pricing structures;
Reducing participant and Plan expenses;
Providing for an orderly and timely transition of assets and services if necessary; and
Further formalizing the recordkeeper/Committee working relationship if and as needed.
ARRC has approximately 800 eligible employees for the 401(k) Plan. Employees are paid bi-weekly through one
centralized payroll system and payroll is run every two weeks for a total of 26 pay periods, (occasionally 27).
ARRC uses JD Edwards for payroll processing.
ARRC currently uses Empower Financial (hereinafter "Empower") to provide administration, enrollment,
participant communication and education, investment management and record keeping services.
Here are some additional facts about ARRC and its DC Plans that you may find helpful in your response:
ARRC is a governmental employer. It is owned by the State of Alaska and is therefore not covered by
ERISA
The Plan year is calendar year (Usually refer to this as the Plan Year Payroll Schedule)
Employee eligibility - determined by plan sponsor and CBAs
Matching contributions for 5 different employee groups - different formulas/different vesting
schedules/Employer Match true up for 2 employee groups
Have a separate defined benefit pension plan with 9% employee contribution
Employees do not participate in Social Security - only Medicare
There are 6 different employee groups - 5 different unions and non-represented employees
Have regular 401(k), catch-up, Roth and catch-up, 457 and catch-up
No automatic enrollment; but offers automatic escalation
Default investment - age appropriate target date fund offered by Vanguard
Loans in 401(k) only and participants may have only one at a time; may make lump sum payment to pay
off loan
On-line enrollment for eligible participants - recordkeeper communicates to ARRC on deferral start, stop
and changes on a bi-weekly basis
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II. RFP TIMELINE AND PROCESS
ARRC plans to adhere to, but reserves the right to change, the following schedule:
RFP issue date: April 21, 2026
Questions and clarifications from Proposing Firms due: May 1, 2026
Response to questions and clarifications: May 8, 2026
3pm Alaska Time on
Proposal due date:
May 15, 2026
Week of August 24th or
Finalist interviews (in-person or virtual TBD):
31st
QUESTIONS AND CLARIFICATIONS
If any Proposing Firm contemplating submitting a proposal for the items or services listed herein is in doubt as to
the true meaning of any part of this RFP, it may email its questions and/or requests for clarification to ARRC's
Consultant, Ned Taylor at ned.taylor@morganstanley.com. The deadline for receiving requests for interpretation
and questions related to this RFP is May 1, 2026 at 3:00pm Alaska Time. Interpretations, clarifications,
modifications, and/or supplemental instructions will be emailed to those Proposing Firms that have been recorded
as receiving the RFP document directly from ARRC's Consultant. The date for answering questions is on or
around May 8, 2026.
Contacting ARRC's staff with questions or for information related to this RFP may disqualify your firm from
consideration.
PROPOSAL SUBMITTAL
Proposals must be received on or before the date and time noted in Section II. RFP Timeline and Process.
The Questionnaire portion shall be submitted in Word format, and the complete Exhibit Folder must be included in
electronic form.
It is each Proposing Firm's responsibility to ensure that its proposal is received prior to the stated closing time.
Proposals, modifications and withdrawals submitted after the stated submittal deadline shall not be accepted.
Facsimile proposals will not be accepted.
ADDENDA AND INTERPRETATIONS
ARRC may make changes to this RFP solicitation. Any interpretation or correction of ARRC's specifications will
be made only by addendum, duly issued by ARRC representative(s) and/or ARRC's Consultant as identified
above. Copies of such addenda will be emailed to those Proposing Firms that have been recorded as receiving
the RFP document directly from ARRC. Oral or other interpretations, clarifications, or submittal instructions will be
without legal effect. Proposing Firms shall not be allowed to take advantage of any errors in or omissions from the
RFP. Full instructions will be given if such error or omission is discovered and called to the attention of ARRC in a
timely manner.
ARRC will respond to all or part of the written inquiries received through the issuance of a written Addendum to
the RFP, if in the opinion of ARRC, such information is deemed necessary to submit proposals or if the lack of it
would be prejudicial to other prospective Offerors. Oral and all other non-written responses, interpretations and
clarifications shall not be legally effective or binding. Any Offeror who attempts to use or uses any means or
method other than those set forth above to communicate with ARRC or any director, officer, employee or agent
thereof, regarding this RFP shall be subject to disqualification.
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COST OF PREPARING A PROPOSAL
Each Offeror shall be solely responsible for all costs and expenses associated with the preparation and/or
submission of its proposal, and ARRC shall have no responsibility or liability whatsoever for any such costs and
expenses. Neither ARRC nor any of its directors, officers, employees or authorized agents shall be liable for any
claims or damages resulting from the solicitation or collection of proposals. By submitting a proposal, Offeror
expressly waives (i) any claim(s) for such costs and expenses, and (ii) any other related claims or damages.
PUBLIC DISCLOSURE
All responses, inquiries, and correspondence related to this RFP and all reports, charts, displays, schedules,
exhibits, and other documentation produced by the Proposing Firms that are submitted as part of the proposal will
become the exclusive property of ARRC when received by ARRC's Consultant and may be considered public
information under applicable law.
If a Proposing Firm asserts that any portion of its Proposal is exempt from disclosure under the Act, it must clearly
mark each portion of its Proposal "Confidential"; and for each marked portion, identify the legal basis for the
exemption, including citations to specific sections of the Act. Each Proposing Firm bears the burden of proving
any claimed exemption under the Act, and by submitting a Proposal, a Proposing Firm agrees to indemnify,
defend, and hold harmless the ARRC against any third party claim seeking disclosure of the Proposal or any
portions thereof. Any blanket confidentiality statement in the Proposal (e.g., regarding entire pages, documents or
other non-specific designations) shall not be sufficient and shall not bind ARRC in any way whatsoever.
If ARRC receives a request for disclosure of records identified by a Proposing Firm as "Confidential," ARRC will
take one of the following actions in its sole and absolute discretion:
1) If ARRC determines there is a legal basis to withhold the records from disclosure, ARRC will not disclose those
records unless compelled by a court order; provided that, upon request by ARRC, the Proposing Firm shall
defend, indemnify, and hold harmless ARRC regarding any claim or litigation by any third party for the public
disclosure of the "Confidential" portion of the Proposal.
2) If ARRC does not identify a legal basis to withhold the records from disclosure, ARRC will provide written
notice of the request for disclosure to the Proposing Firm, and the Proposing Firm will be given a reasonable
opportunity to seek protection from disclosure by a court of competent jurisdiction prior to ARRC's disclosure of
the requested information.
RESERVED RIGHTS
ARRC reserves the right to:
Reject any or all proposals not in compliance with all public procedures and requirements;
Reject any proposal not meeting the specifications of this RFP;
Waive any or all irregularities in proposals submitted;
Reject all proposals;
Negotiate services and cost within the scope of this RFP with the highest ranked Proposing Firm. In the
event ARRC is unable to negotiate a contract with the highest ranked Proposing Firm, to commence
contract negotiations with the next highest ranked Proposing Firm and to continue this process until a
contract is executed;
Cancel this RFP at any time, for any reason;
Award any or all parts of any proposal; and
Request references and other data to determine responsiveness
CONTRACT PERIOD
The initial period of performance will be from January 1, 2027, to December 31, 2029. ARRC reserves the option
to renew the contract for up to eight additional one-year terms.
Firms will be given opportunities in their response to provide pricing information related to different term
structures. ARRC reserves the right to sign any document necessary to protect prices, delivery schedules,
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interest rates and/or any other critical factor contained in the response to this RFP. No action will be binding on
ARRC until a contract has been executed by all applicable parties.
ALASKA BUSINESS LICENSE
Per AS 43.70.020(a) a business license is required for the privilege of engaging in a business in the State of
Alaska. An Alaska Business License is required of Contractors who do business in Alaska at time of award.
Information regarding applying for an Alaska Business License can be found on-line at
https://www.commerce.alaska.gov/web/cbpl/BusinessLicensing.aspx or by calling 1-907-465-2550. The business
license must be in the name of the company under which the proposal is submitted.
CONFLICTS OF INTEREST
Proposing Firms must disclose to ARRC any actual, apparent, direct or indirect, or potential conflicts of interest
that may exist with respect to the Proposing Firm, any employees of the Proposing Firm, or any other person
relative to the Services to be provided pursuant to this RFP. This RFP process will be conducted in compliance
with all laws regarding political contributions, conflicts of interest, or unlawful activities. ARRC employees are
prohibited from participating in the selection process for this RFP if they have any financial or business
relationship with any Proposing Firm.
CAPACITY TO PERFORM
Any Offeror considered for award as a result of this solicitation may be required to make assurance to the Contract
Administrator concerning the Offeror's capacity and capability to perform. Previous contracts of a like nature,
financial solvency, and other information may be requested of the considered Offeror. Failure to provide assurances
requested in a timely manner may be cause for rejection of the Proposal.
PROTEST PROCEDURES
Any protest challenging ARRC's intended selection or the selection process must be submitted in accordance
with ARRC Procurement rule 1800. The protest must be submitted in writing via email to Ned Taylor, Senior
Consultant, at ned.taylor@morganstanley.com and copy Sarah Wallce at WallaceS@akrr.com.
III. PROPOSAL REQUIREMENTS
MINIMUM QUALIFICATIONS
ARRC requires each Proposing Firm responding to this RFP to certify that it meets or agrees to the following
criteria:
1. The Proposing Firm must have a minimum of five (5) years of experience administering governmental Section
401(k) defined contribution and 457 deferred compensation plans and must currently provide sole-provider
administration to a minimum of (5) five Section 401(k) defined contribution retirement plans and (5) five
Section 457 deferred compensation plans with an asset size of at least $125 million in each.
2. Any contract must stipulate that there will be no front-end charges and/or no back-end charges. In addition,
there will be no restrictions or penalties associated with any Plan-initiated or participant-initiated transfers or
withdrawals (including contract termination), with the exception of capital preservation (stable value and/or
Fixed or General Account) equity wash and/or put provisions, and/or mutual fund specific short-term trading
fees.
3. The Proposing Firm must accurately and fully disclose all fund expense and revenue sharing arrangements
associated with all funds being offered within the Plan. Fixed or General Account products will not be
excluded from this requirement. Proposing Firms offering such products must provide an accurate
assessment of product expenses and revenue remitted to the Proposing Firm.
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4. The Proposing Firm must accurately and fully disclose all expenses and revenue associated with any service
made available under the Plan. This includes services such as platform fees, managed accounts, investment
advice, financial planning and/or self-directed brokerage accounts.
5. The Proposing Firm must agree, under contract, not to sell and/or promote products not directly affiliated with
the Plan unless given specific, written authorization by ARRC to do so.
6. Upon award of the contract, the selected Proposing Firm must be duly qualified to do business in the State of
Alaska and the City of Anchorage.
7. The organization must be able to offer a self-directed brokerage option.
8. The Proposing Firm must be able to transition and continue administration of existing Plan loans, should the
need arise.
9. The Proposing Firm must be willing to have representatives attend ARRC meetings in person as requested
(no more than quarterly).
10. The Proposing Firm must have knowledge of and comply with all applicable County, State of Alaska and
federal regulations regarding governmental retirement plans and investment options. All applicable laws of the
County and the State of Alaska, whether substantive or procedural, shall apply to this contract, and all
statutory, charter, and ordinance provisions that are applicable to ARRC's contract shall be followed with
respect to this contract.
11. The terms outlined throughout this RFP process (within your response and any enhancements thereafter)
must remain in place through negotiations and be part of the final contract unless specifically waived by
ARRC in writing.
It is assumed that, by submitting a response to this RFP, your organization will conform to the Minimum
Qualifications and specifications in every way (unless specifically adjusted/waived per written
addendum). It is furthermore assumed that your organization has reviewed all attachments and (unless
stated by your firm) does not request changes to it.
Any questions or concerns related to Minimum Qualifications should be submitted following the instructions
outlined in the Questions and Clarifications Section above. Proposing Firms must clearly indicate any requests
for additions, modifications or deletions as part of this process. ARRC will respond to such submittals but does
not guarantee any waiving of these minimum requirements.
REQUIRED DOCUMENTS:
Proposals must include the following, submitted as ordered below. If your proposal does not include all of the
below items, it may be deemed non-responsive.
1. Cover Letter. The cover letter should not exceed two pages in length and must acknowledge that the
Proposing Firm meets or agrees to the Minimum Qualifications stated above and has the ability to provide
the requested services in the manner specified herein. It should be signed by an individual with authority
to bind the Proposing Firm to the terms quoted in the RFP response.
2. Questionnaire. Respond to all questions and requests listed in the Questionnaire section of the RFP.
Your response should use Arial font size 10 pt. Your response excluding the cover letter and exhibit
section should not exceed 30 pages. Some questions require a "yes" or "no" answer, while others require
written responses. A response box for written answers including word limitations is provided. Do not
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