RFP: Defined Contribution Investment-Fiduciary Consultant

The County of San Mateo Human Resources Department is conducting a request for proposals (RFP) for an investment and fiduciary consultant for its defined contribution retirement plans.

The County of San Mateo, immediately south of the City and County of San Francisco, serves a diverse population of 750,000 residents. The County government employs 8,400 full- and part-time employees.

The County sponsors a voluntary defined contribution (DC) retirement program alongside its mandatory defined benefit (DB) retirement plan. The DC assets total almost $1 billion as of 3/31/2026 and consists of five plans:

• §457 Voluntary Plan, $929 million
• §401a Mandatory Plan, $23 million
• §457 OBRA Plan, $17 million
• §401a OBRA Plan (closed), $8 million
• §401a Money Purchase Plan, $5 million
• TOTAL, $982 million

The number of participants in each plan are as follows. Note that some participants are eligible and are participating in multiple plans.

• §457 Voluntary Plan, 9,796
• §401a Mandatory Plan, 1,257
• §457 OBRA Plan, 2,040
• §401a OBRA Plan (closed), 2,165
• §401a Money Purchase Plan, 49
• TOTAL, 15,307

The County also offers a retiree health reimbursement arrangement (RHRA) for certain newer employees. That RHRA has assets of $5.5 million and 1,266 participants. The investment consultant assists the County in monitoring and, as needed, updating the RHRA investment options to best coincide with the defined contribution program's investment options.