Retirement Plan Administration and Record Keeping Services

City of Elk Grove
401(a) Defined Contribution Plan, 457(b) Deferred Compensation Plan,
Retirement Health Savings Plan, and Employer Investment Program
Request for Proposals for
Retirement Plan Administration and Record Keeping Services
RFP DISTRIBUTION DATE: May 6, 2026
DUE DATE FOR QUESTIONS: May 19, 2026 at 5:00 p.m. Pacific Time
DUE DATE FOR RESPONSE SUBMISSION: June 5, 2026 at 5:00 p.m. Pacific Time

I. OVERVIEW
The City of Elk Grove, California ("City" or "Plan Sponsor") is soliciting proposals from qualified
firms ("Proposing Firm(s)" or "Firm(s)") to provide retirement plan administration, record keeping,
education, communications, investment-related, and other services for the 401(a) plan, 457(b)
plan, Retirement Health Savings ("RHS") plan, and Employer Investment Program ("EIP) ("Plan" or
"Plans"). The primary goals for this Request for Proposal ("RFP") process include the following:
Enhancing participant retirement outcomes;
Analyzing the overall competitiveness of the Plans;
Providing for the integrated administration and reporting for the Plans;
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
Continuing the formal record keeper/City working relationship.
II. SCOPE OF SERVICES
The winning Proposing Firm will provide full-service retirement plan record keeping and
administrative services to Plan participants and the City. Such services include but are not limited
to:
Participant enrollment and the establishment of participant accounts for each employee
participating in the Plans.
Maintaining participant accounts and allocation of deferrals or other assets per
participant and/or the City's direction.
Providing periodic reports related to the Plans and participants to both the City and
participants including regular reports on participant education scheduling and any results.
Maintaining a dedicated call center and website for both the City and participants.
Staff at least one local participant representative for in-person individual and group
education. It is expected that a record keeper representative will visit each of the City's
selected facilities as part of the Proposing Firm's initial and ongoing participant education
efforts.
Maintaining other relevant records, such as beneficiary designation(s).
Record keeper representatives are expected to attend quarterly Plan review meetings.
III. PLAN INFORMATION
The City is a public agency with approximately 500 benefit-eligible employees (approximately 460
full-time and 40 part-time). Employees are paid every two weeks through one centralized payroll
system for a total of 26 pay periods annually. The City uses the Finance Enterprise payroll system.
Eligible City employees also participate in a defined benefit program offered and administered by
California Public Employees' Retirement System (CalPERS). There are 8 separate City locations
located throughout the City (see table below), and, in terms of employee outreach, it would be
expected that a record keeper representative visit each of these worksites as part of their initial and
ongoing participant education efforts. This last point is important to the City and participants as
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local on-site participant representative delivering education and other services in-person and are
highly-valued.
Location Employees
City Hall (8401 Laguna Palms Way) 192
Police Department (8380 Laguna Palms Way) 56
Police Department (8400 Laguna Palms Way) 89
Police Department (9632 Studio Court) 9
Corporate Yard (10250 Iron Rock Way) 48
Animal Services (9150 Union Park Way) 36
Special Waste Collection Center (9255 Disposal Lane) 5
The Center at District56 (8230 Civic Center Drive) 3
The City currently uses MissionSquare Retirement ("MissionSquare") to provide basic
administration, enrollment, participant communication and education, investment management
and record keeping services for the Plans and its participants. As of December 31, 2025, there was
approximately $130 million in the Plans (approximately $27 million in the 401(a) plan, $66 million
in the 457 plan, $28 million in the RHS plan, and $6 million in the EIP). Any contributions made by
the City and/or participants are included in the figures below under "Total Deferrals." Below are five
tables; one for each plan with data as of December 31, 2025. Note that "Active Accounts" means
contributing within the last month.
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457(b) Plan 2025 2024 2023 2022
Total Assets ($) $65,964,316 $55,484,447 $49,461,102 $41,588,637
Total Participant Accounts (#) 643 614 576 527
Total Active Accounts (#) 408 383 366 324
Total Deferrals ($) $3,720,583 $3,423,494 $3,177,056 $2,785,409
Total Roll-Ins (#) 4 2 6 7
Total Roll-Ins ($) $682,781 $253,932 $283,086 $170,935
Total Contributions ($) $4,403,365 $3,677,426 $3,460,143 $2,956,343
Total Accounts in Systematic
74 53 44 30
Distribution (#)
Total Systematic Distributions
$142,925 $128,206 $103,243 $85,770
($)
Total Accounts with Lump Sum
129 130 114 47
Distributions (#)
Total Lump Sum Distributions
$2,132,370 $4,168,189 $2,437,953 $822,718
($)
Total Annuity Purchases (#) N/A N/A N/A N/A
Total Annuity Purchases ($) N/A N/A N/A N/A
Total Transfers to Proprietary
0 0 0 0
IRAs (#)
Total Transfers to Proprietary
$0 $0 $0 $0
IRAs ($)
Total Roll-Outs (#) 6 12 1 8
Total Roll-Outs ($) $156,832 $2,369,281 $67,726 $899,366
Total Distributions (#) 203 183 158 77
Total Distributions ($) $2,275,294 $4,296,395 $2,541,197 $908,489
Total Hardship Withdrawals
- - - -
Requested (#)
Total Hardship Withdrawals
- - - -
Requested ($)
Total Hardship Withdrawals
1
Approved (#)
Total Hardship Withdrawals
$33,000 $0 $0 $0
Approved ($)
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401(a) #1 2025 2024 2023 2022
Total Assets ($) $26,921,867 $23,414,015 $19,907,076 $16,211,327
Total Participant Accounts (#) 620 582 543 488
Total Active Accounts (#) 407 382 363 323
Total Deferrals ($) $1,647,533 $1,508,258 $1,378,155 $1,137,550
Total Roll-Ins (#) 1 0 1 2
Total Roll-Ins ($) $183 $0 $10,224 $110,952
Total Contributions ($) $1,647,716 $1,508,258 $1,388,380 $1,248,502
Total Accounts in Systematic
14 13 13 15
Distribution (#)
Total Systematic Distributions
$10,109 $12,206 $12,203 $14,083
($)
Total Accounts with Lump
47 42 39 6
Sum Distributions (#)
Total Lump Sum Distributions
$1,453,824 $731,189 $482,097 $168,845
($)
Total Annuity Purchases (#) N/A N/A N/A N/A
Total Annuity Purchases ($) N/A N/A N/A N/A
Total Transfers to Proprietary
0 0 0 0
IRAs (#)
Total Transfers to Proprietary
$0 $0 $0 $0
IRAs ($)
Total Roll-Outs (#) 6 13 6 1
Total Roll-Outs ($) $848,964 $527,167 $214,429 $6,000
Total Distributions (#) 61 55 52 21
Total Distributions ($) $1,463,933 $743,394 $494,300 $182,929
Total Hardship Withdrawals
0 0 0 0
Requested (#)
Total Hardship Withdrawals
$0 $0 $0 $0
Requested ($)
Total Hardship Withdrawals
0 0 0 0
Approved (#)
Total Hardship Withdrawals
$0 $0 $0 $0
Approved ($)
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401(a) #2 2025 2024 2023 2022
Total Assets ($) $51,726 $42,728 $35,734 $26,373
Total Participant Accounts (#) 40 44 37 32
Total Active Accounts (#) 22 23 18 12
Total Deferrals ($) $20,269 $19,214 $14,337 $10,304
Total Roll-Ins (#) 0 0 0 0
Total Roll-Ins ($) $0 $0 $0 $0
Total Contributions ($) $20,269 $19,214 $14,337 $10,304
Total Accounts in Systematic
0 0 0 0
Distribution (#)
Total Systematic Distributions
$0 $0 $0 $0
($)
Total Accounts with Lump Sum
15 15 14 2
Distributions (#)
Total Lump Sum Distributions
$11,542 $12,240 $4,906 $71
($)
Total Annuity Purchases (#) N/A N/A N/A N/A
Total Annuity Purchases ($) N/A N/A N/A N/A
Total Transfers to Proprietary
0 0 0 0
IRAs (#)
Total Transfers to Proprietary
$0 $0 $0 $0
IRAs ($)
Total Roll-Outs (#) 4 1 0 0
Total Roll-Outs ($) $8,280 $982 $0 $0
Total Distributions (#) 15 15 14 2
Total Distributions ($) $11,542 $12,240 $4,906 $71
Total Hardship Withdrawals
0 0 0 0
Requested (#)
Total Hardship Withdrawals
$0 $0 $0 $0
Requested ($)
Total Hardship Withdrawals
0 0 0 0
Approved (#)
Total Hardship Withdrawals
$0 $0 $0 $0
Approved ($)
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RHS Plan 2025 2024 2023 2022
Total Assets ($) $27,937,337 $23,918,614 $20,254,304 $16,248,708
Total Participant Accounts (#) 903 853 770 678
Total Active Accounts (#) 465 446 412 360
Total Deferrals ($) $1,854,172 $1,782,408 $1,717,999 $1,505,658
Total Roll-Ins (#) 1 0 0 0
Total Roll-Ins ($) $1,774 $0 $0 $0
Total Contributions ($) $1,855,946 $1,782,408 $1,717,999 $1,505,658
Total Accounts in Systematic
0 0 0 0
Distribution (#)
Total Systematic Distributions
$0 $0 $0 $0
($)
Total Accounts with Lump Sum
1 0 0 22
Distributions (#)
Total Lump Sum Distributions
$23,680 $0 $0 $9,599
($)
Total Annuity Purchases (#) N/A N/A N/A N/A
Total Annuity Purchases ($) N/A N/A N/A N/A
Total Transfers to Proprietary
0 0 0 0
IRAs (#)
Total Transfers to Proprietary
$0 $0 $0 $0
IRAs ($)
Total Roll-Outs (#) 0 0 0 22
Total Roll-Outs ($) $0 $0 $0 $9,599
Total Distributions (#) 1 0 0 22
Total Distributions ($) $23,680 $0 $0 $9,599
Total Hardship Withdrawals
0 0 0 0
Requested (#)
Total Hardship Withdrawals
$0 $0 $0 $0
Requested ($)
Total Hardship Withdrawals
0 0 0 0
Approved (#)
Total Hardship Withdrawals
$0 $0 $0 $0
Approved ($)
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EIP 2025 2024 2023 2022
Total Assets ($) $5,763,469 $5,058,018 $4,461,034 $3,833,882
Total Participant Accounts (#) 1 1 1 1
Total Active Accounts (#) 1 1 1 1
Total Deferrals ($) $510,000 $680,000 $189,840 ($182,520)
Total Roll-Ins (#) 0 0 0 0
Total Roll-Ins ($) $0 $0 $0 $0
Total Contributions ($) $510,000 $680,000 $189,840 ($182,520)
Total Accounts in Systematic
0 0 0 0
Distribution (#)
Total Systematic Distributions
$0 $0 $0 $0
($)
Total Accounts with Lump Sum
15 11 1 0
Distributions (#)
Total Lump Sum Distributions
$440,800 $413,920 $34,560 $0
($)
Total Annuity Purchases (#) N/A N/A N/A N/A
Total Annuity Purchases ($) N/A N/A N/A N/A
Total Transfers to Proprietary
0 0 0 0
IRAs (#)
Total Transfers to Proprietary
$0 $0 $0 $0
IRAs ($)
Total Roll-Outs (#) 15 11 1 0
Total Roll-Outs ($) $440,800 $413,920 $34,560 $0
Total Distributions (#) 15 11 1 0
Total Distributions ($) $440,800 $413,920 $34,560 $0
Total Hardship Withdrawals
0 0 0 0
Requested (#)
Total Hardship Withdrawals
$0 $0 $0 $0
Requested ($)
Total Hardship Withdrawals
0 0 0 0
Approved (#)
Total Hardship Withdrawals
$0 $0 $0 $0
Approved ($)
As of December 31, 2025, there were 92 accounts utilizing the Morningstar managed account
feature representing approximately $10 million in assets, and there were roughly 170 participants
in the 457(b) plan utilizing the Roth feature representing about $3.4 million in assets.
MANAGED ACCOUNT SERVICE:
401(a) 457(b) RHS EIP
Managed Account Provider MorningStar MorningStar N/A N/A
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Total Participants (#) 43 49 N/A N/A
Total ($) $2,699,909 $7,749,262 N/A N/A
WITHDRAWAL OR EARLY TERMINATION PROVISIONS:
If the City terminates the MissionSquare PLUS Fund (currently with $9.5 million in assets), any
liquidation is subject to a put period up to 12 months. The 12-month advance notice was
delivered to MissionSquare on or around February 4, 2026.
PLAN LOANS:
401(a) 457(b) RHS EIP
Total dollar amount of
$308,319 $1,092,536 N/A N/A
outstanding loans
Total # of outstanding
39 80 N/A N/A
loans
Total # of participants
39 80 N/A N/A
with outstanding loans
Total # of loans in default 0 0 N/A N/A
Total dollar amount of
$0 $0 N/A N/A
loans in default
SELF DIRECTED BROKERAGE OPTION:
Self-directed brokerage is not currently offered in any of the plans.
PARTICIPANT EDUCATION:
2025 2024 2023
Number of on-site participant
10 12 5
consultation meeting days
Number of virtual participant
10 12 4
consultation meeting days
Number of on-site group education
2 3 0
meetings
Number of virtual group education
40 40 40
meetings
Number of on-site participant
76 149 62
consultations
Number of virtual participant
131 202 59
consultations
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INVESTMENT ALLOCATION INFORMATION
Tables providing a breakdown for all of the assets in the Plans as of December 31, 2025 are
provided (see Attachment A) with this RFP. Note that there are five sheets in Attachment A with
each sheet representing one plan.
Although the Plans do not currently offer self-directed brokerage accounts, the Committee
regularly evaluates plan features and may decide to add them in the future. Therefore, there are
questions related to self-directed brokerage accounts within this RFP.
Lastly, the City has a Retirement Plan Committee that carries out the fiduciary duties and has
discretionary authority over the administration of the Plans. The Committee will continue to
monitor and evaluate the Plans on an ongoing basis through regular meetings, and it is expected
that record keeper representatives attend these review meetings.
IV.TIMELINE
The City plans to adhere to, but reserves the right to change, the following schedule:
RFP issue date: May 6, 2026
Questions and clarifications from Proposing Firms due: May 19, 2026
Response to questions and clarifications: May 27, 2026
Proposal due date: June 5, 2026
In-person finalist interviews: September 3, 2026
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 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 the City Consultant, Vincent Galindo of the Fiduciary
Consulting Group, at vincent.galindo@morganstanley.com. This also includes requests to waive or
otherwise modify minimum qualifications. The deadline for receiving requests for interpretation
and questions related to this RFP is May 19, 2026 at 5:00 p.m. Pacific 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 the City Consultant. In
addition, the interpretations, clarifications, modifications, and/or supplemental instructions will
be posted by the City. The date for answering questions is on or around May 27, 2026.
SUBMISSION
Proposals must be received on or before June 5, 2026 at 5:00 p.m. Pacific Time Submit an electronic
version of the proposal to the City Consultant at the following two email addresses:
vincent.galindo@morganstanley.com; and
matthew.macdonald@morganstanley.com.
Please be sure to provide the Questionnaire portion in Word format and include the entire Exhibit
Folder in electronic form with titles of each document matching the content. Do not provide links
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