403(b) Compliance Program Independent Third Party Administration Services

Overview

Financial, Legal, HR & Staffing

Needham, Massachusetts, United StatesPosted 23 days agoDeadline: May 11th, 2026

Fit Score

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SUMMARY

Massachusetts seeks an independent TPA to administer and ensure compliance for member school districts’ 403(b) plans, covering all aspects of administration and regulatory management over a three-year term.

KEY REQUIREMENTS

Must have a minimum of five years of continuous experience in the 403(b) tax sheltered marketplace
Must have a minimum of fifty 403(b) or related tax sheltered account plans, or at least 10,000 participants with active salary reduction agreements
Must provide contact information for clients who can verify submitted information
Key individuals assigned to the program must have at least three years of experience servicing 403(b) or related tax sheltered accounts
Must submit at least five current references from clients for whom the proposer has provided administration services for at least five years
Must carry professional malpractice or Errors and Omissions liability insurance with minimum limits of $1,000,000 per occurrence and $2,000,000 aggregate
Must be an independent qualified TPA firm and not eligible to provide investment products for CPG member districts

BUDGET

Estimate

$150,000 – $300,000

CONTRACT DURATION

36 months

TIMELINE

Release of RFP: April 10th, 2026

Deadline for Submission of Questions: April 24th, 2026

Deadline for Submission of Proposals: May 11th, 2026

Evaluation of Proposals: May/June 2026

Interview Finalists: May/June 2026

Announcement of Award: July/August 2026

District Implementation: August-December 2026

QUESTION DEADLINE

April 24th, 2026

Issuing Agency

Needham Public Schools

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DESCRIPTION

The issuing body seeks an experienced independent third party administrator (TPA) to manage 403(b) compliance program services for member school districts. The selected TPA will oversee authorizations, monitoring, tracking, disbursements, communications, customer service, and auditing for 403(b) and similar pre-tax salary contribution or deferral programs. Responsibilities also include plan administration, professional review, and ensuring IRS tax and regulatory compliance for the participating districts’ tax-deferred investment programs, primarily funded by voluntary employee salary deductions.

The TPA will review and update Service Provider and Information Sharing Agreements as required and assume administrative and compliance responsibilities previously managed by the school district or another third party administrator. The contract will be awarded for a period of three years.

Interested providers must demonstrate expertise in 403(b) plan compliance and administration for educational institutions.

Source attribution

This Settle analysis is based on the issuing organization’s public RFP listing.