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Upper Darby trustees vote to hire Musgrove Associates as third‑party administrator
Summary
After receiving a single RFP response, trustees voted unanimously to retain Musgrove Associates as the pension plan’s third‑party administrator; the contract discussed in the meeting included a reported $26,000 setup fee and $6,000 monthly service fee, with the attorney directed to finalize paperwork.
Rob reported the board received one response to its request for proposals for a third‑party administrator (TPA): Musgrove Associates. He said the contract appeared reasonable and that he planned to request minor edits; trustees discussed the fee structure and the practicality of in‑person travel charges from a Virginia‑based firm.
Rob (Trustee) told the board the response included what he characterized in the meeting as a $26,000 upfront setup fee plus $6,000 per month going forward. "They're from Virginia, and the contract says they're gonna charge you for travel costs," he said, suggesting the board could negotiate or ask the firm to waive travel charges for local meetings.
Other trustees noted local firms did not respond to the RFP and that paying travel for a qualified out‑of‑state provider is a common practice. After discussion, a motion to hire Musgrove Associates as the plan’s TPA was made and seconded; trustees voted unanimously in favor and directed the board attorney to finalize the agreement and submit any requested edits for trustee review.
The board did not finalize a signed contract at the meeting; the attorney was asked to insert the board’s name into the draft agreement, negotiate any minor changes, and return the document for execution.
