HomeMy WebLinkAboutADDENDA 1 - RFP - 9735 PENSION CONSULTANT & CO-FIDUCIARY FOR PFAAddendum 1 Page 1 of 37
ADDENDUM NO. 1
SPECIFICATIONS AND CONTRACT DOCUMENTS
Description of RFP 9735: Pension Consultant & Co-fiduciary for PFA
OPENING DATE: 3:00 PM MT (RMEPS Clock) April 12, 202023
To all prospective bidders under the specifications and contract documents described above,
the following changes/additions are hereby made and detailed in the following sections of this
addendum:
Exhibit 1 – Questions & Answers
Exhibit 2 – Investment Policy Statement
Exhibit 3 – 2022 Plan Review Presentation
Please contact Beth Diven, Buyer II, at bdiven@fcgov.com with any questions regarding this
addendum.
RECEIPT OF THIS ADDENDUM MUST BE ACKNOWLEDGED BY A WRITTEN STATEMENT
ENCLOSED WITH THE BID/QUOTE STATING THAT THIS ADDENDUM HAS BEEN
RECEIVED.
Financial Services
Purchasing Division
215 N. Mason St. 2nd Floor
PO Box 580
Fort Collins, CO 80522
970.221.6775
970.221.6707
fcgov.com/purchasing
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EXHIBIT 1 – QUESTIONS & ANSWERS
1. What is the reason for the issuance of this RFP?
Per City Code, PFA may not have an agreement which extends beyond five years
total. The PFA’s current agreement is approaching its end of life, necessitating a
new RFP process.
2. We understand that the contractual base period has not yet been determined, but that the
City may authorize up to four additional 1-year extensions. Will this be determined and
communicated by the Q&A release date?
As noted above, no PFA agreement may extend beyond five years total.
Therefore, the standard format is for the agreement to be for a one year term, that
can be renewed for up to four additional one year terms. This is the format used
by PFA previously and is what we plan to use moving forward.
3. Can you please provide the investment policy statement?
See attached Exhibit 2.
4. Can you please provide a Summary Plan Description (or any similar documentation
describing your Plan) that is provided to participants?
Since the plan is closed to new participants, there is no summary plan description
other than what is included in the Collective Bargaining Agreement, excerpted
here:
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5. Our firm services 25 public DC plans (four of which are 401(a) plans) throughout the US;
however, none are located in the state of Colorado. We understand that the City prefers a
consultant to have five or more public plan clients in Colorado. Is our firm eligible to bid?
While we would like consultants to have five or more CO clients, it is not required.
Therefore, you are still eligible to submit a proposal.
6. Can you please advise how many full-time employees are dedicated to working on the
Plan?
The Plan has a board of trustees including three employee representatives and
two employer representatives, as well as a secretary. The trustees meet quarterly,
along with the investment consultant and the plan recordkeeper.
7. Do you currently retain an investment consultant? If so, can you please provide their name
and the length of time they have been retained? Are they invited to rebid?
The incumbent firm is Innovest Portfolio Solutions, which has provided services
for PFA for over ten years. They are eligible to participate in this RFP process.
8. If applicable, can you please provide the most recent fee paid for investment consulting
services?
PFA currently pays a fixed annual fee of $39,500.
9. Is there an already established Investment Policy Statement (IPS) for the plan? If so, can it
be provided?
See attached Exhibit 2.
10. Can a recent plan review presentation from Nationwide be provided?
Yes, see attached Exhibit 3.
11. Can a listing of the plan’s assets by investment be provided? This may already be included
in the requested plan review.
Yes, see attached Exhibit 3.
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EXHIBIT 2 – INVESTMENT POLICY STATEMENT
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EXHIBIT 3 – 2022 PLAN REVIEW PRESENTATION
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