HomeMy WebLinkAboutADDENDA 2 - RFP - 9735 PENSION CONSULTANT & CO-FIDUCIARY FOR PFAAddendum 2 Page 1 of 7
ADDENDUM NO. 2
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 – Fees and Tickler Symbols
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. Do you currently have a pension consultant and co-fiduciary that is under contract?
Yes, the Plan has a consultant and co-fiduciary under contract.
2. If so, could you advise who that firm is?
Innovest Portfolio Solutions
3. Are you looking for quarterly meetings with the PFA Board?
Yes, the consultant attends the quarterly Board of Trustee meetings.
4. If so, are you looking for those meetings to be in person, virtually, or a combination?
We do meet in person, and that is preferred, but we also offer a virtual option.
5. Just to confirm, is PFA paying for pension consulting services or is it being built into the plan
expenses?
Currently, the pension consulting is reimbursed through the administrative
allocation.
6. And lastly, could you clarify the scoring system and weighting factor(s) for each category?
This information is included in Section IV, pages 10-11, of the RFP document. We
will not be providing further information beyond what is set forth therein.
7. How many employees are covered under the DB plan currently?
This is a Defined Contribution Plan with 111 participants total; 70 active
participants.
8. What is the current cash flow, annual contribution, and payout amount in dollars?
N/A – Defined Contribution Plan
9. How are the annual dollar contributions amounts determined? Does the PFA expect the same
amount in future years?
N/A
10. Is there anything you would like the new consultant to do differently, improve and/or provide
additional services in DB plan?
N/A
11. When does the current custodian’s contract expire?
April 30, 2023
12. Will the PFA accept the selected consultant’s recommendation for a new custodian?
No, the custodian is selected through a separate RFP process by the City of Fort
Collins and when the current contract nears expiration, the next contract will only
be awarded through an RFP process conducted by the City.
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13. What is the name of the DB plan actuary?
N/A
14. Could you please provide the most recent actuarial plan valuation report?
N/A
15. Can you tell us the funding level of the pension plans (percentage of outstanding liabilities)?
There are no outstanding liabilities.
16. Has your advisor and/or actuary provided the PFA with an asset/liability study?
N/A
17. When was the last time the PFA performed a liability-based asset allocation study?
N/A
18. Who performed the asset liability study?
N/A
19. Can you please provide a copy of the most recent asset liability report?
N/A
20. How many manager searches have been conducted each year, over the last 3 years? Please
identify the name of the manager replaced and date performed if possible.
N/A
21. Can you please provide us with the ticker symbols/Share class? If ticker symbols are not
applicable (i.e. separate accounts), can you please provide us the following: a) expense ratio
of each fund and b) market value in each fund strategy?
Please see Addendum 1 and the attached Exhibit 2.
22. Is the current performance report format meeting the expectation of the board?
Yes
23. If your current performance reporting format does not meet your needs, can you please
identify what modifications, improvements and/or information format/content is desired?
N/A
24. What do you think is the single most important characteristic of an investment consulting firm?
Robust Team that provides discerned decisions and builds principled relationships.
25. Can the PFA utilize collective investment trusts (CITs)?
No
26. Does your consultant currently provide the PFA’s Pension Board fiduciary education/training
programs? If yes, how often does it occur (annually, quarterly, ad hoc)?
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Yes, annually with quarterly updates.
27. Can you please disclose the number, names, and title of the proposal evaluation committee?
No, we do not disclose this information.
28. Will the same proposal evaluation committee be responsible for ongoing plan oversight? If
different, please indicate number, name/title of PFA’s party or parties responsible for ongoing
plan oversight.
We will not be providing this information.
29. How many hard copies of plan investment fiduciary reports will be required for quarterly
delivery?
Ten and an electronic copy of all documents.
30. What are the meeting schedules for 2023 and 2024?
The Board meets on the 4th Wednesday in the month following quarter-end.
31. Are meetings currently held in person, virtually or hybrid? What is the expectation for in-person
meetings for the chosen consultant?
In person is preferred -hybrid option available
32. Do you have a small business, woman and/or minority owned business procurement policy to
encourage diverse contract participation? If yes, please provide us a copy or link to source
material.
The City/PFA’s procurement process is open to any and all interested
parties. There is no policy which provides special consideration or incentives for
any group.
33. What are the fees Nationwide is being paid as a custodian?
Please see attached Exhibit 2.
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EXHIBIT 2 – FEES AND TICKLER SYMBOLS
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