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HomeMy WebLinkAboutRFP - 7286 PENSION ADMINISTRATOR REVIEW AND BENCHMARKING STUDYCityO� Financial Services F6rt Purchasing Division 215 N. Mason St. 2 Floor Coilins PO Box 580 Fort Collins, CO 80522 970.221.6775 Purchasing 970221.6707 fcgo v. com/purchasing REQUEST FOR PROPOSAL POUDRE FIRE AUTHORITY Proposal Number 7286 Pension Administrator Review and Benchmarking The Boards of Trustees of the Poudre Fire Authority New and Old Hire Money Purchase Pension Plans (collectively, the Boards) are seeking proposals from highly qualified, independent professionals to provide an analysis of the current pension fund administrator and benchmarking against the best in the industry. The City of Fort Collins Purchasing Division is providing purchasing assistance pursuant to the terms of an intergovernmental agreement between the Poudre Fire Authority (PFA) and the City of Fort Collins, Colorado (City). Written proposals, eight (8) copies, will be received at the City of Fort Collins' Purchasing Division, 215 North Mason St., 2nd floor, Fort Collins, Colorado 80524. Proposals will be received before 3:00 p.m. (our clock), October 21, 2011 and referenced as Proposal No. 7286. If delivered, they are to be sent to 215 North Mason Street, 2nd Floor, Fort Collins, Colorado 80524. If mailed, the address is P.O. Box 580, Fort Collins, 80522-0580. Questions concerning the scope of the project should be directed to Project Manager Guy Boyd, (970) 221-6570. Questions regarding proposals submittal or process should be directed to James B. O'Neill, II, CPPO, FNIGP (970) 221-6775. A copy of the Proposal may be obtained as follows: Download the Proposal/Bid from the Purchasing Webpage, www.fcgov.com/er)rocurement. Sales Prohibited/Conflict of Interest: No officer, employee, or member of PFA, shall have a financial interest in the sale to the PFA or the Boards of any real or personal property, equipment, material, supplies or services where such officer or employee exercises directly or indirectly any decision - making authority concerning such sale or any supervisory authority over the services to be rendered. This rule also applies to subcontracts with the PFA or the Boards. Soliciting or accepting any gift, gratuity favor, entertainment, kickback or any items of monetaryvalue from any person who has or is seeking to do business with the PFA or the Boards is prohibited. Collusive or sham proposals: Any proposal deemed to be collusive or a sham proposal will be rejected and reported to authorities as such. Your authorized signature of this proposal assures that such proposal is genuine and is not a collusive or sham proposal. The Boards reserve the right to reject any and all proposals and to waive any irregularities or informalities. Sincerely, James B. O'Neill ll, CPPO, FNIGP Director of Purchasing & Risk Management RFP 7286 Pension Administrator Review & Benchmarking . Page.1 of 14 9. Monthly Report. Commencing thirty (30) days after the date of execution of this Agreement and every thirty (30) days thereafter, Professional is required to provide the Boards Representative with a written report of the status of the work with respect to the Scope of Services, Work Schedule, and other material information. Failure to provide any required monthly report may, at the option of the Boards, suspend the processing of any partial payment request. 10. Independent Contractor. The services to be performed by Professional are those of an independent contractor and not of an employee of the Boards. The Boards shall not be responsible for withholding any portion of Professional's compensation hereunder for the payment of FICA, Workers' Compensation, other taxes or benefits or for any other purpose. 11. Personal Services. It is understood that the Boards enter into this Agreement based on the special abilities of the Professional and that this Agreement shall be considered as an agreement for personal services. Accordingly, the Professional shall neither assign any responsibilities nor delegate any duties arising under this Agreement without the prior written consent of the Boards. 12. Acceptance Not Waiver. The Boards' approval of drawings, designs, plans, specifications, reports, and incidental work or materials furnished hereunder shall not in any way relieve the Professional of responsibility for the quality or technical accuracy of the work. The Boards' approval or acceptance of, or payment for, any of the services shall not be construed to operate as a waiver of any rights or benefits provided to the Boards under this Agreement. 13. Default. Each and every term and condition hereof shall be deemed to be a material element of this Agreement. In the event either party should fail or refuse to perform according to the terms of this agreement, such party may be declared in default. 14. Remedies. In the event a party has been declared in default, such defaulting party shall be allowed a period of ten (10) days within which to cure said default. In the event the default remains uncorrected, the party declaring default may elect to (a) terminate the Agreement and seek damages; (b) treat the Agreement as continuing and require specific performance; or (c) avail RFP 7286 Pension Administrator Review & Benchmarking Page 10 of 14 himself of any other, remedy at law or equity. If the non -defaulting party commences legal or equitable actions against the defaulting party, the defaulting party shall be liable to the non -defaulting party for the non -defaulting party's reasonable attorney fees and costs incurred because of the default. 15. Binding Effect. This writing, together with the exhibits hereto, constitutes the entire agreement between the parties and shall be binding upon said parties, their officers, employees, agents and assigns and shall inure to the benefit of the respective survivors, heirs, personal representatives, successors and assigns of said parties. 16. Law/Severability. The laws of the State of Colorado shall govern the construction, interpretation, execution and enforcement of this Agreement. In the event any provision of this Agreement shall be held invalid or unenforceable by any court of competent jurisdiction, such holding shall not invalidate or render unenforceable any other provision of this Agreement. 17. Prohibition Against Employing Illegal Aliens. Pursuant to Section 8-17.5-101, C.R.S., et. seq., Professional represents and agrees that: a. As of the date of this Agreement: 1. Professional does not knowingly employ or contract with an illegal alien who will perform work under this Agreement; and 2. Professional will participate in either the e-Verify program created in Public Law 208, 104th Congress, as amended, and expanded in Public Law 156, 108th Congress, as amended, administered by the United States Department of Homeland Security (the "e-Verify Program") or the Department Program (the "Department Program"), an employment verification program established pursuant to Section 8-17.5-102(5)(c) C.R.S. in order to confirm the employment eligibility of all newly hired employees to perform work under this Agreement. b. Professional shall not knowingly employ or contract with an illegal alien to perform work under this Agreement or knowingly enter into a contract with a subcontractor that knowingly employs or contracts with an illegal alien to perform work under this Agreement. C. Professional is prohibited from using the e-Verify Program or Department Program procedures to undertake pre -employment screening of job applicants while this RFP 7286 Pension Administrator Review & Benchmarking Page 11 of 14 Agreement is being performed. d. If Professional obtains actual knowledge that a subcontractor performing work under this Agreement knowingly employs or contracts with an illegal alien, Professional shall: 1. Notify such subcontractor and the Boards within three days that Professional has actual knowledge that the subcontractor is employing or contracting with an illegal alien; and 2. Terminate the subcontract with the subcontractor if within three days of receiving the notice required pursuant to this section the subcontractor does not cease employing or contracting with the illegal alien; except that Professional shall not terminate the contract with the subcontractor if during such three days the subcontractor provides information to establish that the subcontractor has not knowingly employed or contracted with an illegal alien. e. Professional shall comply with any reasonable request by the Colorado Department of Labor and Employment (the "Department") made in the course of an investigation that the Department undertakes or is undertaking pursuant to the authority established in Subsection 8-17.5-102 (5), C.R.S. f. If Professional violates any provision of this Agreement pertaining to the duties imposed by Subsection 8-17.5-102, C.R.S. the Boards may terminate this Agreement. If this Agreement is so terminated, Professional shall be liable for actual and consequential damages to the Boards arising out of Professional's violation of Subsection 8-17.5-102, C.R.S. g. The Boards will notify the Office of the Secretary of State if Professional violates this provision of this Agreement and the Boards terminates the Agreement for such breach. 18. Special Provisions. [Optional] Special provisions or conditions relating to the services to be performed pursuant to this Agreement are set forth in Exhibit " ", consisting of ) pages, attached hereto and incorporated herein by this reference. RFP 7286 Pension Administrator Review & Benchmarking Page 12 of 14 Poudre Fire Authority In THE CITY OF FORT COLLINS, COLORADO By: James B. O'Neill II, CPPO, FNIGP Director of Purchasing & Risk Management DATE: ATTEST: City Clerk APPROVED AS TO FORM: Assistant City Attorney [Insert Professional's name] or [Insert Partnership Name] or [Insert individual's name] or Doing business as [insert name of business] 0 Title: CORPORATE PRESIDENT OR VICE PRESIDENT Date: ATTEST: Corporate Secretary (Corporate Seal) RFP 7286 Pension Administrator Review & Benchmarking Page 13 of 14 [Optional] EXHIBIT " " CONFIDENTIALITY IN CONNECTION WITH SERVICES provided to the City of Fort Collins (the "City") pursuant to this Agreement (the "Agreement"), the Professional hereby acknowledges that it has been informed that the City has established policies and procedures with regard to the handling of confidential information and other sensitive materials. In consideration of access to certain information, data and material (hereinafter individually and collectively, regardless of nature, referred to as "information") that are the property of and/or relate to the City or its employees, customers or suppliers, which access is related to the performance of services that the Professional has agreed to perform, the Professional hereby acknowledges and agrees as follows: That information that has or will come into its possession or knowledge in connection with the performance of services for the City may be confidential and/or proprietary. The Professional agrees to treat as confidential (a) all information that is owned by the City, or that relates to the business of the City, or that is used by the City in carrying on business, and (b) all information that is proprietary to a third party (including but not limited to customers and suppliers of the City) . The Professional shall not disclose any such information to any person not having a legitimate need -to - know for purposes authorized by the City. Further, the Professional shall not use such information to obtain any economic or other benefit for itself, or any third party, except as specifically authorized by the City. The foregoing to the contrary notwithstanding, the Professional understands that it shall have no obligation under this Agreement with respect to information and material that (a) becomes generally known to the public by publication or some means other than a breach of duty of this Agreement, or (b) is required by law, regulation or court order to be disclosed, provided that the request for such disclosure is proper and the disclosure does not exceed that which is required. In the event of any disclosure under (b) above, the Professional shall furnish a copy of this Agreement to anyone to whom it is required to make such disclosure and shall promptly advise the City in writing of each such disclosure. In the event that the Professional ceases to perform services for the City, or the City so requests for any reason, the Professional shall promptly return to the City any and all information described hereinabove, including all copies, notes and/or summaries (handwritten or mechanically produced) thereof, in its possession or control or as to which it otherwise has access. The Professional understands and agrees that the City's remedies at law for a breach of the Professional's obligations under this Confidentiality Agreement may be inadequate and that the City shall, in the event of any such breach, be entitled to seek equitable relief (including without limitation preliminary and permanent injunctive relief and specific performance) in addition to all other remedies provided hereunder or available at law. RFP 7286 Pension Administrator Review & Benchmarking Page 14 of 14 REQUEST FOR PROPOSALS Proposal Number 7286 Pension Administrator Review and Benchmarking Purpose: The Boards strive to provide plan participants with low cost, high quality investment performance, and plan administration. Therefore, the Boards have issued this RFP to obtain proposals from highly qualified, independent professionals to provide expert Pension Administrator Review and Benchmarking of the plans current administrator ICMARC. The Boards in meeting their fiduciary requirements want to ensure that the current plan administrator is performing optimally, providing a wide array of state-of-the-art services, and also the fees are proper and competitive. The Boards will use the information provided in their contract renewal process with the current provider. Qualifications: RFP respondents need to provide professional credentials as proof of their ability to provide this service. The preference is to contract with an independent consultant who is not in the business of providing administrative services for pension plans or who is able to effectively separate its evaluation under this contract from its administrative services role so that its services are provided in an.unbiased manner and free from conflict of interest. The consultant selected for this project will not be able to submit to be the plan administrator should the Boards ultimately decide to pursue a different administrator. References must also be provided. Timeline: If selected, the consultant will provide an electronic version of their report by December 31, 2011. Scope of Services: I. The consultant selected will do an independent evaluation of the different plans and submit the required analysis to the separate Boards. The consultant shall provide a thorough evaluation of the services provided by ICMARC as compared to other industry benchmarks in the following areas: 1. Record keeping and administration 2. Regulatory services including an overview of compliance with all relevant IRS, DOL, and State of Colorado regulations. 3. Participant loan management 4. Reporting capabilities including individual participant statements and overall plan performance 5. Quality of internet site and participant access 6. Quality of voice call centers 7. Communication and education programs 8. Capabilities of hardware and software systems to administer the plans 9. Type of investment vehicles offered. Including quality control and oversight of investments, including but not limited to, plan sponsor's investment policy 10. Trustee services including a comparative analysis of trustee services provided compared to industry recognized best practices RFP 7286 Pension Administrator Review & Benchmarking Page 2 of 14 11. Detailed breakdown and evaluation of all expenses and fees related to plan administration. 12. Benefit and payout counseling. 13. Revenue sharing. 14. Retirement financial planning services to plan participants. II. Plan Information Plan Sponsor Information Plan Sponsor Name Poudre Fire Authority Address 102 Remington Fort Collins CO 80524 Contact Person to answer questions and phone Guy Boyd, Director of Administrative number, e-mail, etc. Services Gbovd0poudre-fire.ora 970-221-6570 Type of Business (Corporation, Partnership, Government Government, or Proprietorship) Industry I Public Safety Part of controlled group or affiliated service 1 group? If so, how many companies involved? Plan Information Name and type of plan (401(k), profit Restated Poudre Fire Authority New Hire sharing, money purchase, thrift/savings, Money Purchase Pension Plan and Trust combination, etc. Agreement (401 a) Restated Poudre Fire Authority Old Hire Money Purchase Pension Plan and Trust Agreement 401 a Who has investment direction for Participant employee and employer contributions? Plan Sponsor, Trustee, or Participant) Type of Plan document (Prototype or Individually -designed Individually -designed) Plan Operation Information Name of current recordkeeper or service ICMARC provider Name of current custodial trustee(s) Old Hire Board of Trustees External or Self -directed New Hire Board of Trustees Frequency of data remittance Biweekly 26 pay periods) Method of data remittance (Paper, Disk, On-line Tape, Modem, On-line Method of contribution remittance (Check, Bank Wire Bank Wire, Automated Clearing House Name of payroll company Ci of Fort Collins Are contributions submitted through a Single payroll, 26 pay periods single payroll or multiple? If multi le, how RFP 7286 Pension Administrator Review & Benchmarking Page 3 of 14 many? RFP 7286 Pension Administrator Review & Benchmarking Page 4 of 14 Employee Information Plan Total Participants Plan Number Assets Old Hire 17 106042 $9,983,942 New Hire 172 106043 $43,854,081 Poudre Fire Authority 22 .801366 $195,630 Total 211 N/A $54 033,653 Specific information on the plan and administrative agreement will be made available to the selected firm. REVIEW AND ASSESSMENT Professional firms will be evaluated on the following criteria. These criteria will be the basis for review of the written proposals and any interview session. Firms may be selected solely on the basis of the written proposal with out an interview, at the discretion of the Boards. The rating scale shall be from 1 to 5, with 1 being a poor rating, 3 being an average rating, and 5 being an outstanding rating. WEIGHTING FACTOR QUALIFICATION STANDARD Does the proposal show an understanding of the 2.0 Scope of Proposal project objective, methodology to be used and results that are desired from the project? Do the persons who will be working on the project 2.0 Assigned Personnel have the necessary skills? Are sufficient people of the requisite skills assigned to the project? Can the work be completed in the necessary time? Can the target start and completion dates be met? 1.0 Availability Are other qualified personnel available to assist in meeting the project schedule if required? Is the project team available to attend meetings as required by the Scope of Work? 1.0 Motivation Is the firm interested and are they capable of doing the work in the required time frame? Cost and Do the proposed cost and work hours compare 2.0 favorably with the project Manager's estimate? Are Work Hours the work hours presented reasonable for the effort required in each project task or phase? Does the firm have the support capabilities the 2.0 Firm Capability assigned personnel require? Has the firm done previous projects of this type and scope? RFP 7286 Pension Administrator Review & Benchmarking IPage 5 of 14 REFERENCE EVALUATION (TOP RATED FIRM) The project Manager will check references using the following criteria. The evaluation rankings will be labeled Satisfactory/Unsatisfactory. QUALIFICATION STANDARD Overall Performance Would you hire this Professional again? Did they show the skills required by this project? Timetable Was the original Scope of Work completed within the specified time? Were interim deadlines met in a timely manner? Was the Professional responsive to client needs; did Completeness the Professional anticipate problems? Were problems solved quickly and effectively? Budget Was the original Scope of Work completed within the project budget. a) If a study, did it meet the Scope of Work? Job Knowledge b) If Professional administered a construction contract, was the project functional upon completion and did it operate properly? Were problems corrected quickly and effectively? RFP 7286 Pension Administrator Review & Benchmarking Page 6 of 14 PROFESSIONAL SERVICES AGREEMENT THIS AGREEMENT made and entered into the day and year set forth below, by and between THE CITY OF FORT COLLINS, COLORADO, a Municipal Corporation, on behalf of the Poudre Fire Authority, hereinafter referred to as the 'Boards" and hereinafter referred to as "Professional". W ITNESSETH: In consideration of the mutual covenants and obligations herein expressed, it is agreed by and between the parties hereto as follows: 1. Scope of Services. The Professional agrees to provide services in accordance with the scope of services attached hereto as Exhibit "A", consisting of ( ) pages, and incorporated herein by this reference. 2. The Work Schedule. [Optional] The services to be performed pursuant to this Agreement shall be performed in accordance with the Work Schedule attached hereto as Exhibit "B", consisting of ( ) pages, and incorporated herein by this reference. 3. Contract Period. The services to be performed pursuant to this Agreement shall be initiated within five (5) days following execution of this Agreement. Services shall be completed no later than , 20_. Time is of the essence. Any extensions of the time limit set forth above must be agreed upon in writing by the parties hereto. 4. Early Termination by Boards. Notwithstanding the time periods contained herein, the Boards may terminate this Agreement at any time without cause by providing written notice of termination to the Professional. Such notice shall be delivered at least fifteen (15) days prior to the termination date contained in said notice unless otherwise agreed in writing by the parties. All notices provided under this Agreement shall be effective when mailed, postage prepaid and sent to the following addresses: RFP 7286 Pension Administrator Review & Benchmarking Page 7 of 14 Professional: Boards: With Copy to: City of Fort Collins City of Fort Collins, Purchasing Attn: PO Box 580 PO Box 580 Fort Collins, CO 80522 Fort Collins, CO 80522 In the event of any such early termination by the Boards, the Professional shall be paid for services rendered prior to the date of termination, subject only to the satisfactory performance of the Professional's obligations under this Agreement. Such payment shall be the Professional's sole right and remedy for such termination. 5. Desian, Project Indemnity and Insurance Responsibility. The Professional shall be responsible for the professional quality, technical accuracy, timely completion and the coordination of all services rendered by the Professional, including but not limited to designs, plans, reports, specifications, and drawings and shall, without additional compensation, promptly remedy and correct any errors, omissions, or other deficiencies. The Professional shall indemnify, save and hold harmless the Boards, its officers and employees in accordance with Colorado law, from all damages whatsoever claimed by third parties against the Boards; and for the Boards' costs and reasonable attorneys fees, arising directly or indirectly out of the Professional's negligent performance of any of the services furnished under this Agreement. The Professional shall maintain commercial general liability insurance in the amount of $500,000 combined single limits and errors and omissions insurance in the amount of $ Optional: according to the Insurance Requirements attached hereto as Exhibit " ", consisting of one (1) page. 6. Compensation. [Use this paragraph or Option 1 below.] In consideration of the services to be performed pursuant to this Agreement, the Boards agree to pay Professional a fixed fee in the amount of ($ ) plus reimbursable direct costs. All such fees and costs shall not exceed ($ ). Monthly partial payments based upon the Professional's billings and itemized statements are permissible. The amounts of all such partial payments shall be based upon the Professional's Board -verified progress in completing the services to be performed pursuant hereto and upon the Boards' approval of the Professional's actual reimbursable expenses. RFP 7286 Pension Administrator Review & Benchmarking Page 8 of 14 [Optional] Insert Subcontractor Clause Final payment shall be made following acceptance of the work by the Boards. Upon final payment, all designs, plans, reports, specifications, drawings, and other services rendered by the Professional shall become the sole property of the Boards. 6. Compensation. [Option 11 Inconsideration of the services to be performed pursuant to this Agreement, the Boards agree to pay Professional on a time and reimbursable direct cost basis according to the following schedule: Hourly billing rates: Reimbursable direct costs: with maximum compensation (for both Professional's time and reimbursable direct costs) not to exceed ($ ). Monthly partial payments based upon the Professional's billings and itemized statements of reimbursable direct costs are permissible. The amounts of all such partial payments shall be based upon the Professional's Board -verified progress in completing the services to be performed pursuant hereto and upon the Boards' approval of the Professional's reimbursable direct costs. Final payment shall be made following acceptance of the work by the Boards. Upon final payment, all designs, plans, reports, specifications, drawings and other services rendered by the Professional shall become the sole property of the Boards. 7. Boards Representative. The Boards will designate, prior to commencement of work, its project representative who shall make, within the scope of his or her authority, all necessary and proper decisions with reference to the project. All requests for contract interpretations, change orders, and other clarification or instruction shall be directed to the Boards Representative. 8. Project Drawings. [Optional] Upon conclusion of the project and before final payment, the Professional shall provide the Boards with reproducible drawings of the project containing accurate information on the project as constructed. Drawings shall be of archival, prepared on stable Mylar base material using a non -fading process to provide for long storage and high quality reproduction. "CD" disc of the as -built drawings shall also be submitted to the Boards in.an AutoCAD version no older then the established city standard. RFP 7286 Pension Administrator Review & Benchmarking Page 9 of 14