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HomeMy WebLinkAboutRFP - 8878 RECORDKEEPING & PLAN ADMINISTRATIVE SERVICES FOR RETIREMENT PLANSRFP 8878 Record Keeping & Plan Administrative Services for Retirement Plans Page 1 of 28 REQUEST FOR PROPOSAL 8878 RECORDKEEPING & PLAN ADMINISTRATIVE SERVICES FOR RETIREMENT PLANS The City of Fort Collins is requesting proposals from qualified Vendors to provide recordkeeping and plan administrative services for the City’s retirement plans. As part of the City’s commitment to Sustainable Purchasing, proposals submission via email is preferred. Proposals shall be submitted in a single Microsoft Word or PDF file under 20MB and e-mailed to: purchasing@fcgov.com. If electing to submit a hard copy proposal we require one (1) hard copy and one (1) electronic copy on a jump drive to be received at the City of Fort Collins' Purchasing Division, 215 North Mason St., 2nd floor, Fort Collins, Colorado 80524. Proposals must be received before 3:00 p.m. (our clock) on April 5, 2019 and referenced as Proposal No. 8878. 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. Please note, additional time is required for bids mailed to the PO Box to be received at the Purchasing Office. The City encourages all Disadvantaged Business Enterprises (DBEs) to submit proposals in response to all requests for proposals. No individual or business will be discriminated against on the grounds of race, color, sex, or national origin. It is the City’s policy to create a level playing field on which DBEs can compete fairly and to ensure nondiscrimination in the award and administration of all contracts. All questions should be submitted, in writing via email, to Gerry Paul, Purchasing Director at purchasing@fcgov.com no later than 5:00 PM MST (our clock) on March 20, 2019. Please format your e-mail to include: RFP 8878 Recordkeeping & Plan Administrative Services for Retirement Plans in the subject line. Questions received after this deadline may not be answered. Responses to all questions submitted before the deadline will be addressed in an addendum and posted on the Rocky Mountain E-Purchasing System webpage. Rocky Mountain E-Purchasing System hosted by Bidnet A copy of the RFP may be obtained at http://www.bidnetdirect.com/colorado/city-of-fort-collins. This RFP has been posted utilizing the following Commodity Code(s): 946-11 Accounting Service (Not Otherwise Classified) 946-12 Actuarial Services and Retirement Planning 946-45 Employee Benefit Funds 946-56 Investment Management Services 958-82 Records Management Services Public Viewing Copy: The City is a governmental entity subject to the Colorado Open Records Act, C.R.S. §§ 24-72-200.1 et seq. (“CORA”). Any proposals submitted hereunder are subject to public disclosure by the City pursuant to CORA and City ordinances. Vendors may submit one (1) additional complete proposal clearly marked “FOR PUBLIC VIEWING.” In this version of the proposal, the Vendor may redact text and/or data that it deems confidential or proprietary pursuant to CORA. Such statement does not necessarily exempt such documentation from 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 RFP 8878 Record Keeping & Plan Administrative Services for Retirement Plans Page 2 of 28 public disclosure if required by CORA, by order of a court of appropriate jurisdiction, or other applicable law. Generally, under CORA trade secrets, confidential commercial and financial data information is not required to be disclosed by the City. Proposals may not be marked “Confidential” or ‘Proprietary’ in their entirety. All provisions of any contract resulting from this request for proposal will be public information. New Vendors: The City requires new Vendors receiving awards from the City to fill out and submit an IRS form W-9. If needed, the W-9 form can be found on the City’s Purchasing website at www.fcgov.com/purchasing under Vendor Reference Documents. Please do not submit with your proposal. Sales Prohibited/Conflict of Interest: No officer, employee, or member of City Council, shall have a financial interest in the sale to the City 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 City. Soliciting or accepting any gift, gratuity favor, entertainment, kickback or any items of monetary value from any person who has or is seeking to do business with the City of Fort Collins 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 City of Fort Collins reserves the right to reject any and all proposals and to waive any irregularities or informalities. Utilization of Award by Other Agencies: The City of Fort Collins reserves the right to allow other state and local governmental agencies, political subdivisions, and/or school districts to utilize the resulting award under all terms and conditions specified and upon agreement by all parties. Usage by any other entity shall not have a negative impact on the City of Fort Collins in the current term or in any future terms. Sincerely, Gerry Paul Purchasing Director RFP 8878 Record Keeping & Plan Administrative Services for Retirement Plans Page 3 of 28 I. BACKGROUND & OBJECTIVE / OVERVIEW A. Objective The City of Fort Collins is requesting proposals from qualified Vendors to provide recordkeeping and plan administrative services for the City’s retirement plans. II. SCOPE OF PROPOSAL A. Scope of Work The City of Fort Collins is seeking proposals from qualified retirement plan providers to provide recordkeeping, administration, trust custody, participant education and communication and investment services for the City’s retirement plans. ICMA-RC is the recordkeeper for all of the City’s retirement plans. Below is a listing of the City’s plans, approximate assets and participant accounts included within the scope of this request for proposal. The City maintains other plans that are not included in the proposal. Plan Number Type Total Plan Assets Number Participant Accounts 109361 401a $120,781,321.04 1,613 300067 457 $117,657,892.86 1,134 108528 401a $69,005,838.20 349 301049 457 $38,734,065.58 233 108618 401a $14,773,963.12 80 306335 457 $3,117,481.42 34 306191 457 $2,084,743.69 4 306589 457 $727,336.06 8 590067 457 $6,693.95 2 106514 401a $5,900,122.03 107 108530 401a $5,009,527.61 20 106375 401a $2,066,500.26 4 108533 401a $63,264.05 2 The current Adoption Agreements for the plans listed above, as well as the 401 Money Purchase Plan & Trust and the 457 Governmental Deferred Compensation Plan & Trust documents are available upon request. Vendors wishing to receive a copy of these documents must fill out and sign the City’s Mutual Non-Disclosure Agreement, uploaded separately as a Microsoft Word document, and return via email to purchasing@fcgov.com by the Questions Deadline set forth in Paragraph E – Anticipated Schedule. The City has retained Innovest Portfolio Solutions as its independent investment consultant and to consult throughout the RFP process. RFP 8878 Record Keeping & Plan Administrative Services for Retirement Plans Page 4 of 28 The contract for the plan’s current provider expired August 2017 and is currently evergreen with a 60 day termination notification. Therefore, the City is conducting this solicitation to review the market’s current best practices regarding recordkeeping, plan sponsor and participant services, employee education, and fees. The City is looking for a provider that has the capacity of dealing effectively with employees of a program of its size. In preparing for the solicitation process, the City has spent significant time reviewing, discussing, and analyzing the Plans. Goals, objectives, and outcomes of the solicitation process were then identified which include, but are not limited to (in no particular order): • Consolidation of retirement plans where possible • Enhance formal education to employees and the plan sponsor • Analyze current retirement plans for operational and technologic efficiencies • Access to cutting-edge benefit and education programs • Reduce participant and plan expenses The current recordkeeper provides approximately 300 days of onsite educational services to participants per year, plus access to a Certified Financial Planner® (CFP) 12 days per year. The City would like the selected firm to provide a dedicated, full-time education representative for the City’s retirement plans, and an increase in the level of CFP services. The City processes its payroll in-house. B. Current Plan Details The following is a summary of the City’s current plans. A Microsoft Excel spreadsheet titled “RFP 8878 – Fund Line-up Details as of 12-31-18.xlsx” has also been uploaded to RMEPS with additional fund line-up details for each of the following retirement plans. Plan Statistics (109361) Balance, Growth, and Participation Statistics as of 12/31 each year 2016 2017 2018 Market Value Total $105,588,941 $123,290,516 $120,781,321 Contributions Total $6,676,819 $7,522,694 $8,490,673 Distributions Total $7,577,183 $6,800,795 $5,024,845 Overall Participation as of 12/31/18 Eligible Employees 1,170 Actively Contributing 1,116 Terminated with Balance 497 Total Participants with an Account Balance 1,613 RFP 8878 Record Keeping & Plan Administrative Services for Retirement Plans Page 5 of 28 Outstanding Loans as of 12/31/18 Outstanding 194 Balance $2,089,278 Plan Statistics (300067) Balance, Growth, and Participation Statistics as of 12/31 each year 2016 2017 2018 Market Value Total $114,949,680 $127,231,186 $117,657,893 Contributions Total $3,894,114 $4,946,842 $4,255,357 Distributions Total $8,594,076 $8,952,118 $9,412,360 Overall Participation as of 12/31/18 Eligible Employees 1,900 Actively Contributing 761 Terminated with Balance 373 Total Participants with an Account Balance 1,134 Plan Statistics (108528) Balance, Growth, and Participation Statistics as of 12/31 each year 2016 2017 2018 Market Value Total $64,206,185 $74,852,025 $69,005,838 Contributions Total $3,630,302 $4,024,695 $3,657,306 Distributions Total $3,043,927 $4,660,314 $5,179,768 Overall Participation as of 12/31/18 Eligible Employees 250 Actively Contributing 248 Terminated with Balance 101 Total Participants with an Account Balance 349 RFP 8878 Record Keeping & Plan Administrative Services for Retirement Plans Page 6 of 28 Outstanding Loans as of 12/31/18 Outstanding 72 Balance $1,515,735 Plan Statistics (301049) Balance, Growth, and Participation Statistics as of 12/31 each year 2016 2017 2018 Market Value Total $34,745,930 $40,898,278 $38,734,066 Contributions Total $1,281,117 $2,051,736 $1,328,145 Distributions Total $1,845,412 $1,688,236 $1,432,485 Overall Participation as of 12/31/18 Eligible Employees 190 Actively Contributing 187 Terminated with Balance 46 Total Participants with an Account Balance 233 Plan Statistics (108618) Balance, Growth, and Participation Statistics as of 12/31 each year 2016 2017 2018 Market Value Total $12,664,776 $15,097,054 $14,773,693 Contributions Total $582,544 $1,066,487 $551,291 Distributions Total $805,555 $534,985 $540,990 Overall Participation as of 12/31/18 Eligible Employees 40 Actively Contributing 40 Terminated with Balance 40 Total Participants with an Account Balance 80 RFP 8878 Record Keeping & Plan Administrative Services for Retirement Plans Page 7 of 28 Outstanding Loans as of 12/31/18 Outstanding 4 Balance $28,448 Plan Statistics (108530) Balance, Growth, and Participation Statistics as of 12/31 each year 2016 2017 2018 Market Value Total $5,314,455 $5,918,186 $5,009,528 Contributions Total $200,310 $232,155 $201,030 Distributions Total $221,001 $328,514 $925,898 Overall Participation as of 12/31/18 Eligible Employees 15 Actively Contributing 14 Terminated with Balance 6 Total Participants with an Account Balance 20 Plan Statistics (306191) Balance, Growth, and Participation Statistics as of 12/31 each year 2016 2017 2018 Market Value Total $1,861,091 $2,108,465 $2,084,743 Contributions Total $53,790 $53,878 $56,231 Distributions Total $23,978 $24,235 $24,546 Overall Participation as of 12/31/18 Eligible Employees 6 Actively Contributing 3 Terminated with Balance 1 Total Participants with an Account Balance 4 RFP 8878 Record Keeping & Plan Administrative Services for Retirement Plans Page 8 of 28 Plan Statistics (106375) Balance, Growth, and Participation Statistics as of 12/31 each year 2016 2017 2018 Market Value Total $1,810,303 $2,080,989 $2,066,500 Contributions Total $54,350 $56,206 $57,685 Distributions Total $30,539 $31,435 $33,388 Overall Participation as of 12/31/18 Eligible Employees 3 Actively Contributing 3 Terminated with Balance 1 Total Participants with an Account Balance 4 Outstanding Loans as of 12/31/18 Outstanding 1 Balance $25,092 Plan Statistics (106514) Balance, Growth, and Participation Statistics as of 12/31 each year 2016 2017 2018 Market Value Total $5,021,150 $6,094,738 $5,900,122 Contributions Total $319,130 $330,298 $346,649 Distributions Total $90,192 $140,279 $256,156 Overall Participation as of 12/31/18 Eligible Employees 85 Actively Contributing 83 Terminated with Balance 24 Total Participants with an Account Balance 107 Outstanding Loans as of 12/31/18 Outstanding 6 Balance $61,924 RFP 8878 Record Keeping & Plan Administrative Services for Retirement Plans Page 9 of 28 Plan Statistics (306335) Balance, Growth, and Participation Statistics as of 12/31 each year 2016 2017 2018 Market Value Total $3,181,804 $3,723,477 $3,117,481 Contributions Total $176,833 $173,201 $168,417 Distributions Total $17,278 $107,766 $691,172 Overall Participation as of 12/31/18 Eligible Employees 85 Actively Contributing 26 Terminated with Balance 8 Total Participants with an Account Balance 34 Plan Statistics (306589) Balance, Growth, and Participation Statistics as of 12/31 each year 2016 2017 2018 Market Value Total $537,368 $712,217 $727,336 Contributions Total $63,507 $72,158 $67,083 Distributions $0 $0 $143 Total $0 $0 $143 Overall Participation as of 12/31/18 Eligible Employees 5 Actively Contributing 5 Terminated with Balance 3 Total Participants with an Account Balance 8 RFP 8878 Record Keeping & Plan Administrative Services for Retirement Plans Page 10 of 28 Plan Statistics (590067) Balance, Growth, and Participation Statistics as of 12/31 each year 2016 2017 2018 Market Value Total $110,144 $12,118 $6,694 Contributions Total $0 $0 $0 Distributions Total $32,131 $186,265 $5,689 Overall Participation as of 12/31/18 Eligible Employees 2 Actively Contributing 0 Terminated with Balance 2 Total Participants with an Account Balance 2 Plan Statistics (108533) Balance, Growth, and Participation Statistics as of 12/31 each year 2016 2017 2018 Market Value Total $39,816 $56,308 $63,264 Contributions Total $9,903 $10,202 $10,514 Distributions Total $0 $0 $0 Overall Participation as of 12/31/18 Eligible Employees 1 Actively Contributing 1 Terminated with Balance 1 Total Participants with an Account Balance 2 RFP 8878 Record Keeping & Plan Administrative Services for Retirement Plans Page 11 of 28 C. Fixed Account (Vantagepoint Plus Fund) The City utilizes the VT Plus Fund R9, which has a current crediting rate of 2.32% as of 12/31/18. Crediting Rate 2018 Net Crediting Rate: The estimated crediting rate for month ending 12/31/2018 is 2.32%. The estimated crediting rate may differ from actual investor returns. 2017 Net Crediting Rate: The estimated crediting rate for month ending 12/31/2017 is 2.16%. The estimated crediting rate may differ from actual investor returns. 2016 Net Crediting Rate: The estimated crediting rate for month ending 12/31/2016 is 1.98%. The estimated crediting rate may differ from actual investor returns. Guaranteed for how long: * Guaranteed Contract Floor: * * The Vantagepoint PLUS Fund, a commingled stable value fund, does not contractually guarantee principal or a minimum interest rate. The Vantagepoint PLUS Fund’s rate is established monthly. Year-End Date Market-to-Book Value 2017 100.53% 2016 100.29% 2015 100.20% 2014 101.45% 2013 100.60% 2012 103.22% 2011 102.42% 2010 101.37% 2009 99.74% 2008 95.18% Withdrawal Provisions for the Vantagepoint Plus Fund Below is the specific contract language regarding participant- and plan-level withdrawals from the Vantagepoint Plus Fund. Participant-Level Restrictions: The Vantagepoint PLUS Fund is benefit responsive and allows for benefit payments at book value. The Fund offers daily liquidity to individual participants for such benefit payments. Further, participants have full liquidity to move monies from the Vantagepoint PLUS Fund to any other mutual fund options. However, due to restrictions from financial wrap contract issuers, direct transfers from the Vantagepoint PLUS Fund to self-directed brokerage accounts or other competing funds are not permitted. Funds considered to be competing include, but are not limited to, short-term fixed income funds, money market funds, certificate of deposit products, or other stable value products. Investors must transfer their money to a non-competing fund for 90 days (equity wash) before investing in a competing fund (this includes assets in the Vantagepoint PLUS Fund transferred to co-providers, if applicable). Whether or not a particular fund is a competing fund will be determined, at the sole discretion of ICMA-RC, on a fund-by-fund basis. RFP 8878 Record Keeping & Plan Administrative Services for Retirement Plans Page 12 of 28 Plan-Level Restriction: ICMA-RC retains full discretion to release employer-initiated Vantagepoint PLUS Fund withdrawals at book value in an orderly manner over a period of up to 12 months from the date ICMA-RC receives written notification from the employer that it is initiating withdrawals from the Vantagepoint PLUS Fund. This restriction on employer withdrawals from the Vantagepoint PLUS Fund does not apply to participant directed withdrawals from the Fund. The Vantagepoint PLUS Fund remains benefit responsive to participants eligible to take participant-directed withdrawals from the Fund. ICMA-RC does not impose any financial market value adjustments or other financial penalties on withdrawals or transfers among mutual funds or rollover of mutual funds to another provider (aside from amortization schedules for the payment of such charges imposed by other vendors and charges for early withdrawal from bank CDs). D. Minimum Qualifications Vendors must meet all of the following requirements in order to be considered. Please included a completed copy of the following matrix in your proposal submittal: Requirement Y/N Must have a minimum of 10 years of experience administering 401a and 457b plans. Must have a minimum of five 401a and 457b plans with an asset size at least $400 million per plan. Must have a minimum of five 401a and 457b plans with a participant size of at least 3,000 per plan. The firm must offer a bundled service solution including recordkeeping/administration, communication, education, trust custody services, and an open investment management platform. Develop and maintain custom branded employee communication materials. Provide qualified, local, in-person educational support to City employees from salary- based representatives who are employees of your firm and do not receive any financial incentives or commissions based on participant investment selections or promotion of any investment product or services. Able to handle all aspects of benefit distribution processing including disbursements of funds, preparation of required notices, tax withholding, tax reporting, tax filing and preparation and distribution of the 1099-R forms. Must have compliant SSAE 16, 18, or SOC1 or SOC 2 on internal controls for a service organization. Must accurately and fully disclosure all expenses and revenue associated with any investment or service made available under the plan(s). This includes mutual funds available to the plan, managed accounts, investment advice, financial planning, and self-directed brokerage accounts. Ability to recordkeep the existing investment menu or a willingness to add investments in the menu not currently available on your platform to your platform. RFP 8878 Record Keeping & Plan Administrative Services for Retirement Plans Page 13 of 28 E. Anticipated Schedule The following represents the City’s target schedule for the RFP. The City reserves the right to amend the target schedule at any time. • Question deadline: 5:00 PM MST on March 20, 2019 • Q&A Addendum Issued via RMEPS Week of March 25, 2019 • Proposal due date: 3:00 MST (our clock) on April 5, 2019 • Interviews: June 18, 2019 • Site Visits (tentative): July 2019 • Award of Contract (tentative): August 2019 F. Interviews In addition to submitting a written proposal, the top-rated Vendors may be interviewed by the RFP assessment team and asked to participate in an oral presentation to provide an overview of the company, approach to the project and to address questions. The evaluation criteria for the oral interviews will be the same as the criteria for the written evaluations and is included in Section IV. G. Site Visits The top-rate Vendors may also be asked to host site visits with City representatives. H. Laws and Regulations The Vendor agrees to comply fully with all applicable local, State of Colorado and Federal laws and regulations and municipal ordinances. III. PROPOSAL SUBMITTAL For this section, Vendors are required to provide detailed written responses to the following items in the order outlined below. The responses shall be considered technical offers of what Vendors propose to provide and shall be incorporated in the contract award as deemed appropriate by the City. A proposal that does not include all the information required may be deemed non-responsive and subject to rejection. Responses must include all the items in the order listed below. It is suggested that the Vendors include each of the City’s questions with their response immediately following the question. The City of Fort Collins shall not reimburse any firm for costs incurred in the preparation and presentation of their proposal. A. Cover Letter / Executive Summary The Executive Summary should highlight the content of the proposal and features of the program offered, including a general description of the program and any unique aspects or benefits provided by your firm. B. Vendor Information 1. Describe the Vendor’s business and background 2. Number of years in the business RFP 8878 Record Keeping & Plan Administrative Services for Retirement Plans Page 14 of 28 3. Details about ownership 4. An overview of services offered and qualifications 5. Size of the firm 6. Location(s) of offices. If multiple, please identify which will be the primary for our account. 7. Primary contact information for the company including contact name(s) and title(s), mailing address(s), phone number(s), and email address(s). Complete Section V, Vendor Statement. C. Scope of Proposal Please complete the attached Section VI, Questionnaire. For your convenience, a Microsoft Word version of the questionnaire, titled RFP 8878 – Questionnaire, has been uploaded to RMPES. D. Additional Information 1. The following documents should also be included in your proposal: • Copy of SSAE 16 or 18 or SOC1 or SOC2 (or link to NDA and self-service access) • Copy of privacy/security policy • Copy of system security plan (ssp) or equivalent • ADV I & II, if applicable • Examples of custom branded communication materials • Stable Value Fund Fact Sheet, if applicable 2. Provide any information that distinguishes Vendor from its competition and any additional information applicable to this RFP that might be valuable in assessing Vendor’s proposal. 3. Explain any concerns Vendor may have in maintaining objectivity in recommending the best solution. All potential conflicts of interest must be disclosed. 4. Exceptions to the Scope of Services shall be documented. IV. REVIEW AND ASSESSMENT CRITERIA A. Proposal and Interview Criteria Vendors will be evaluated on the following criteria. These criteria will be the basis for review and assessment of the written proposals and optional interview session. At the discretion of the City, interviews of the top-rated Vendors may be conducted. 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. Evaluation Criteria Weight Key Considerations 15% Personnel 15% RFP 8878 Record Keeping & Plan Administrative Services for Retirement Plans Page 15 of 28 Employee Education, Communication, and Participant Services 15% Administrative & Plan Sponsor Services 10% Investment Options 10% Transition 5% Service Level Agreements 5% References 5% Fee Proposal with Transparent and Clear Revenue Requirement 20% Weighted Total 100% B. Reference Evaluation Criteria Prior to award, the Project Manager will check references using the following criteria. Negative responses from references may impact the award determination. CRITERIA STANDARD QUESTIONS Overall Performance Would you hire this Vendor again? Did they show the skills required by this project? Timetable Was the original transition timeline completed within the specified time? Service Was the Relationship Manager responsive to client needs; did the Relationship Manager anticipate problems? Were problems solved quickly and effectively? How would you describe the overall service of the entire Service team? Job Knowledge Did they administer the plan according to the agreed upon services? RFP 8878 Record Keeping & Plan Administrative Services for Retirement Plans Page 16 of 28 V. VENDOR STATEMENT Vendor hereby acknowledges receipt of the City of Fort Collins Request for Proposal and acknowledges that it has read and agrees to be fully bound by all of the terms, conditions and other provisions set forth in the RFP. Additionally, Vendor hereby makes the following representations to City: a. All of the statements and representations made in this proposal are true to the best of the Vendor’s knowledge and belief. b. Vendor commits that it is able to meet the terms provided in this proposal. c. This proposal is a firm and binding offer, for a period of 180 days from the date hereof. d. Vendor further agrees that the method of award is acceptable. e. Vendor acknowledge receipt of addenda. Firm Name: Physical Address: Remit to Address: Phone: Name of Authorized Agent of Firm: Signature of Authorized Agent: Primary Contact for Project: Title: Email Address: Phone: Cell Phone: NOTE: VENDOR STATEMENT IS TO BE SIGNED & RETURNED WITH YOUR PROPOSAL. RFP 8878 Record Keeping & Plan Administrative Services for Retirement Plans Page 17 of 28 VI. QUESTIONAIRE A. Key Considerations 1. Based on your understanding of the objectives of this proposal and the client why should the City select your firm? Please limit your response to 500 words. 2. Which of the retirement plans would you consolidate on your recordkeeping platform and why? a. What would be the process and timeline to consolidate them? b. How much would you charge per consolidate plan? 3. Provide a detailed plan on how you would increase participant’s retirement readiness. a. Identify and establish goals regarding retirement readiness. b. How would you implement the plan and how would you measure and evaluate the success of the plan? 4. Describe any CFP services you offer, what they entail, and any participant eligibility requirements. Are there any costs associated with this service? a. How many days of CFP services will you provide per year? 5. Briefly describe your plan sponsor website. Limit your response to 300 words. 6. Briefly describe your participant website. Limit your response to 300 words. 7. What ancillary programs or services do you offer beyond recordkeeping, education and investment advisory services (e.g. student loan programs, will preparation, etc.)? a. What are the costs associated with these services? b. What information do you need from the City in order to provide these services? RFP 8878 Record Keeping & Plan Administrative Services for Retirement Plans Page 18 of 28 B. Personnel Questions Please fill out the following tables for all Service Team members that will be assigned to this plan. RELATIONSHIP MANAGER Name & Title Description of role and responsibilities Location Education/Credentials Tenure with the company Years of retirement plan experience Years of 401(a) & 457(b) retirement plan experience Number of clients Number of 401(a) & 457(b) clients Compensation Structure DAY-TO-DAY ADMINISTRATIVE CONTACT Name & Title Description of role and responsibilities Location Education/Credentials Tenure with the company Years of retirement plan experience Years of 401(a) & 457(b) retirement plan experience Number of clients Number of 401(a) & 457(b) clients Compensation Structure RFP 8878 Record Keeping & Plan Administrative Services for Retirement Plans Page 19 of 28 PARTICIPANT EDUCATION REPRESENTATIVE Name & Title Description of role and responsibilities Location Education/Credentials Tenure with the company Years of retirement plan experience Years of 401(a) & 457(b) retirement plan experience Number of clients Number of 401(a) & 457(b) clients Compensation Structure TRANSITION MANAGER (if not applicable please respond with “N/A”) Name & Title Description of role and responsibilities Location Education/Credentials Tenure with the company Years of retirement plan experience Number of transitions completed Number of 401(a) & 457(b) transitions completed Compensation Structure C. Participant Education & Communication Questions 8. Identify the key elements provided as part of a standard communication and education program package included in your proposal. Limit you answer to 500 words. 9. Describe your customization capabilities for participant level statements. RFP 8878 Record Keeping & Plan Administrative Services for Retirement Plans Page 20 of 28 10. Please describe any capabilities to customize the web, mobile, call- center, or print content. 11. Describe the enrollment process. To what extent do you need Plan Sponsor involvement to complete the enrollment and begin deferrals? 12. Describe the distribution process. To what extent do you need Plan Sponsor involvement to approve and process distributions? 13. To what extent are each of the following representatives fiduciaries to the participant: a. in-person educational staff delivering group and/or one-on-one education b. call center representatives 14. Holistic Financial Education In addition to retirement and investment topics, which of the following financial education topics are available to participants and via which mode of delivery? In-person Call Center Website Basic budgeting Saving (e.g., major purchases, college) Managing debt (e.g., credit cards, student loans) Estate planning Home buying Insurance Other (provide details) 15. Identify non-standard elements to a communication and education program you may provide for an additional charge. Limit you answer to 500 words. 16. Do you provide the following participant tools? Yes/No RFP 8878 Record Keeping & Plan Administrative Services for Retirement Plans Page 21 of 28 Retirement income projections with gap analysis and suggested actions Budgeting tools Retirement healthcare cost tools Ability to include or exclude social security in estimates and projections Ability to manually add external account information Ability to automatically pull in external account information Spend down projections using different market risk 17. Please provide login credentials for the participant website demo. D. Administrative & Plan Sponsor Services Questions 18. Provide a sample “plan health” or “annual plan report”. Describe the medium(s) used to deliver the report(s) and the timing of the report(s). 19. Describe the types of reports or analytics your team will provide to Plan Sponsors (i.e. City) on a periodic basis. Indicate whether the information must be requested by the Plan Sponsor or whether the team proactively sends the information to the Plan Sponsor. 20. What administrative services can be fully outsourced to the recordkeeper? Which administrative services will require plan sponsor involvement? 21. Please provide login credentials for the plan sponsor website demo. E. Investment Services Questions 22. Can you support an open architecture fund lineup? (Yes/No). If not, please provide your reasoning. 23. Describe any mutual fund families, fixed account options, or other investments that you cannot or will not recordkeep. Can you recordkeep the plan’s current lineup? 24. Describe the process and timeline for adding a new fund to your investment platform. RFP 8878 Record Keeping & Plan Administrative Services for Retirement Plans Page 22 of 28 25. Can your system limit the participant to choose either an array of funds or a single model/target date fund? (Yes/No) 26. Do you offer online advice? If so, is it coupled with managed accounts? a. Can the online advice be offered separately? 27. Self-Directed Brokerage and Managed Accounts Brokerage Firm Name Self-Directed Brokerage Y/N Fully integrated with your website and call center? Participants can permit outside advisors to access their brokerage account? Outside advisors’ fees can be paid from the account? Managed Accounts Provider Utilized (e.g., Morningstar, Ibbotson, etc) Participants can load outside and/or spousal assets into the system to be used in planning/calculations? F. Transition Services Questions 28. Provide a high-level sample timeline for the transition, starting from when the contract is signed and ending with the lifting of the blackout period (or later if applicable to your transition process). Include major milestones for the payroll/technical aspects, the investment platform, mapping, and asset transfer, as well as key participant communication/education elements of the transition. 29. Based on your understanding of the City’s retirement plans and goals, what would be the Transfer of Assets Date, or “Go-Live” date? 30. How will you guarantee your stated implementation timeframe? G. Service Level Agreements/Performance Guarantees 31. Please complete the chart below with your service level agreements, if any. Please provide the dollar amount at risk for failing to meet these standards. RFP 8878 Record Keeping & Plan Administrative Services for Retirement Plans Page 23 of 28 Service Level Agreement Dollars at Risk Participant Services Average call center wait time per call Number of onsite individual meetings per year Number of onsite group meetings per year Plan participation rate increases per year Deferral rate increases per year Participant statement mail date Participant statement online posting date Plan Sponsor Services Number of days after quarter end for plan report Time to return plan sponsor phone calls Annual plan sponsor training Administration Contribution reconciliation Contribution posting Withdrawals paid Rollovers and transfers out Processing of fund transfers Loan processing Loan distribution Transition (if applicable) Number of group meetings RFP 8878 Record Keeping & Plan Administrative Services for Retirement Plans Page 24 of 28 Service Level Agreement Dollars at Risk Number of individual meetings Number of days in blackout H. References 32. Please provide 3 current client references of similar size for the proposed relationship manager. Client Name Contact Name & Title Address Phone Number Email Address Total Plan Assets Total Plan Participants Contract Start and End Date (If applicable) Services Provided Client Name Contact Name & Title Address Phone Number Email Address Total Plan Assets Total Plan Participants Contract Start and End Date (If applicable) Services Provided Client Name Contact Name & Title Address Phone Number Email Address RFP 8878 Record Keeping & Plan Administrative Services for Retirement Plans Page 25 of 28 Total Plan Assets Total Plan Participants Contract Start and End Date (If applicable) Services Provided 33. Please provide 3 terminated client references of similar size for the proposed relationship manager. Client Name Contact Name & Title Address Phone Number Email Address Total Plan Assets Total Plan Participants Contract Start and End Date (If applicable) Services Provided Client Name Contact Name & Title Address Phone Number Email Address Total Plan Assets Total Plan Participants Contract Start and End Date (If applicable) Services Provided Client Name Contact Name & Title Address Phone Number Email Address Total Plan Assets RFP 8878 Record Keeping & Plan Administrative Services for Retirement Plans Page 26 of 28 Total Plan Participants Contract Start and End Date (If applicable) Services Provided I. Fees & Expenses Questions 34. Please price (109361), (300067), (108528), (301049) and (108618) plans below separately, with the following below assumptions. In addition, please price the (306335) (106514), (306191), (306589), (590067), (108530), (106375), (108533) plans together with the same assumptions below. • Completely open architecture fund lineup • No proprietary mutual funds, fixed options or services (including Managed Accounts) • Full-time, dedicated onsite education representative • 5-year contract Plan (109361) Plan (300067) Plan (108528) Plan (301049) Plan (108618) (306335), (306191), (306589), (590067), (106514), (108530), (106375), (108533) Asset-Based Fee Total Per- Participant Fee Total State all other assumptions in your pricing 35. Please price (109361), (300067), (108528), (301049) and (108618) plans below separately, with the following below assumptions. In addition, please price the (306335) (106514), (306191), (306589), (590067), (108530), (106375), (108533) plans together with the same assumptions below. • Completely open architecture fund lineup • Use of a proprietary stable value account only (no general account products) • No proprietary mutual funds or services (including Managed Accounts) • Full-time, dedicated onsite education representative RFP 8878 Record Keeping & Plan Administrative Services for Retirement Plans Page 27 of 28 • 5-year contract Plan (109361) Plan (300067) Plan (108528) Plan (301049) Plan (108618) (306335), (306191), (306589), (590067), (106514), (108530), (106375), (108533) Asset-Based Fee Total Per- Participant Fee Total State all other assumptions in your pricing 36. Describe how recordkeeping fees are paid by participants who utilize a Self-Directed Brokerage Account. 37. Please describe all other fees below. Only the fees clearly disclosed in the chart below (as well as the asset based and per capita recordkeeping fees above) will be allowed in the final recordkeeping contract. Do not refer to any outside attachments for any fee. Additionally, do not refer to any other portion outside of this chart of the RFP to describe any fee. Other Fees and Expenses Adding a New Fund to Your Investment Platform Each Additional On-Site Participant Education Day Custom Client Branded Communication and Education Materials Holistic Financial Planning Services Unitized Custom Model Portfolios Non-unitized Custom Model Portfolios Loan Origination Annual Loan Maintenance Fee Other Loan Fees Hardship Approval and Processing Qualifying and Processing DROs RFP 8878 Record Keeping & Plan Administrative Services for Retirement Plans Page 28 of 28 Distribution Check ACH Wire Transfer Overnight Delivery Managed Account Fees Self-Directed Brokerage Fees Creation of Required Annual Notices Mailing of Required Notices Creation of Fund Change Notices Mailing of Fund Change Notices Mailing of Participant Statements One-Time Costs Related to the Transition or Plan Recordkeeping Contract Termination Fees Special Project Fees Other Fees (list)