Questions_and_Comments_for_RFP-July_10,_2019.docx
DOCX document 13 KB Posted
- Attached to
- Defined Benefit Pension Plan Federal contract opportunity
- Solicitation number
- 19HA7019R0001
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Text version
Questions and Comments for RFP #19HA7019R0001 Direct Insurance Defined Contribution Pension Plan
Any Information on the 300 estimated participants.
1. The information for the 300 estimated participants is not available since we do not know who will elect the new plan (VCP) and who will elect to remain in the current plan (DAPP).
1.
What is the current value of the fund?
1. The current value of the fund under management is approximately 9-10 million. However, we only expect about 3 to 5 million to be under management because we expect 75% of current employee to elect the new plan (VCP) and no longer participate in the DAPP.
What is the estimate annual contribution?
1. We can only estimate the annual contribution rates based on an educated guess of 10.54% of base salary for those who we believe are likely to stay in the plan.
Any Accounting Audits?
1. Accounting audits are not required when we have an $80,000 Actuarial Valuation. The AV reports provide an accounting audit as well as an estimate of projected future liability.
Who pays the fees?
1. The vendors need to read the current contract and plan rules to determine who pays the fees. The vendor is required to match the plan rules and get as close to the current contract as possible.
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