2017 Deferred Compensation Plan Consulting Services-Addendum 1 - Web Version.doc
DOC document 233 KB Posted
- Solicitation number
- 17-040
- Issued by
- Wisconsin
About this file
This is an addendum memorandum issued by Walworth County, Wisconsin, regarding a Request for Proposals for Deferred Compensation Plan Consulting Services for the Human Resources Department. The RFP sought proposals from qualified firms to provide retirement plan advisory services for the County's 457(b) and 403(b) deferred compensation plans. The scope of work includes reviewing current plan structure and employee investment options, evaluating investment fees, recommending potential plan improvements, assisting with an RFP process for plan providers if appropriate, and supporting possible plan transitions. The proposal deadline was established at 1:00 p.m. on May 2, 2017. The addendum clarifies responses to vendor inquiries regarding the procurement's rationale and current service providers.
Walworth County initiated this procurement to ensure compliance with fiduciary responsibilities under Department of Labor regulations while also evaluating the competitiveness of the current deferred compensation program and its investment vehicles. No incumbent contractor currently provides these consulting services; while the County maintains relationships with entities that perform record-keeping services for the deferred compensation programs, no external consultant is currently engaged for analysis and fiduciary compliance support. The addendum was distributed to all vendors on the County's bid list to provide equitable access to clarifying information and facilitate accurate proposal submissions.
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Other files
| File | Type | Posted |
|---|---|---|
| 2017 Deferred Compensation Plan Consulting Services-Addendum 2 - Web Version.doc | DOC document | |
| 2017 Deferred Compensation Plan Consulting Services-Final.docx | DOCX document |
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Text version
MEMORANDUM
To:
Deferred Compensation Plan Consulting Services Vendors
From:
Nick Cramer, Senior Buyer Date:
April 18, 2017 Re:
Addendum #1 Walworth County is interested in obtaining proposals for a Deferred Compensation Plan Consulting Services for the Human Resources Department. The Request for Proposals was sent earlier to your company.
Enclosed is information to requests for additional information submitted to Walworth County. The enclosed information is being provided to all vendors on our bid list to facilitate with your proposal submittal.
Thank you for your interest.
Enclosures
Walworth County
Request for Proposals Employee Benefits Consulting Services Deadline of 1:00 p.m., May 2, 2017
1. Question:
Why is the search being conducted?
Answer:
This search is being conducted to locate a firm to help Walworth County comply with our fiduciary responsibilities as a result of offering a Deferred Compensation program. With the potential for the new Department of Labor’s fiduciary rule, Walworth County determined it was in our best interest to partner with an entity to help keep us in compliance, while also examining our current deferred compensation program for competitiveness and appropriate investment vehicles.
2. Question:
Which firm currently handles the services?
Answer:
Walworth County does not currently have a contractual relationship with an outside vendor for these services. We do currently offer Deferred Compensation programs with entities performing record-keeping services for us, but we do not have a consultant to assist us in our analysis and fiduciary compliance.
3. Question:
Will that firm be invited to rebid?
Answer:
N/A due to answer to question #2.
Public Works Department
Eric Nitschke, P.E.
Director Central Services
Department of Public Works
Mike Sierakowski
Operations Manager
Deputy Director
Joe Kroll, P.E.
County Engineer
John Miller
Senior Project Manager
Penny Bishop
Finance Manager
Nick Cramer
Purchasing Manager
W4097 County Road NN
Elkhorn, WI 53121
262.741.3114 tel
262.741.3117 fax (Operations)
262.741.3195 fax
(Business Office)
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