Attachment E - Questions and Answers Worksheet-Govt.xlsx
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- Attached to
- Solicitation of Proposed Contract Action – 401(k) Administration and Recordkeeping Services
- Solicitation number
- 2031JW23Q00029
About this file
This document contains a questions and answers worksheet and details of a federal contract opportunity for 401(k) administration and recordkeeping services. The Office of the Comptroller of the Currency seeks to maintain recordkeeping and trustee services for two 401(k) plans covering OCC and OTS retirees. The anticipated solicitation will follow FAR part 12 procedures and promote maximum practicable competition. The incumbent contractor must register in SAM. The NAICS code is 523150. The contract term may include a 6-month transition-in, a 2-year base with four 2-year options and a potential 3-month transition-out, not exceeding 126 months.
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OCC-OTS 401(K) Plans Q&A Wksht
| ATTACHMENT E - Q&A WORKSHEET (GOVT) | ||||
| QUESTIONS AND ANSWERS WORKSHEET FOR OCC AND OTS 401(k) PLANS (2031JW23Q00029) | ||||
| # | PAGE # | SECTION | INDUSTRY'S QUESTIONS/COMMENTS | GOVERNMENT'S ANSWERS |
| 1 | 15 | 5.3 | In relation to compliance with FAR what does the government require the contractor to provide to confirm we are in complliance? | The Government requires the awarded Contractor to comply with all requirements identified within Section B, Subsection 5.3 for the duration of the contract, including the FAR reference. The awarded Contractor shall provide an annual Privacy Act completion certificate to confirm compliance with the FAR clause 24.301 Privacy Training. |
| 2 | Exhibit A | Plan Summary | Does OCC offer managed account services today through the current recordkeeper? If so can you please provide the total assets and number of participants using the service today? | Yes, the OCC offers managed account services to its employees through the current 401(k) plan. The following data regarding total assets and number of participants using the managed account services, as of December 31, 2022, are: |
OCC 401(k) Plan - 84 Participants have either utilized the point-in-time (30) or fully subscribed (54) managed account service; approximately $11.5M in assets
OTS 401(k) Plan - 13 Participants have either utilized the point-in-time (5) or fully subscribed (8) managed account service; approximately $3M in assets
| 3 | Exhibit A | Plan Summary | Can you please confirm the current fixed/stable value account being used by the plans today? Please provide the current rate and any exit provisions for the product. | The Government confirms the current fixed/stable value account being used by the 401(k) plans to date can be viewed at the: 'Vanguard - 0340 Product detail - Retirement Savings Trust III' located at https://institutional.vanguard.com/investments/product-details/fund/0340. Additionally, information regarding the exit/withdrawal provisions of the product is contained in the 'VG Withdrawal' Tab of this Q&A Worksheet (Attachment E). |
| 4 | ||||
| 5 |
VG Withdrawals
ARTICLE 5. WITHDRAWALS FROM TRUST
5.01. Withdrawal/Redemption of Participating Trusts.
| (a) A Participating Trust may, in accordance with the uniform terms and conditions |
| prescribed by the Trustee, surrender one or more Units in exchange for their value as of a |
| designated Valuation Date in accordance with Article 5.02 or 5.03 below. Any such |
| withdrawal will be made in cash or in kind, or partly in cash and partly in kind, in the |
| discretion of the Trustee; |
| (b) To the extent that any withdrawal is not made from the existing cash reserves and shortterm |
| investments, such withdrawal shall be made from any investment contracts and other |
| fixed-principal investments used to fund the Trust, based on the Trustee’s sole discretion and |
| subject to any limitation on withdrawals imposed by any of the investment contracts or other |
| fixed-principal investments held by the Trust. |
| (c) The Trustee will use its best efforts to distribute proceeds to the redeeming Participating |
| Trust as soon as practicable; provided however, that (i) cash proceeds from the sale of |
| securities liquidated to fund a withdrawal shall not be paid until after the actual settlement |
| date or dates of the sale of such securities; and (ii) the Trustee may suspend redemptions |
| and/or postpone the payment of redemption proceeds at times when the New York Stock |
| Exchange is closed or during other emergency circumstances as determined by the Trustee. |
| 5.02. Book Value Withdrawals. |
| A Participating Trust may surrender Units in exchange for |
| their full accumulated book value (determined in accordance with Article 3.02) plus the amount of |
| income accrued thereon under Article 3.04 as of the Valuation Date designated for the withdrawal, |
| provided that: |
| (a) the Participating Trust delivers a written request for withdrawal to the Trustee at least |
| twelve (12) months prior to the designated Valuation Date; or |
| (b) an authorized request for withdrawal is delivered to the Trustee in accordance with the |
| provisions of the Participating Trust on or prior to the designated Valuation Date and the |
| withdrawal is for solely for purposes of funding in whole or in part an authorized distribution, |
| withdrawal or loan payment by the Participating Trust to a participant or beneficiary covered |
| thereunder; or |
| (c) an authorized request for withdrawal is delivered to the Trustee in accordance with the |
| provisions of the Participating Trust on or prior to the designated Valuation Date and the |
| withdrawal is for purposes of having the Participating Trust make an employee-directed |
| investment exchange of participant’s or beneficiary’s separate account under the Participating |
| Trust from the Trust to a non-competing investment (as defined below), provided that such |
| assets remain in a non-competing investment for a minimum of ninety (90) days following |
| such exchange. |
| For purposes of this Article 5.02, the term “competing investment” means any funding vehicle |
| offered under a Participating Trust that provides a fixed payment of principal and interest, is invested |
| exclusively in fixed-income securities with a duration shorter than four years, or is otherwise |
| designated as a competing investment by an issuer of investment contracts to the Trust, and the term |
| “non-competing investment” means any funding vehicle offered under the Participating Trust that is |
| other than a competing investment. |
| 5.03. Other Withdrawals. |
| A Participating Trust that surrenders one or more Units under |
| circumstances other than those described in Section 5.02 above shall receive in exchange therefor |
| their value (determined in accordance with Section 3.02) plus the amount of income accrued thereon |
| under Section 3.04(b) as of the Valuation Date designated for the withdrawal, provided that the |
| Participating Trust delivers the written request for withdrawal to the Trustee at least thirty (30) |
| business days prior to the designated Valuation Date, and provided further that any such request shall |
| be subject to any limitations on surrender incorporated in any of the underlying investment contracts |
| or other fixed-principal investments held by the Trust. If such a withdrawal results in the Trust |
| receiving less than full accumulated book value proceeds from any investment contract or other |
| fixed-principal investment owned by the Trust, including but not limited to interests in any other |
| collective investment trust (including those maintained by the Trustee), there shall be a |
| corresponding reduction in the value to be received by the Participating Trust for the Units |
| surrendered by the Participating Trust. |
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