22-143HR Addendum #2
14 KB Posted
- Attached to
- Retirement Plan Consultant
- Solicitation number
- 22-143HR
- Issued by
- Fulton County, Georgia
About this file
This is an Addendum #2 Questions and Answers document for the City of Johns Creek's Request for Proposals (RFP) for a Retirement Plan Consultant. The City is seeking qualified firms to provide retirement plan consulting services for its 401(a) and 457 defined contribution plans. The sealed proposal deadline was May 23, 2022, at 2:00 PM, with a question submission deadline of May 13, 2022, at 5:00 PM through the Georgia Purchasing Group's BidNet system. The RFP was issued in accordance with City policy requiring competitive solicitations every five years to ensure service provider competitiveness. The consulting engagement will cover two retirement plans with combined assets of approximately $53 million ($34.7 million in the 401(a) plan and $18.3 million in the 457 plan) as of April 2023, serving 251 active participants in the 401(a) plan and 206 active participants in the 457 plan, with approximately 238 full-time employees currently eligible and an additional 20 expected to become eligible within six months.
The incumbent service provider is One Digital, which is eligible to rebid. Currently, Principal Financial serves as the recordkeeper for both plans, and the City does not have a retirement plan consultant acting as a fiduciary. Fees will most likely be paid through plan expenses, though this is subject to change. The City expressed a preference for basis point fee structures rather than hard dollar fees and indicated flexibility in meeting arrangements, allowing for a combination of virtual and in-person meetings with the retirement committee. The City declined to disclose current fees paid to the incumbent, instead requesting competitive fee proposals from all bidders based on best offers.
Text of this file
Questions & Answers - 1
Solicitation 22-143HR - Retirement Plan Consultant
Buying Organization The City of Johns Creek
No Question/Answer Question Date
Q1 Question: From Pension & Investments Publication
1.What is the reason for issuing the RFP? (e.g., contract expiration of current vendor).
2.Which firm currently provides these services and is the firm eligible to rebid?
3.What are the asset sizes of the 401(a) and 457 plans?
Answer: 1. City policy is to have RFPs every 5 years to ensure competitiveness.
2. One Digital and yes they are eligible.
3. 401A- $34.7 million as of 4/25/2023;
457- $18.3 million as of 4/2/2023
04/26/2022
Q2 Question: Plan Assets
Can you provide the recordkeeper(s) for the plans along with a schedule of investments and plan assets?
Answer: Current record keeper is Principal. See attached two PDF's of current plan investment account balances.
04/27/2022
Q3 Question: Participant Education Services
Would the City of John's Creek be receptive to a 3rd party education provider solution involving the record keeper (as opposed to the investment consultant providing education)?
Answer: This is not the preferred option but it might be considered.
04/29/2022
Q4 Question: Current Fees
Are you able to disclose the current fee being paid to the incumbent?
Answer: No. We are asking for the best offer of fees in the bid and not in comparison to what we currently pay.
04/29/2022
Q5 Question: 401a and 457 Participants
How many active particpants are in the 401a and 457 Plans? How many eligible participants are there for the 457 Plan?
Answer: 401A active participants: 251
457 active participants: 206
We have 238 full-time employees eligible for the plans and ~20 more that will be eligible over the next 6 months.
05/02/2022
No Question/Answer Question Date
Q6 Question: Questions on the RFP
1. Who is your current providers for the 457b & 401a plans?
2. What is the current assets in both plans?
3. Do you currently have a retirement plan consultant that acts as a fiduciary on these plans?
4. If so, who is the consultant and what is there current fee?
5. Is Johns Creek going to pay the retirement plan consultant fee or is going to be paid through plan expenses?
6. Do you prefer a hard dollar fee or a basis point fee on all assets?
7. Do you prefer all in-person meetings with the committee? Or can some meetings be a combination or virtual and in-person meetings?
Answer: 1.Already answered ;
2.Already answered ;
3.No. There is currently no retirement plan consultant that acts as a fiduciary.;
4.See previous questions and answers. Our current Broker is One Digital. There is no need to disclose current fees, we just want to see the most competitive fees from each bidder. ;
5. Most likely through plan expenses but this is subject to change. ;
6. Basis point fees. ;
7. It can be a combination of both virtual and in person.
05/05/2022
Questions & Answers - 1
| Text1: 22-143HR Addendum #2 |
| Text2: I acknowledge receiving addendum #2 for Bid 22-143HR. |
| Text3: Firm Name: __________________________________ |
| Text4: Print Name: __________________________________ |
| Text5: Signature: ___________________________________ |
| Text6: Date: _____________________ |
Other files
| File | Type | Posted |
|---|---|---|
| 22-143HR NOIA | — | |
| 22-143hr aDDENDUM #1 | — | |
| 22-143HR Bid Packet | — | |
| Award Information | — | |
| 22-143HR Addendum #3 | — | |
| 22-143HR Shortlist Announcemen | — |
On GovTribe
Work with this file
- Download the original file
- Contacts named in this file
- Similar government files
- Ask GovTribe AI about this file
File details come from the government source that posted it. Updated .