RFQ_Questions_and_Answers.pdf
PDF 105 KB Posted
- Attached to
- SEC Supplemental Retirement Plan (SRP) Federal contract opportunity
- Solicitation number
- 50310219Q0165
- Issued by
- Securities and Exchange Commission
About this file
SRP RFQ Questions and Answers
View the file
Other files for this federal contract opportunity
| File | Type | Posted |
|---|---|---|
| Amendment_00001_to_RFQ.pdf | ||
| Attachment_5_-_RFQ_Past_Performance_Questionnaire.docx | DOCX document | |
| 5_Summary_Plan_Overview.pdf | ||
| Attachment_4_-_Statement_of_Work_(FINAL).pdf | ||
| Article_VIII_of_the_SECâs_Supplemental_Retirement_Plan_(November_11,_2015).pdf | ||
| Attachment_2_-_Non-Disclosure_Agreement_-_Contractor_Personnel.pdf | ||
| Attachment_3-_CLIN_Table_(FINAL).xlsx | XLSX spreadsheet | |
| Attachment_1_-_Non-Disclosure_Agreement_-_Contractor_Entity.pdf | ||
| Combined_Synopsis_Solicitation_(FINAL).pdf |
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Text version
Supplemental Retirement Plan (SRP) RFQ Questions and Answers
1. We understand the plan’s investment objective. Can you share what type of interest bearing investment the plan holds today?
The Plan is currently 100% invested in a Wells Fargo Collateralized Institutional Bank Deposit Account.
2. What is the process flow for trading this investment for contributions and distributions?
Our plan is a 401a plan, employer only contributions. There are no investment options for participants.
A Plan participant initiates a distribution by submitting a request directly to Wells Fargo. For any distribution request, Wells first verifies that the participant is vested, that a distribution is permissible, that the amount requested is within any distribution limits, and that the participant’s account balance is sufficient. Wells also determines how many distributions the participant has requested during the calendar year, and either assesses the cost to the SEC (for 1st or 2nd distribution) or deducts the cost from the participant’s Plan balance.
If the request is for a rollover to the TSP, Wells sends the participant a check made out to the TSP fbo (participant’s name) and the participant is responsible for completing the rollover with TSP. If the request is for a rollover to a qualified retirement account other than the TSP, the request can be processed by the recordkeeper. The recordkeeper will issue a check to the financial institution.
3. How is the interest rate information communicated to the recordkeeper?
The existing provider implemented a customized process for notifying the recordkeeper with this information. The trustee/custodian and recordkeeper are under the same umbrella.
4. Is settlement of transactions trade date plus one or is there a waiting period?
There is no waiting period.
5. What was the net cash flow of plan in 2018 (contributions minus distributions)?
Net cash was $11,274,388.67
6. What are the current fees for the plan today with the current provider?
There are no fees for the bank product. The only fees paid are the $36 per participant annual fee and the $35 per distribution fee that the SEC pays.
7. Please provide the current plan document.
We are providing the current Summary Plan Overview, which describes the Plan in plain English.
8. How will the recordkeeper be impacted when a participant goes over $250,000 and it is reported?
Does the participant then have a second investment to be reflected on statements?
We do not anticipate any participant’s balance reaching or exceeding $250,000 for some time.
If a participant’s account does approach that balance, we would work with the Trustee, Custodian, and Recordkeeper to decide the best way to proceed.
9. Current Provider(s): Wells Fargo
10. A copy of the most recent asset totals by source and fund, including the loan fund also include tickers and CUSIP.
This information can be found in the Statement of Work
11. Number of eligible Employees: This information can be found in the Statement of Work
12. Number of active Participants with a balance: Approximately 4,500.
13. Number of terminated Participants with a balance: 344
14. Number of terminated Participants w/ < $5,000: 109
15. Number of terminated Participants w/ > $5,000: 0
16. Total number of Participants with a balance: Approximately 4,500
17. Copies of Form 5500 filings for the previous two years or average annual cash flow (contributions and distributions): 5500 reports are public information and can be located online.
18. Payroll frequency: Biweekly
19. Number of remitting units: N/A
20. Number of payroll contacts: Six
21. If Plan provides for Participant loans: Loans are not permitted
22. Current loan balance: N/A
23. Number of loans outstanding: N/A
24. Spousal consent requirement: N/A
25. Number of loans permitted per participant: Loans are not permitted.
26. Plan Document Summary Plan Description Loan Policy Copy of most recent valuation: Loans are not permitted
27. If Plan has self-directed brokerage accounts: N/A
28. Number of SDBAs: N/A
29. Number of different brokers/custodians: N/A
30. Current SDBA balance: N/A
31. Electronic copy of the most recent holdings: N/A
32. Any Unitized vs. share accounting: N/A
33. Education requirements: N/A
34. Number of locations and number of eligible at each one: N/A
35. Expected number of meeting days: Once a month
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