SRP_Industry_Day_Slide_Deck_FINAL.pptx

Supplemental Retirement Plan Industry Day Tuesday, August 6, 2019

Office of Human Resources August 6, 2019 | New Employee Orientation

Welcoming Remarks

Kristi Thomas

Branch Chief, Benefits & Retirement Branch

General Information This Industry Day event is a part of the SRP Recompete Planning & Market Research process.

A Draft Request for Proposal (RFP) has been posted to FedBizOpps (FBO).

All acquisition-related information is subject to change as needed.

Questions and comments from the event will be posted via an amendment on FBO.

All visitors must be escorted.

Please inform an SEC Team Member if you would like to leave the room.

Shimp, Karen J. (KJS) - Add space before (FBO) acquisition-related Agenda

Supplemental Retirement Plan Current Program Statistics

Trustee/Custodian and Recordkeeper Services currently provided by Wells Fargo Institutional Retirement and Trust (WF-IRT)

Current assets exceed $80 million

Plan participants are approximately 4,400

Plan Overview Contributions to the Plan are computed biweekly and based on employee contributions to the Thrift Savings Plan (TSP) Contributions are made by the SEC Employee vesting after three years of SEC service Assets are invested entirely in a Collateralized Institutional Bank Deposit Account Plan does not allow for loans, participant contributions, participant selection/direction of investment(s), or annuities.

In-Service Withdrawals and Distributions

Must meet one of the following:

2 year holding period

5 year Plan participant

Age 59 ½

Key Plan Deliverables Contractor(s) must:

Trustee/Custodian

Disburse assets to plan participants only as directed to do so by the SEC or the Recordkeeper.

Provide bi-weekly reconciliation reports.

Provide confirmation of funding for every deposit Correctly charge either the SEC or the participant for each in-service withdrawal.

Accept discretionary payments, Recordkeeper

Receive and process requests for withdrawals according to applicable IRS and Plan provisions. Must be able to confirm a withdrawal request meets both IRS and Plan requirements before authorizing disbursement to the participant.

Determine when a participant is subject to RMDs and ensure all RMD disbursements are correctly calculated and timely made.

For each in-service withdrawal request, determine whether the service charge is allocable to the SEC or to the participant.

Correctly allocate discretionary payments to participants.

Provide employer access to plan records Provide employee access to individual account details Provide confirmation of funding for every deposit Provide bi-weekly reconciliation reports

Key Legal Element To avoid the appearance of a conflict of interest, the Trustee/Custodian cannot be regulated by the SEC.

The SEC’s broad regulatory authority precludes the “typical” types of relationships that are usually set up for 401 plans (even by other federal agencies).

This approach is the basis for our current investment vehicle and will drive our approach for the next one.

For the same conflict-of-interest reason, the Plan does not have a profit-maximizing goal.

Key Acquisition Elements Current Acquisition State Incumbent Contract Structure

IDIQ

FFP Orders (3) CLIN Structure

Industry Day Expectations

Next Steps* Finalize Acquisition Planning Solicitation Release September 2019 Award January 2020

* All times are estimates and subject to change

Key Information Technology Elements Current Government Contractor??

If Yes – Do you have an up to date Authorization to Operate (ATO)?

The application is hosted at a Data Center or Cloud?

If Cloud – Are you FedRamp Certified?

If Data Center – Are you open to pen test against your servers?

Additional Security Requirements At the end of the contract We need to know if we can get our data back in a readable format Also you will sign a letter that all our data have been deleted from your system Transfer of SEC data – SFTP?

Your feedback… We need your input on:

Acquisition Strategy

Contracting Options

Statement of Work

Vendor Partnering vs. Subcontracting Single solution Multiple contractors

Thank you for your participation!

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