Defined Contribution Retirement Plan.pdf

Embassy of the United States of America

November 7, 2023

Dear Prospective Offe ror:

SUBJECT: Solicitation Number: BelmoPension24 - Defined Contribution Retirement Plan

The Embassy of the United States of America in Belize is looking to convert its current Defined Benefit retirement plan benefits to a Defined Contribution plan for its Locally Employed Staff.

The Embassy invites you to submit a proposal for a Defined Contribution Retirement Plan.

Your proposal must be submitted via email to Belmopanprocurement@state.gov on or before 5 :00 p.m. on December 15, 2023. No proposal will be accepted after this time.

In order for a proposal to be considered, you must also complete and submit the following:

1. Section 1 - Schedule of Supplies/Services

2. Section 2 - Proposal/Solicitation Provisions

Direct any questions regarding this solicitation to Contracting Officer Anne Farlow by email:

Belmopanprocurement@state.gov.

The U.S. Government intends to award a contract to the responsible company submitting an acceptable offer at the lowest price. We intend to award a contract based on initial proposals, without holding discussions, although we may hold discussions with companies in the competitive range if there is a need to do so.

Sincerely, Kevin Nelson Management Officer

Mission Belize Defined Contribution Plan SOW

SCHEDULE OF SUPPLIES/SERVICES

DESCRIPTION/SPECIFICATIONS/WORK STATEMENT

Section 1: Description of Defined Contribution Retirement Plan

Type of Plan: Defined Contribution (DC) Retirement Plan.

Objective: The main objective of this Plan is to convert the current Defined Benefit

(DB) retirement plan benefits to a Defined Contribution (DC) plan for Locally Employed

(LE) Staff paid under the terms of the Local Compensation Plan (LCP) and who are current participants of the U.S. Embassy Belize Pension Plan. Personal Services

Contractors of Peace Corps may also participate under a separate rider contract. A qualified actuarial company will determine the accrued account value for each plan participant.

This is a service contract to administer assets in excess of Belize dollars

(BZD)$10,000,000.00 (USD $5,000,000.00). A financial services vendor may service this contract. The service contract will be based on fees for administering plan assets.

Plan Requirements:

A. Applicability/Eligibility: This plan is applicable to all locally employed (LE) staff who are (a) working on a full-time or part-time basis under non-temporary direct hire appointments or under personal services agreements/contracts that are not time limited to one year or less and (b) paid under the terms of the Local

Compensation Plan (LCP). Personal Services Contractors of Peace Corps may also participate under a separate rider contract.

B. Creditable Service: Includes all verifiable service under a direct-hire appointment or personal services agreement/contract deemed creditable in the LCP in which the employee or employer contributed to the plan.

C. Contributions: The Employer will contribute 3.36% of basic salary for each participant each pay period and the Employee will contribute 1.7% of basic salary each pay period. The contribution percentages may increase if authorized by the

U.S. Government at a later date.

D. Currency: BZD local currency

E. Disbursement of Benefits: Plan administration and payment disbursement payments are through the servicing vendor.

F. Plan Manager: The Plan Manager, with oversight by the Embassy and in coordination with local legal counsel, will independently review the Plan’s policy or contract to ensure compliance with local pension oversight authorities.

G. U.S. Embassy Oversight: The Management Officer, the Financial Management

Officer, and the Supervisory Human Resources Officer ensures that the Plan

Manager maintain communications with the Embassy to properly manage the plan, review statements and periodically audit the plan.

H. Investment Policy Statement: The Plan should include an investment policy statement that complies with U. S. Government guidelines, local law and local authorities, if applicable. If the Embassy is responsible for management plan assets in securities, assets are required to be invested low or no risk funds. A plan where employees may select their own individual investments or an interest only account is preferred.

I. Trustees: If the plan requires employee trustees to manage plan assets the majority of the Trustees must be U.S. Foreign Service Officers (FSO) with a

Minimum of three FSOs and two LE Staff. Only the FSOs have the authority to sign documents or authorize payments on behalf of the U.S. Embassy.

J. Withdrawals from the Plan: A Participant may not withdraw funds from the Plan while still employed and eligible to participate unless authorized by the

Department of State under special circumstances. Loans and withdrawals are not permitted unless required by local law.

K. Retirement Age: age 65 for Mandatory Retirement, age 60 for Normal

Retirement, age 55 for Early Retirement and Disability Retirement.

L. Vesting: Gradual vesting options depending on years of service.

M. Benefit: Benefits are paid at separation from U.S. Government service in Belize.

(Involuntary separation, resignation, retirement or death of the employee).

N. The U.S. Embassy reserves the right to retain funds from the plan if the participant owes a debt to the U.S. Embassy.

O. Quarterly Statement: The employees (plan participants) should receive quarterly statements with only their accumulated contributions plus interest. These statements will be sent to the Embassy for distribution. The Embassy should receive quarterly and annual statements showing aggregate employee contributions, employer contributions, costs, fees, and expenses.

P. Auditing: The U.S. Embassy will contract a third party to conduct audits and actuarial valuations every two to three years or as required by local authorities.

Q. Local Legal Requirements: For additional clarification on the Belize Pension regulations or to inquire about exemptions from specific provisions of the pension law, please contact the Office of Supervisor of Insurance and Private Pensions

(OSIPP) at www.osipp.gov.bz or email ossipp@mof.gov.bz .

SECTION 2 – PROPOSAL / SOLICITATION PROVISIONS

Instructions to Offeror. Each proposal must consist of the following:

1. List of clients over the past 10 years, demonstrating prior experience with relevant past performance information and references (provide dates of contracts, places of performance, value of contracts, contact names, telephone, fax numbers and email addresses). If the offeror has not performed comparable services in

Belize or the Caribbean then the offeror shall provide its other international experience. Offerors are advised that the past performance information requested above may be discussed with the client’s contact person. In addition, the client’s contact person may be asked to comment on the offeror’s:

◼ Quality of services provided under the contract;

◼ Compliance with contract terms and conditions;

◼ Effectiveness of management;

◼ Willingness to cooperate with and assist the customer in routine matters, and when confronted by unexpected difficulties; and

◼ Business integrity / business conduct.

The U.S. Embassy will use past performance information primarily to assess an offeror’s capability to meet the solicitation performance requirements, including the relevance and successful performance of the offeror’s work experience. The

Government may also use this data to evaluate the credibility of the offeror’s proposal.

2. Evidence that the offeror/quoter can provide the necessary personnel, equipment, and financial resources needed to perform the work;

3. The offeror shall address its plan to obtain all licenses and permits required by local law of Belize. If offeror already possesses the locally required licenses and permits, a copy shall be provided.

http://www.osipp.gov.bz/ mailto:ossipp@mof.gov.bz

4. The offeror’s strategic plan of converting the current DB plan to a DC plan should be included in the proposal:

(a) A work plan taking into account all work elements in Section 1, Scope of Work Statement.

(b) Plan of ensuring quality of services including but not limited to contract administration and oversight.

SECTION 3 - EVALUATION FACTORS

• The offeror must have experience in making payments to citizens of Belize or a verifiable plan of action to do such.

• The U.S. Embassy intends to award a contract resulting from this solicitation to the lowest priced, technically acceptable offeror/quoter who is a responsible Contractor.

• The decision will be made based on the lowest priced (administrative charges), technical acceptable, responsible offeror. The offeror shall submit a complete proposal according to Sections 1 and 2.

• The U.S. Embassy will determine offeror acceptability by assessing the offeror's compliance with the terms and conditions of this Request for Proposal.

The evaluation process shall include the following:

(a) COMPLIANCE REVIEW. The U.S. Embassy will perform an initial review of proposals/quotations received to determine compliance with the terms of the solicitation.

The U.S. Embassy may reject as unacceptable proposals/quotations that do not conform to the solicitation.

(b) TECHNICAL ACCEPTABILITY. Technical acceptability will include a review of past performance and experience as defined in Section 2, along with any technical information provided by the offeror with its proposal/quotation.

(c) PRICE EVALUATION. The lowest price will be determined by offered prices for administrative fees and charges. The U.S. Embassy reserves the right to reject proposals that are unreasonably low or high in price.

(d) RESPONSIBILITY DETERMINATION. The U.S. Embassy will determine

Contractor responsibility by analyzing whether the apparent successful offeror complies with the requirements of the scope of work requirements, including:

• adequate financial resources or the ability to obtain them;

• ability to comply with the required performance period, taking into consideration all existing commercial and governmental business commitments;

• satisfactory record of integrity and business ethics;

• necessary organization, experience, and skills or the ability to obtain them;

• necessary equipment and facilities or the ability to obtain them; and

• otherwise qualified and eligible to receive an award under applicable laws and regulations;

• license to offer Retirement Plan or Financial Services in Belize or the Caribbean;

• experienced with the Defined Contribution Plans;

• able to provide administration of the Defined Contribution Plan;

• ability to provide roll-out plan for “Defined Contribution Plans ”, including educational information material and seminar offer for all U.S. Mission Belize locations;

• ability to provide information / documents in English / Spanish;

• ability to provide employee access to individual DCP account data via internet; and

• designated POC (Point of Contact) for the U.S. Embassy Belize.