City_of_New_Smyrna_Beach_RFI_-_Tab1_&_Tab_2_Questionnaire.xlsx
XLSX spreadsheet 56 KB Posted
- Attached to
- Retirement Plan Administration
- Solicitation number
- 15-25-HR
- Issued by
- Volusia County, Florida
About this file
The document is a Request for Information (RFI) questionnaire from the City of New Smyrna Beach, Florida, seeking Retirement Plan Administration services. The city is soliciting sealed qualifications from licensed contractors, with SageView Advisory Group assisting in the procurement process. The contract will have an initial term of five years, with the potential for additional services related to state, federal, or programmatic grants. Proposers are required to submit responses through the OpenGov procurement site and are prohibited from contacting city personnel directly.
The RFI questionnaire covers detailed aspects of potential providers' retirement plan administration capabilities, including service team structures, investment platforms, education services, and fee proposals. Providers must specify their current defined contribution (DC) plan portfolio, potential conflicts of interest, recordkeeping expenses, and managed account solutions. The city will evaluate proposals based on the most advantageous offering, considering factors outlined in the document. Key evaluation points include fee structures, service models, participant notice distribution, education support, and the ability to manage plan conversions and participant assets effectively.
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QUESTIONNAIRE
| PROVIDER RESPONSE | Please select one of the answers in the drop down menu using the arrow in the bottom right hand corner of the cell. | Please limit your response to 250 words. | ||
| GENERAL INFORMATION | ||||
| 1 | Provide the contact information for the individual responsible for this project. Please include their name, email and phone number. | Name: |
Email:
Phone Number:
| Comments: | ||||||||
| 2 | INCUMBENT(S) ONLY: If your firm is an incumbent provider today, aside from fees / fee structure, summarize any changes your firm is proposing (if any) as a result of this project, discussing the current product / service and the proposed product / service (e.g., change in recordkeeping platform or investment product, changes to service model or service team members, changes to education / participant engagement strategy, etc.) If your firm is not an incumbent, respond N/A. | |||||||
| Comments: | ||||||||
| 3 | In order to get a picture of your Defined Contribution ("DC") book of business, please complete Worksheet A (DC Plan Information). | Response in Worksheet | ||||||
| Comments: | ||||||||
| 4 | Is your firm proposing a white-labeled recordkeeping / administration solution that looks and feels like your firm, but is actually a third-party? If yes, provide details in the comments section of this response, and respond to questions in this project for the third-party for services their firm will be handling. | Yes (details provided) | No | |||||
| Comments: | ||||||||
| 5 | Does your firm or employees of your firm have any potential conflicts of interest or have any personal or business relationships (formal or informal) with the client or its employees, or do you owe any fiduciary duty of loyalty to the client or its employees (beyond those related to the administration of the retirement plan if your firm is the incumbent administrator)? If yes, provide details. | Yes (details provided) | No | Yes, see comments for details | No | |||
| Comments: | ||||||||
| 6 | What type of investment platform (product) is your firm proposing in response to this project? Do not propose multiple platforms and only propose a Group Annuity platform if your firm does not have the ability to propose an NAV platform. Please ensure that all responses in this project (including fees) align with your NAV platform. | Group Annuity | Net Asset Value (NAV) | >25 years ago | N/A - system is proprietary | Yes, see comments for details | No | |
| Comments: | ||||||||
| 7 | Summarize the service team structure you would propose to work with the Plan Sponsor. We're not looking for specific names of individuals as they often change between now and finalist presentations, however, in your response, be sure to identify which roles are assigned / dedicated (i.e., a Relationship or Account Manager) versus those that are a resource the Plan Sponsor can utilize. Please keep responses to 350 words or less. | |||||||
| Comments: | ||||||||
| 8 | Is the education representative providing guidance or advice to participants? How are these individuals compensated? | |||||||
| Comments: | ||||||||
| 9 | Regarding participant notices, briefly (in 350 words or less) describe: |
- which participant notices will be distributed during the conversion process
- which participant notices will be distributed ongoing
| - confirm whether the SOX notice will be distributed to all plan participants. | Response in comments | ||||||
| Comments: | |||||||
| RECORDKEEPING EXPENSES - PLAN EXPENSES | |||||||
| 10 | INCUMBENT(S) ONLY: Provide the current fee schedule charged for recordkeeping / administration, including fees charged directly to the Plan Sponsor, fees charged to participant accounts and revenue sharing kept by your firm from the fund lineup on top of fees charged to the Sponsor / Participant. Do not include fees charged to fund an ERISA budget to pay for qualified plan expenses, we're only looking for the fee schedule / revenue your firm is retaining for recordkeeping / administration services. If your firm is not an incumbent, respond "N/A - Our firm is not an incumbent". | Yes | No | Yes | No | ||
| Comments: | |||||||
| 11 | INCUMBENT(S) ONLY: Is your firm proposing a new fee proposal in response to this project? If yes, provide a proposal assuming the fund lineup remains the same as it is today. | ||||||
| Comments: | |||||||
| 12 | What is your proposed fee for all three plans assuming: |
- all assets are mapped to funds that do not contain revenue sharing
- no proprietary funds are used in the fund lineup
- no managed account solutions are utilized
Note: Do not refer us to an exhibit, include the fee schedule in the response to this question.
| Comments: | ||
| 13 | What is your proposed fee for all three plans assuming: |
- all assets are mapped to funds that do not contain revenue sharing
- no managed account solutions are utilized
- proprietary funds are used in the fund lineup (specify which proprietary fund(s) is being proposed and if proposing a capital preservation option, include a fact sheet about the product that contains the crediting rate, book value, how often the rate resets, cost, liquidation provision)
Note: Do not refer us to an exhibit, include the fee schedule in the response to this question.
| Comments: | ||
| 14 | Are non-discretionary, directed trustee / custodial services included in your above fee proposal(s) or are will additional fees apply? If your company outsources either service, procure a proposal from the firm with which your clients work the most, and provide their fee schedule here. | |
| Comments: | ||
| 15 | Please list the number of onsite and virtual education days you are including in your fee proposal. If you are providing a set number of education days that can be used either onsite or virtually, please specify. | |
| Comments: | ||
| 16 | Provide the names of the managed account solution(s) your firm offers enabling participants to receive discretionary account management services. | |
| Comments: | ||
| 17 | BIDDERS ONLY: If this project resulted in a change of recordkeepers, does your firm has the capability to map the current managed account assets and participants to a managed account solution on your platform, or will participants need to electively choose to re-enroll themselves? If mapping can occur, will all personalized information input by the participant into the current managed account engine (e.g., risk tolerance, assets held outside the Plan, partner information, etc.) be mapped over a well? | |
| Comments: | ||
| 18 | Would there be a pricing concession based on the inclusion and / or utilization of managed accounts? If so, please specify what the concession would be and if the same concession would apply across all managed account solutions that your firm offers. | |
| Comments: | ||
| 19 | Are there any Plan Sponsor paid fees related to offering managed accounts to participants? If yes, provide details. | |
| Comments: | ||
| 20 | Provide the participant managed account fee schedule(s). Do not refer us to an exhibit, please include them in this response. | |
| Comments: |
A - DC PLAN INFORMATION
| Please complete yellow cells in all four charts below, all other cells are locked | |||||
| DEFINED CONTRIBUTION / DEFERRED COMPENSATION ("DC") PLAN INFORMATION | |||||
| PLANS | ASSETS | PARTICIPANTS | AVERAGE ASSETS | AVERAGE PARTICIPANTS | |
| DC Plans Administered | ERROR:#DIV/0! | ERROR:#DIV/0! | |||
| Governmental Plans Administered | ERROR:#DIV/0! | ERROR:#DIV/0! | |||
| Comments pertaining to the above sections (optional): |
| DC PLAN BREAKDOWN | |
| NUMBER OF DC PLANS | |
| DC Plans with ≤500 participants | |
| DC Plans with 501 - 1,000 participants | |
| DC Plans with 1,001 - 2,500 participants | |
| DC Plans with 2,501 - 5,000 participants | |
| DC Plans with 5,001 - 10,000 participants | |
| DC Plans with 10,001 - 19,999 participants | |
| DC Plans with ≥20,000 participants | |
| Total DC Plans | 0 |
| Total DC Plans in cell C4…please make sure this matches the number in the cell above this one | 0 |
| Comments pertaining to the above sections (optional): |
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