Murfreesboro_Electric_Department_Pension_Plan.pdf
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- Attached to
- Murfreesboro Electric Department Pension Plan
- Solicitation number
- Not on record
- Issued by
- Rutherford County, Newport City, Tennessee
About this file
The document is a Bid Solicitation Package from the City of Murfreesboro, Tennessee, seeking proposals from U.S.-based life insurance companies for a non-participating, single premium group annuity contract to settle pension liability for the Murfreesboro Electric Department Pension Plan. The solicitation requires life insurance carriers to submit preliminary price quotes and proposals by 11:00 am Central Time on Friday, March 3, 2023, to BCG Pension Risk Consultants | BCG Penbridge, with interested companies able to contact Mike Devlin at 781-356-2299 or mdevlin@bcgpension.com for further information.
The annuity contract must be an institutionally priced and designed product exclusively for pension plans, with carriers required to demonstrate specific qualifications, including being a U.S.-based life insurance company licensed in Tennessee, offering the safest available annuity according to U.S. Department of Labor Interpretive Bulletin 95-1, and maintaining an established customer service center with dedicated staff to serve annuitants under the group annuity contract. The solicitation emphasizes the need for a specialized, secure annuity solution to manage the pension plan's existing liability, with strict criteria for potential bidders to ensure financial stability and service quality.
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Murfreesboro Electric Department Pension Plan
BID SOLICITATION PACKAGE
The City of Murfreesboro is soliciting bids from U.S.-based life insurance companies for a non-participating, single premium, group annuity contract to settle the liability associated with benefits accrued under the Murfreesboro Electric Department Pension Plan. The annuity contract required is an institutionally priced and designed annuity that can only be used for pension plans and capture no other types of premium. In order for a bid to be considered by the City, a carrier must demonstrate that it:
• Is a U.S.-based life insurance company licensed to issue non-participating, single premium group annuity contracts that have been approved by the State of Tennessee;
• Is an insurance company that can demonstrate offering the safest available annuity, taking into account the definition of such terms in U.S. Department of Labor Interpretive Bulletin 95-1; and
• Has an established customer service center with staff dedicated to serving annuitants under the group annuity contract(s).
For further information about this solicitation, Life insurance companies meeting these criteria may contact Mike Devlin (781-356-2299 or mdevlin@bcgpension.com). Preliminary price quotes and proposals must be submitted to BCG Pension Risk Consultants | BCG Penbridge by 11:00 am Central Time on Friday, March 3, 2023.
File details come from the government source that posted it. Updated .