Murfreesboro Electric Department Pension Plan

The City of Murfreesboro is conducting a bid solicitation for a specialized pension liability settlement through a non-participating, single premium group annuity contract for the Murfreesboro Electric Department Pension Plan. The procurement seeks U.S.-based life insurance companies capable of providing an institutionally priced annuity exclusively designed for pension plan purposes. Qualified bidders must be licensed in Tennessee, demonstrate the ability to offer the safest available annuity as defined by U.S. Department of Labor Interpretive Bulletin 95-1, and maintain a dedicated customer service center for annuitant support. The key deliverable is a group annuity contract that will effectively settle the existing pension liability for the electric department's plan. Interested life insurance carriers must submit preliminary price quotes and proposals to BCG Pension Risk Consultants | BCG Penbridge by 11:00 am Central Time on Friday, March 3, 2023. Potential bidders can obtain additional information by contacting Mike Devlin at 781-356-2299 or mdevlin@bcgpension.com. The evaluation will focus on the carrier's ability to meet the specified qualifications and provide the most secure and appropriate annuity solution.

The solicitation appears to be open to all U.S.-based life insurance companies meeting the specified criteria, with no explicit set-aside designations or restrictions for disadvantaged enterprises mentioned. There is no indication of incumbent vendors or existing infrastructure requirements for integration. While the specific budget range is not disclosed in the documentation, this procurement represents a significant pension liability settlement project for the Murfreesboro Electric Department. The contract will require the selected life insurance company to assume the pension plan's existing liability through a single premium group annuity contract. The scope of the procurement suggests a substantial financial transaction, though the exact monetary value is not specified in the available documentation. The emphasis is clearly on selecting a financially stable, well-established insurance carrier capable of providing a secure long-term annuity solution for the pension plan's existing obligations.