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Bid View Page
Administration Services for Defined Contribution (401a) & Deferred Compensation (457) Plans
Bid Number:
16-17-503
Bid Type:
ITN
Due Date:
8/23/2017 3:00:00 PM
Contact:
Josephine Grosch
Cost:
Conference:
No
Question Cutoff:
8/13/2017 5:00:00 PM
Question Email Recipient:
jgrosch@wpb.org
Awarded To:

Addenda

Attachments

ITN 16-17-503 401a & 457 Plans Administration Services
EXHIBIT 1 - 2017-03-31 - City of West Palm Beach 401(a) and 457 Plans
EXHIBIT 2 - DIVISION 3. DEFINED CONTRIBUTION RETIREMENT SYSTEM
EXHIBIT 2 - DIVISION 4. DEFERRED COMPENSATION PLAN
Exhibit 3 - 401a APR Q1 2017
Exhibit 3 - 457 APR Q1 2017

Questions

Registration
Contact: Rox
Registration
Contact: Roxann Dubicki
The website is not allowing me to register or download documents. Can someone provide some assistance. Thank you.
Unable to download documents
Contact: Alexa Phillips
This site will not allow me to download or access documents. Please advise.
Unable to download documents
Contact: Alexa Phillips
This site will not allow me to download or access documents. Please advise.
Participant Overlap
Contact: John Krzeminski
Is there participant overlap between the 401(a) and the 457(b) plans? We need to know the total unique number of SSN’s to recordkeep.
Contract Expiration
Contact: John Krzeminski
When does the current contract with Empower expire?
Stable Value
Contact: John Krzeminski
Is there a guaranteed rate of return? If so, is it reset quarterly? Can you provide the most recent rate of return? Are there any transfer restrictions on the SV fund? What is the market to book value ratio? What is the current fee on the custom SV fund?
Onsite Support
Contact: John Krzeminski
How many days of onsite support would the City like included in initial pricing?
Outstanding Loans
Contact: John Krzeminski
There is some conflicting information regarding the number of loans outstanding. One place noted that the Number of Loans Outstanding (At 3/31/2017) for the 457(b) plan was 322 and for the 401(a) Plan was 520. Another section noted that the 457 plan had 195 participants with an outstanding loan, and that the 401(a) plan had 285 participants with an outstanding loan. Which figures are correct?
Mailings
Contact: John Krzeminski
Does the City want regulatory mailings or fee disclosures included in pricing?
Automatic Enrollment
Contact: John Krzeminski
Does either plan have an automatic enrollment feature.
Participant education days
Contact: Julia Paynter
1. How many on-site participant education days is the City currently receiving?
Payroll
Contact: Julia Paynter
Who is the current payroll system or provider? What is the payroll frequencies (bi-weekly, semi-monthly, monthly)? How many contribution files will be submitted with each payroll?
Foreign address participants
Contact: Julia Paynter
Do you have any Foreign Address Participants?
Contributions
Contact: Julia Paynter
What is the contribution method – Dollar amount, Percentage or Maximum contribution?
Loans
Contact: Julia Paynter
Will or should we expect to take over existing loans? Please confirm that there are 842 across both plans and they are repaid via payroll deduction today.
Mappable assets
Contact: Julia Paynter
Are all the plan assets mappable to the new vendor at the plan sponsor’s discretion? If not, how much is mappable at the discretion of the employer (i.e. the City)?
Encumbrances
Contact: Julia Paynter
Are there any encumbrances, such as Market Value Adjustments or Contingent Deferred Sales Charges, on the fixed account(s) or any other accounts?
Implementation date
Contact: Julia Paynter
What is the expected/requested implementation date?
Participants
Contact: Julia Paynter
Please provide the number of unique participants who have accounts in both the 401a and 457b plans?
Stable Value Product
Contact: Julia Paynter
Is there a preferred strategy to handle the custom stable value? Would an alternative Stable Value product be considered?
Participant Number Clarification
Contact: Todd Lewis
On page 2 of the RFP document it states the 457 Deferred Compensation Plan has 615 participants. However in the 457 Plan Review document on page 4 adding together Active Participants with a Balance and Terminated Participants with a Balance you get 846 participant. Also on page 15 of the same document adding together the participants underneath the graph comes to 846. Can you confirm the correct number of participants with a balance as of 3/31/2017?
Participant Number Clarification
Contact: Todd Lewis
On page 3 of the RFP document it states the 401 Defined Contribution Retirement Plan has 1,038 participants. However in the 401 Plan Review document on page 4 adding together Active Participants with a Balance and Terminated Participants with a Balance you get 1,441 participant. Also on page 14 of the same document adding together the participants underneath the graph comes to 1,441. Can you confirm the correct number of participants with a balance as of 3/31/2017?
Participant Number Clarification
Contact: Todd Lewis
Please provide the number of unique participants between the 401(a) and the 457(b) plans.
Managed Accounts Assets
Contact: Todd Lewis
Please provide the total amount of assets in a managed account program.
Current Revenue Requirement
Contact: Todd Lewis
What is the current revenue requirement the plan sponsor is charged?
WPB Stable Value Fund
Contact: Todd Lewis
What is the current expense ratio of the WPB Stable Value fund?
Loan Approval Process
Contact: Todd Lewis
What is your process for approving loans?
Number of Meetings
Contact: Todd Lewis
How many one-on-one meetings has your current plan administrator provided the City in the past year?
Number of Meetings
Contact: Todd Lewis
How many group meetings has your current plan administrator provided the City in the past year?
Managed Accounts Fees
Contact: Todd Lewis
What is the cost for managed accounts by asset level?
Managed Acccounts Utilization
Contact: Todd Lewis
How many participants in your 401(a) plan are utilizing the managed accounts service?
Managed Acccounts Utilization
Contact: Todd Lewis
How many participants in your 457 plan are utilizing the managed accounts service?
Stable Value Product
Contact: Tom Goodwin
The RFP clearly does not allow for stable value products containing plan level payout subject to a Market Value Adjustment. Will the City of West Palm Beach entertain a general account stable value product that contains a provision allowing plan level payout in 5 increments each 12 months apart?
12 month put
Contact: Tom Goodwin
Is the current Empower Stable Value Fund subject to a 12 month put or any other encumbrance that would prevent the assets from transferring immediately or assess a fee or other charge upon transfer?
Unique participants
Contact: Tom Goodwin
How many unique participants (actively contributing and participants with a balance) are in the plans, combined?
Mailings
Contact: Tom Goodwin
How many eligible employees will receive mailings?
Wash provision
Contact: Tom Goodwin
Within the "Protection of Principle Options" description within the questionnaire, you state that "...this investment should have no liquidity restrictions at the participant level." Please confirm that an industry standard equity wash provision for competing investment options within the plan is acceptable.
Voya's Questions for CWPB RFP
Contact: Rose Amaya
1. What is the number of unique participants across both plans? 2. What is the current value of loans for the 457 and 401a? 3. How many meeting days is the plan currently receiving? Is the current schedule adequate, or is there a desire to increase or decrease the current meeting schedule? 4. Please provide the Contributions and Distributions for both plans for the past 3 years. 5. If any exist, What is the current surrender/termination charge? 6. Contribution rates seem comparatively low for a plan of this size. Have there been any attempts to address this with the current vendor? 7. Use of the web by participants seem to be low for a plan of this size. Has there been any attempt by the current vendor to improve this or address this lack of use? 8. The current participant web site seems to be an older version of the incumbents participant facing web technology. Has there been any attempt to upgrade or improve this on behalf of the participants? 9. What has the plan done in this contract period to improve overall participation rates? Stable Value Questions 1. What is the name of your current Stable Value product? 2. What is the structure of the Stable Value product (i.e. General Account, Separate Account or Synthetic Guaranteed Investment Contract)? 3. Is there a Guaranteed Minimum Interest Rate for the Stable Value fund? If so, what is it? 4. If the Stable Value fund is a Synthetic Guaranteed Investment Contract or Separate Account Product: a. What is the Stable Value funds market/book ratio? b. What are the Stable Value funds exit provisions? c. Who are the providers of the book value guarantee (i.e. wrappers) for the Stable Value fund? d. Who manages the Stable Value underlying assets? e. What is currently the underlying duration and average credit quality for the Stable Value fund? f. What is the benchmark for the underlying manager for the Stable Value fund? 5. What is the plan trying to achieve with its Stable Value option? 6. Is a higher Stable Value crediting rate or lower recordkeeping costs more critical? 7. If a General Account Product : a. What are the termination provisions? b. What is the current crediting rate? 8. Please provide a minimum of three years of the Stable Value fund cash flow history, including contributions, withdrawals, transfers in and transfers out? 9. Please provide the asset demographic data for the Stable Value fund broken down by ages (10 year increments, if possible) as well as by active versus inactive (terminated/retired employees)? 10. Please provide the Stable Value funds year-end balance for the last 4 years?
Outstanding Loans
Contact: Bill Walsh
There is some conflicting information regarding the number of loans outstanding. One place noted that the Number of Loans Outstanding (At 3/31/2017) for the 457(b) plan was 322 and for the 401(a) Plan was 520. Another section noted that the 457 plan had 195 participants with an outstanding loan, and that the 401(a) plan had 285 participants with an outstanding loan. Which figures are correct?
Timeline
Contact: Roxann Dubicki
• Can you please provide a projected timeline with the target dates for the evaluation of the proposal, finalists Presentations and decision? • How many locations does the City have that require employee education services? • What was the total number of unforeseeable emergencies, QDROs, and distribution checks processed in 2015 for each plan? • Please define the requirement for Fidelity Bond “Forms A,B,C,D,E,F,G,H,I,J” located on page 5 and list the type of coverage for each “form” so we can be sure we can comply?
Automatic Enrollment
Contact: Bill Walsh
Does either plan have an automatic enrollment feature?
Automatic Enrollment
Contact: Bill Walsh
Does either plan have an automatic enrollment feature?
Automatic Enrollment
Contact: Bill Walsh
Does either plan have an automatic enrollment feature?
Automatic Enrollment
Contact: Bill Walsh
Does either plan have an automatic enrollment feature?
Automatic Enrollment
Contact: Bill Walsh
Does either plan have an automatic enrollment feature?
Automatic Enrollment
Contact: Bill Walsh
Does either plan have an automatic enrollment feature?
Participant Number Clarification
Contact: Billl Wallsh
On page 2 of the RFP document it states the 457 Deferred Compensation Plan has 615 participants. However in the 457 Plan Review document on page 4 adding together Active Participants with a Balance and Terminated Participants with a Balance you get 846 participant. Can you confirm the correct number of participants with a balance as of 3/31/2017?
Participant Number Clarification
Contact: Bill Walsh
On page 3 of the RFP document it states the 401 Defined Contribution Retirement Plan has 1,038 participants. However in the 401 Plan Review document on page 4 adding together Active Participants with a Balance and Terminated Participants with a Balance you get 1,441 participant. Can you confirm the correct number of participants with a balance as of 3/31/2017?
Onsite Meetings
Contact: Bill Walsh
How many one-on-one meetings has your vendor provided the City in the past year? How many group meetings has your vendor provided the City in the past year? Are there a specific number of dedicated, or semi-dedicated, education specialists provided by the vendor?
Managed Accounts Utilization
Contact: Bill Walsh
How many participants in your 401(a) plan are utilizing the managed accounts service? How many participants in your 457 plan are utilizing the managed accounts service?
Stable Value Product
Contact: Bill Walsh
What is the current crediting rate for the stable value? Is the current Empower Stable Value Fund subject to a 12 month put or any other encumbrance that would prevent the assets from transferring immediately or assess a fee or other charge upon transfer?
Stable Value Product
Contact: Bill Walsh
Is there a preferred strategy to handle the custom stable value? Would an alternative Stable Value product be considered? What is the current crediting rate?
Reference Information
Contact: Josh Newell
Questionnaire 1; Question 21. Provide at least three governmental references, preferably from municipalities with plans of similar size to the City’s plans. At least one reference should be a client with both a 457(b) plan and a defined contribution plan qualified under Section 401(a) of the Internal Revenue Code. Please provide the information outlined in Attachment C for each reference. Can the County please provide clarification on what information related to references is required on attachment C.
Insurance Requirements
Contact: Josh Newell
With respect to the requirement in Section V. Insurance Requirements that the fidelity bond must provide the following coverage (Forms A, B, C, D, E, F, G, H, I, J), please clarify which of the following coverage components are you requiring? Our fidelity bond has insuring agreements A – Fidelity; B – On Premises; C – In Transit; D – Forgery or Alteration; E – Securities; F – Audit Expense and G Agents Fraud. We are also covered under our parent company bond with the same A – E coverages as per above AND F – Counterfeit Currency; G – Fraudulent Mortgages; H – Agents Fraud; I – Audit Expense; J – Stop Payment.

Vendors

Harper Damon SW Construction Consultancy harperdamon@ymail.com
Deltek Deltek RichelleAsterBase@deltek.com
Empower Retirement Empower Retirement josh.newell@empower-retirement.com
Prime Vendor Inc Prime Vendor Inc bids20@prime-vendor.com
AXA Equitable AXA Equitable Leslie.Magnarelli@axa.us.com
MidAmerica MidAmerica Administrative & Retirement Solutions, LLC christine.fernandez@midamerica.biz
Horace Mann Horace Mann ralph.bruno@horacemann.com
Lincoln Financial Lincoln Financial john.krzeminski@lfg.com
wpb wpb rwamsley@wpb.org
ICMA-RC ICMA-RC cscaglione@icmarc.org
RFx Analyst RFx Analyst, Inc. rfp@rfxanalyst.com
Crystal J Wilson, LLC Crystal J Wilson, LLC wilson-crystal@comcast.net
Florida State Minority Supplier Development Counci Florida State Minority Supplier Development Counci rachael@fsmsdc.org
Life Insurance Company of the Southwest dba National Life Group bmcgalloway@nationallife.com
Omni Financial Group, Inc. Omni Financial Group, Inc. jfarina@omni403b.com
P&I Pensions & Investments rkozlowski@pionline.com
grlm grlm gchung@fin-news.com
Jabez Grant Pageant Media j.grant@pageantmedia.com
Crowe Horwath Crowe Horwath LLP christopher.vacek@crowehorwath.com
TCG Group Holdings, LLP TCG Group Holdings, LLP jalbing@tcgservices.com
American Funds Capital Group vao@capgroup.com
Voya Financial Voya Financial rose.amaya@voya.com
Andrea Cummings Prudential andrea.cummings@prudential.com
TIAA TIAA julia.paynter@tiaa.org
VALIC VALIC tom.goodwin@valic.com
ICMA-RC ICMA-RC tlewis@icmarc.org
Prudential Retirement Prudential Retirement mary.powers@prudential.com
Bill Walsh Prudential William.Walsh@Prudential.com
AndCo ANDCO CONSULTING jacobp@andcoconsulting.com