Pension Record Keeper Services

The Vendor is required to provide a strategic review of pension recordkeeping services for both of its two (2) pension plans.
- Provide Record Keeper Services for both plans.
- This initiative aims to ensure that university offers its employees a superior pension recordkeeping and retirement planning services experience at a sustainable cost.
- Internal goals in different areas, including:
•    Cost – to ensure competitive recordkeeping and retirement planning service financial arrangements.
•    Plan flexibility/design– to secure the best pension recordkeeping and retirement services program from the provider market in terms of service levels, delivery methods and fee arrangements.
•    Member-facing technology – to ensure the selected provider offers an appropriate level of technology and member support for university employees.
•    University -facing technology – to ensure the selected provider offers an appropriate level of technology and support for integration and connection with university it systems.
•    Administration and service – to ensure that the selected provider is able to provide the appropriate level of pension committee, administration and it support, as well as a commitment that any service issues that may arise are addressed and dealt with in a timely manner.
•    Simplify arrangements – to reduce administrative complexities and achieve the most effective and efficient arrangements and processes to support the ongoing operations of the pension plans.
•    Plan member experience – to ensure a positive plan member experience that reflects the university’s significant investment in the pension plans.
- Pension administrators work in partnership with the provider to support the following services for staff and faculty (this list is not exhaustive, and additional services may be requested as needed):
•    Member enrolment and inquiries
o    University assists employees with initial pension plan enrolment and responds to pension-related inquiries through internal ticketing systems. The provider is expected to support interactions with university pension administrators via phone and email, including correspondence linked to the internal ticketing system.
•    Employee data feeds
o    University transmits data feeds from its pension administration system to the provider twice per month. These feeds confirm personal information and contribution allocation details for active employees and will conform to the existing data reporting file structure.
•    Manual data updates
o    From time to time, university may request manual updates for data elements not supported by automated data feeds. These updates may require “hard coding,” where system fields normally updated through regular data feeds are overridden with static data to prevent automatic changes.
•    Collection and transmission of member information
o    University collects pension enrolment details, changes to member information, and beneficiary designations. Updated information is provided to the provider through either manual uploads or automated data feeds, as applicable.
•    Total rewards reporting
o    On a quarterly basis and at year-end, the provider supplies a report identifying plan members and their accumulated pension values. This information is used for inclusion in university electronic total rewards statements.
•    Member communications
o    The provider supports university pension communication strategies by supplying required data and also delivering direct communications to members through the provider’s established communication channels. This includes the production and distribution of quarterly investment statements to members.
•    Accounting and financial reporting
o    The provider delivers monthly reports to the university pension’s office to support accounting and reconciliation processes. Timely client support is provided to ensure discrepancies or accounting issues are identified and resolved efficiently.
•    Meetings and presentations
o    The provider is expected to attend and present, as required, at quarterly member information sessions and quarterly governance or committee meetings.
•    Terminations, deaths and transfers out
o    The provider supports the process of issuing and auctioning certificates of authorization for payments to members who have passed away or left the university and intend to transfer funds out of the pension plan.
•    Member balance and plan events support
o    The provider supports and supplies information related to transfer-ins, marital breakdowns, balance breakdowns, and other member-specific balance inquiries, as requested.
•    Client service model
o    The provider provides a single point of contact for resolving administrative errors, service issues, or member concerns, ensuring accountability and continuity of service.