Optional Retirement Program Consulting Services

The vendor is required to provide optional retirement program consulting services for the board for the state retirement and pension system.
- These program reviews shall include:
• Performance analysis of all ORP investment options to include benchmark and peer universe comparison, in accordance with the investment policy;
• Analysis of risk characteristics of investment options;
• Suitability of current investment lineup;
• Analysis of default investment option(s);
• Analysis and benchmarking of current fee structure;
• Participation levels across vendors and investment options;
• Analysis of satisfaction levels among employing institutions;
• Assessment of the overall effectiveness of the ORP in meeting the needs of participants and whether participants are making sound investment and saving decision;
• Recommendations to improve the overall ORP program;
• Upon request, assistance with implementing any recommendation to remove, replace, or add an investment option.
- Board education – if requested, the consultant shall be available to conduct trustee education relating to the board’s responsibility as it pertains to the ORP and to notify the board of any extraordinary events that impact the ORP program between biannual reviews.
- Participant education – if requested, review or develop participant education materials associated with the selection between the ORP and the defined benefit plan that considers income replacement and retirement readiness.
- Service-level agreements – if requested, assist in the development of service-level agreements with the record keepers outlining allowed non-plan related services and appropriate cross-selling practices to participants, and develop a structure and process to monitor compliance with these policies.
- Custom glide paths – if requested, use plan demographics and other characteristics to evaluate the need to create custom glide paths for the target date lifecycle funds that may be better suited for ORP participants.
- White label investment products – if requested, consider establishing white label investment products and collective investment trusts, if and when available as investment options under state and federal law, to potentially lower cost and simplify plan administration.
- Auto-enrollment/mandatory employee contributions – if requested, evaluate the level of voluntary employee contributions in the supplemental retirement plans and consider the need for an auto-enrollment feature or mandatory employee contributions.
- Investment policy – if requested, the consultant shall be available to assist agency staff with the development of an investment policy for the ORP.
- Vendor searches – if requested, the consultant shall be available to assist the board in conducting vendor searches for the ORP.
- Fee negotiations – if requested, the consultant shall be available to assist the board in negotiating fee reductions or restructuring with vendors and investment managers.
- in-plan annuity options – if requested, the consultant shall be available to assist the board in evaluating in-plan annuitization options, including but not limited to qualified longevity annuity contracts.
- Transitions – if requested, the consultant shall be available to implement or monitor, or assist the agency and the board in implementing and monitoring, any vendor and/or investment option termination or transition.
- Other special projects – if requested, the consultant shall be available to assist the agency and the board in addressing other issues relating to the ORP, such as analyzing the form and content of any annuity contracts offered in the program
- Contract Period/Term: 5 years
- Questions/Inquires Deadline: April 2, 2025