Record Keeping and Actuarial Consulting Services

The Vendor is required to provide record keeping and actuarial consulting services for include:
- Record-keeping services
•    Retirement plan record-keepers to maintain independent service, salary and employee contribution histories for the retirement plan. 
•    The record-keeper's proposal shall respond specifically to each of the below issues as well as any other issues that the proposing record-keeper deems necessary. 
•    The responses shall explain in detail how the record-keeper will provide each of these required services. 
•    Specific responsibilities of the selected record-keeper will include:
1. Services histories
•    The retirement plan bases benefits on credited service under the plan. 
•    The record keeper will be responsible for mastering the plan's service crediting rules (which, as was mentioned earlier, are different for different groups of covered employees) and to secure appropriate computerized service reports the current record keeper. 
•    The county expects the record-keeper’s service records to be those upon which actual benefits determinations are based. 
•    This includes quarterly notification to employer of vested terminated employees who reach age eligibility as well as current pension benefit recipients that will have a benefit amount change during the fiscal year
2. Salary histories
•    The retirement plan also bases benefits on average salaries. 
•    The record keeper will be responsible for the annual collection and computerized updating of the salary histories necessary to properly determine plan benefits; and
3. Employee contributions
•    The retirement plan requires mandatory employee contributions of five and one-half (5½%) percent of regular wages for non-uniformed for a certain group of employees and six (6%) percent of regular wages for uniformed and all other employees. 
•    These contributions are credited with six (6%) percent annual interest and the accumulated employee contributions constitute an integral part of the individual benefit determination. 
•    The record-keeper will be responsible for maintaining employee contribution histories and interest credits on a year-to-date, inception-to-date pretax and post-tax basis.
•    Includes an annual cross review of data to validate compensation and contributions to ensure a match-up with notifications to employer.
4. Annual employee statement
•    Employees will receive a detailed employee retirement benefit statement annually that will contain at least the information currently provided
•    Provides an official benefits calculation statement for a prospective retiree to human resources within fourteen (14) calendar days of placing the order.
•    Secure online employee and employer retirement plan portal
- Investment performance review
•    Each quarter (four (4) times per year), the actuary is expected to make an independent determination of the net investment return of the plans' assets. 
•    The actuary is further expected to provide an independent comparison of the annual return with the annual return of similarly balanced pension funds. 
•    The county does not expect a comprehensive investment performance review by the actuary; nonetheless, the county will expect the actuary to provide useful input into the collective analysis of the relative investment performance. 
•    The county retirement committee meets quarterly with the plan’s investment advisors.