The vendor is required to provide that compensation consulting and executive search services for retirement allowances and other benefits to state employees, teachers, and other state and local employees.
- The Agency has a two-fold mission:
(1) to administer benefits of the System’s participants and
(2) to ensure that sufficient assets are available to fund the benefits when due. This entails:
• Effectively communicating with all retirement plan participants to inform and educate them about planning and preparing for all aspects of their future retirement
• Accurately and timely paying retirement allowances to the System’s retirees and their beneficiaries, and refunds to those who withdraw from the plans;
• Prudently investing System assets in a well-diversified manner to optimize long-term returns while controlling risk; and,
• Efficiently collecting the required employer and member contributions necessary to fund the System.
- The Agency includes the following Divisions:
• Communications Division – In addition to media relations, the Division handles internal communications, and assists in the review and publication of official documents and communications.
• Finance Division – Under the Division are four main units: Budget, Procurement, and Contracts; Financial Accounting Operations; General Accounting; Records Management.
• The Division is responsible for monitoring the receipt of employee and employer contributions due from State agencies and universities, local boards of education, and other participating governmental units, in addition to performing more basic Finance functions, such as: accounting; budgeting; procurement; and accounting for fixed assets.
• Information Systems – The Division designs, maintains, and supports automated management information systems, including the state Pension Administration System which calculates and processes retirement and pension benefits for retirees and beneficiaries, as well as contributions from current members.
• Investment Division – The Division invests the Pension Trust Fund assets utilizing both internal fund managers and internal investment professional to manage risk and enhance returns on behalf of beneficiaries.
• Benefits/Retirement Administration – The Division provides retirement counseling, benefits processing, and data control, while also paying benefits to retirees and administering employee contributions.
- Contract Period/Term: 4 years
- Questions/Inquires Deadline: February 05, 2025