The vendor is required to provide that optional retirement program consulting services for the board of trustees for the state retirement and pension system.
- Other required services
• Board education – if requested, the consultant shall be available to conduct trustee education relating to the board’s responsibility as it pertains to the optional retirement program (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 recordkeepers 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 glidepaths – if requested, use plan demographics and other characteristics to evaluate the need to create custom glidepaths 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 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.
- Financial arrangements
• The contract manager shall provide the consultant with a description of the desired services;
• The consultant shall provide the contract manager with an estimate of the dollar amount which will be required for the performance of the services;
• The contract manager shall either (i) authorize the consultant to perform the agreed-upon services, (ii) revise the scope of the services, or (iii) not utilize the consultant’s services, as the case may be; and
• Notwithstanding the foregoing, the parties may agree to (a) based compensation on a fee-per-project basis and (b) an establish overall ceiling for a particular assignment.
- Contract Period/Term: 1 year
- Questions/Inquires Deadline: April 2, 2025