The vendor is required to provide that retirement and benefits consulting services for assist the district in evaluating its current retirement and benefits packages, identifying areas for improvement, and developing strategies to enhance employee financial wellness and retirement readiness.
- Assess the district's current retirement and benefits programs, including tier i and tier ii employee contributions, early retirement policies, and termination payouts.
- Conduct a comprehensive review of the district's employee demographics, needs, and preferences regarding retirement and benefits.
- Benchmark the district's retirement and benefits offerings against those of comparable educational institutions and other relevant organizations.
- Develop a plan to create equity in the amount of money, time, and effort invested in each group of employees.
- Design a retirement and benefits package that assists in attracting and retaining employees, while providing opportunities for early retirement when needed.
- Develop strategies to reduce unfunded liabilities and minimize the effect on health insurance premiums.
- Provide clear and concise communication to employees regarding their retirement and benefits options.
- Assist the district in implementing any recommended changes to its retirement and benefits programs.