Pension Plan Administration Services

The Vendor is required to provide to retain a licensed professional and qualified firm to provide professional administrative services related to the agency pension plan.
- As of July 1, 2024 actuarial evaluation, there are 289 active employees, 172 terminated vested participants and 1,064 retirees.
- Pension Preparation
•    The administrator will distribute appropriate pension applications to active or terminated vested participants upon request.
•    The administrator will work with the participant to make sure all appropriate documentation is obtained, and the application is completed.
•    The administrator will estimate the pension by calculating all potential options for the participant.
•    The administrator is the point of contact for all qualified domestic relations orders filed with the plan(s).
- Pension Board Meetings
•    The administrator will schedule monthly pension board meetings at which the pension applications will be presented for review and approval. 
•    Meetings are held via teams meeting or zoom.
•    The administrator shall provide a single point of contact with seamless administration and accountability, which will be able to attend pension board meeting. 
•    Agency shall be notified immediately of any employment status changes with the point person. 
•    The administrator is responsible for the generation and disbursement of the meeting books in advance of the meetings as well as the meeting minutes and any other material that should be necessary for the board to review. 
•    Following approval by the board(s), the administrator will transmit the pension calculation and documentation to agency for payment out of the agency pension plan account.
- Disability Tracking
•    The administrator is responsible for tracking participants who have retired on a disability pension and who are subject to potential reduction of their benefit based on their earnings.
•    Tax documentation must be collected annually in a timely manner, reviewed and presented to the board. 
•    Reduction calculations are performed as necessary and submitted to agency for implementation.
- Record Keeping
•    The administrator shall be responsible for providing a secure recordkeeping system in a usable electronic format, capable of maintaining the pension files and related data confidential; and ensure the system has quality controls that maintain proper reporting and reconcilement.
•    The administrator shall notify agency immediately in the event of an unauthorized breach or access, theft or release of pension files and related data.
•    The administrator shall be responsible for transferring pension files and related data to successors and to agency upon request.
•    The administrator agrees that pension files and related data may not be sold, licensed, transferred, made available or disclosed unless specifically authorized in writing by agency.
•    The administrator shall comply with all applicable federal, state and local laws, rules, regulations and policies.
- Customer Service and Communication
•    The administrator shall not use participant data in any way to market other products or contact participants for any reason, other than as authorized by agency.
•    The administrator shall provide timely customer service, with a single point of contact and a toll-free telephone number, to assist and provide guidance to active or terminated vested participants.
•    The administrator will provide all forms, materials and reports required for plan operation in electronic and paper formats.

- Contract Period/Term: 5 years
- Pre-Proposal Meeting Date: September 30, 2025
- Questions/Inquires Deadline: October 9, 2025