MB-3037 - USA (Virginia) - Third Party Administrator, Investment Guidance/Advice, And Stable Value Investment Management Services - Deadline May 16,2019

Product (RFP/RFQ/RFI/Solicitation/Tender/Bid Etc.) ID: MB-3037

Government Authority located in Virginia; USA based organization looking for expert vendor for third party administrator, investment guidance/advice, and stable value investment management services.

[A] Budget: Looking for Proposals

[B] Scope of Service:

(1) Vendor needs to provide third party administrator, investment guidance advice, and stable value investment management services.
- investment options available under the Plans. The purpose of the Statement is to guide the Board in effectively supervising, monitoring, and managing the investment options available under the Plans. The Statement is designed to allow the sufficient flexibility in the management oversight process, while also setting forth reasonable parameters to promote the exercise of reasonable prudence and care with respect to the investment options under the Plans. The Statement provides the framework for the selection of investment options, a procedure for the ongoing evaluation of the investment options available under the Plans, and guidelines for terminating and replacing investment options.
- A consultant shall work with the Board to manage the investment process. This includes regular meetings with the Board to provide an independent perspective on the Plans’ goals. The Board and Consultant will review the investment offerings and performance. The Consultant may make recommendations to the Board as appropriate.
- The Plans are long-term retirement savings vehicles and are intended as a source of retirement income for eligible participants. The investment options available cover a broad range of investment risk and rewards appropriate for these kinds of retirement savings programs.
- To ensure that a broad range of investment options are offered to participants of one of the Plans;
- To establish an investment program that will allow participants of the Plans the opportunity to
structure an investment strategy that meets their individual return objectives and risk tolerances;
- To define the investment categories offered by the Plans;
- To establish investment objectives and guidelines for each investment category offered within the Plans;
- To establish benchmarks and performance standards for each investment and to evaluate each option’s performance against appropriate benchmarks and standards;
- To establish a procedure for reporting and monitoring of the various funds;
- To define the procedures for investment fund selection, evaluation and formal fund review; and
- To set guidelines and procedures for the freezing or withdrawal of an investment option, which in the Board’ opinion does not or will not, fulfil the Plans’ objectives for which it was selected and, if necessary, replace the option with an appropriate substitute
- The objective of this fund option is to provide principal preservation, benefit responsiveness, liquidity, and current income at levels that typically are higher than those provided by money market funds over an interest rate cycle. The book value accounting feature of most Stable Value Fund investments is expected to produce relatively stable annual return on fund assets with little to no fluctuation in account values.
- United States Treasury Securities including Treasury Bills, Notes, Bonds, and Strips.
- The City expects the TPA to post participant contributions the same day that they are received by the TPA assuming that all data is received in good order and contribution amounts are received by the established time period
- The Plan currently offers participants a diverse array of investment options covering all major asset classes. The City is looking for a provider that can offer participants an open architecture platform with a wide array of investment options
- The Plan has online capabilities for enrolment, deferral changes, and investment elections beneficiary elections with paper processing for withdrawals and distributions. No signature should be required from the Plan Administrator for processing withdrawals and distributions as this is to be fully outsourced to service provider.
- Proposers will be required to provide detailed information about their recordkeeping and administrative systems and use of technology. Important factors include ability to integrate multiple payroll centers and systems, monitor compliance, process participant transactions, provide timely and accurate participant statements and financial statements for the plan sponsor. The service provider selected by the City must have in place a toll-free customer service center, automated voice response system, and Internet service that allow participants access to their accounts
- Allow employees to model retirement scenarios, request withdrawals from the Plan, change investment mix, change investment rates and percentages, request balances, and other similar activities.
 (2) All questions must be submitted no later than May 02, 2019.

[C] Eligibility:

Onshore (USA Only)

[D] Work Performance:

Performance of the work will be Offsite. Vendor needs to carry work in their office location.

Expiry Date : Thursday, 16 May, 2019

Question Answer Deadline : Thursday, 2 May, 2019

Category : Medical Billing and Coding, Banking Services, Records Storage Services

Country : USA

State : Virginia

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