RFP Plan Administrative, Investment Advisory & Actuarial Services

Town of Woodbury, Connecticut
Request for Proposal
Plan Administrative, Investment Advisory &
Actuarial Services
Proposals Due: June 23, 2026 by 12:00 noon
Plan Administrative, Investment Advisory, Actuarial Services Page 1

REQUEST FOR PROPOSAL
Plan Administrative, Investment Advisory & Actuarial Services
The Town of Woodbury, AA/EOE/Title VI Compliant, will accept RFPs addressed to First
Selectman Paul A. Zulpa, 281 Main Street South, Woodbury, CT on or before 12:00 noon on
June 23, 2026.
Bids shall be submitted in a sealed envelope clearly marked: RFP: Plan Administrative,
Investment Advisory & Actuarial Services
Bid opening shall take place in the Shove Conference Room, 281 Main Street South, at 12:00
noon on Tuesday, June 23, 2026.
Questions concerning this bid request may be directed to the First Selectman's Office, (203) 263-
2141 or PZulpa@woodburyct.org. The Town of Woodbury reserves the right to accept or reject,
in whole or in part, any or all proposals if it is deemed to be in the best interest of the Town.
_________________________________
Paul A. Zulpa
First Selectman
April 2, 2026
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Bid Specifications
REQUEST FOR PROPOSALS (RFP)
Retirement & Pension Board
Plan Administrative, Investment Advisory & Actuarial Services
RFP Issue Date: April 28, 2026
Proposal Due Date: June 23, 2026 12 PM
Submit To: First Selectman's Office, 281 Main Street South, Woodbury, CT 06798
TABLE OF CONTENTS
1. Purpose
2. Background
3. Scope of Services
4. Reporting & Data Requirements
5. Vendor Qualifications
6. Fee Proposal Requirements
7. Proposal Submission Instructions
8. Evaluation Criteria
9. Timeline
10. Signature Forms
11. Vendor Response Checklist
12. Indemnification Certificate
1. PURPOSE
The Town of Woodbury Retirement & Pension Board ("Board") is soliciting sealed
proposals from qualified firms to provide:
* Plan Administrative Services
* Investment Advisory Services
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* Actuarial Valuation and Consulting Services
* Firms may respond to one, two, or all three service categories.
2. BACKGROUND
The Town maintains the following retirement programs:
Defined Benefit Plan
* Approximate Assets: $11,000,000
* Only new members of the Police Union are allowed to enter this plan; Closed to new
supervisors and administrators as of 7/1/2019; Closed to new public works
employees as of 7/1/2021.
* Covers legacy active employees, vested former employees, retirees and new police
hires. Per our current actuarial report completed for 2025 there are 53 inactive plan
members or beneficiaries receiving benefits, 14 inactive plan members entitled to
but not yet receiving benefits, and 30 active plan members.
Defined Contribution Plan
* Implemented approximately four (4) years ago
* All new employees participate in DC plan only (except Police Union per above)
* Four Plans
o 401(a) - Approximate assets $410,000 - After a 6-month probationary
period, an employee is enrolled in the 401(a) plan, which includes a
mandatory 2% contribution of their pre-tax earnings. In addition, the Town
contributes 5% of the employee's earnings into their 401(a) account. There
are 28 active, 1 retired, and 7 terminated participants in this plan.
o 457(b) - Approximate assets $2,200,000 - New Hires can enroll immediately,
There are currently 25 active, 4 retired, 1 beneficiary and 11 terminated
participants in this plan.
o Roth IRA - Approximate assets $126,000; There are 10 active participants in
this plan.
o Roth Secure 2.0 Catch-Up - New account; 0 assets
The Board serves as fiduciary and oversees compliance, funding, actuarial soundness, and
investment performance.
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3. SCOPE OF SERVICES
A. Plan Administration
* Participant recordkeeping
* Benefit calculations
* Retirement processing
* Direct deposit and benefit payment administration and year-end tax reporting
* Regulatory compliance
* Audit support
* Required notices and filings
* Board meeting attendance, as required
* Coordination with Town payroll/finance (potential software requirements)
B. Investment Advisory Services
* Asset allocation analysis
* Investment manager selection and monitoring
* Quarterly performance reporting
* Investment policy statement
* IPS development and review
* Fee benchmarking
* Risk analytics
* Fiduciary Oversight responsibilities
* DC plan investment oversight
* Participant education
C. Actuarial Services
* Annual or Biennial actuarial valuation of pension and OPEB
* GASB 67/68 reporting and 74/75 reporting
* Funding projections
* Closed-plan liability modeling
* Experience studies
* Assumption reviews
* Impact analysis for benefit changes
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4. REPORTING & DATA REQUIREMENTS
Vendors must provide:
Reporting Frequency
* Monthly Statements
* Quarterly investment reports
* Annual and/or biennial actuarial reports
* Administrative summaries (quarterly minimum)
* Material or personnel changes to account(s) as they occur
Customized Reporting
* Board-level dashboards
* Funded ratio tracking
* Liability projections
* Contribution forecasts
* DC participation and allocation metrics
Data Access
* Secure online portal
* Exportable Excel and PDF reports
Data Security
* Cybersecurity protocols
* Disaster recovery plan
* SOC 1/SOC 2 (if applicable)
* List any custodians of accounts
5. VENDOR QUALIFICATIONS
Proposals must include:
* Firm history and ownership
* Municipal client experience
* Experience with closed DB plans
* Registered Investment Advisor (RIA) - Form ADV
* SEC Registered Advisor
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* Professional credentials (EA, ASA, FSA, CFA, etc.)
* Key personnel bios
* Minimum three references inclusive of one to two municipal clients
* Disclosure of conflicts of interest
6. FEE PROPOSAL REQUIREMENTS
Provide clear, itemized pricing.
Administrative Services
* Annual fee
* Itemized Pricing
* Clarification of "hidden" fees
* Per participant fee (if applicable)
* Hourly rates
Investment Advisory
* Asset-based fee OR flat annual fee
* Disclosure of "soft dollar" arrangement
* DC advisory fee (if separate)
* Any revenue sharing disclosure
Actuarial Services
* Annual valuation cost of Pension and OPEB - presented as Annual and Biennial
* Off year Actuarially determined contribution cost if Biennial valuation chosen
* GASB 67/68 for pension and 74/75 reporting cost for OPEB
* Experience study cost
* A la carte services
* Benefit calculations for employees (per calculation fee)
* Hourly consulting rates
* Other Optional Services and related costs
All indirect compensation, termination fees, and transition costs must be disclosed.
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7. PROPOSAL SUBMISSION INSTRUCTIONS
Proposals must include:
* Executive Summary
* Detailed Scope Response
* Reporting Samples
* Fee Proposal
* References
* Transition Plan
* Distinguishing Characteristics/Competitive Advantage
* Signed Certifications
RFPs should be addressed to First Selectman Paul A. Zulpa, 281 Main Street South, Woodbury,
CT on or before 12:00 noon on June 23, 2026.
Bids shall be submitted in a sealed envelope clearly marked: RFP: Plan Administrative,
Investment Advisory & Actuarial Services
8. CONTRACT TERMS & CONDITIONS
* Contract term: 3 years
* Right to terminate with notice
* Insurance requirements (Professional, General, Cyber)
* Indemnification required
* Compliance with applicable laws
* Non-collusion certification required
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9. TENTATIVE TIMELINE
Milestone Date
RFP Issued April 28, 2026
Vendor Questions Due no later than May 26, 2026
Town Issues Response June 5, 2026
Proposals Due June 23, 2026
Interviews Week Of July 13
Announcement of Award July 29, 2026, subject to change
October 1 2026, subject to
Contract Start
change
10. REQUIRED SIGNATURE FORMS
A. Non-Collusion Certification
I certify that this proposal is made without fraud or collusion.
Firm Name: __________________________________________
Authorized Signature: ______________________________
Name & Title: ________________________________________
Date: __________________________
B. Conflict of Interest Disclosure
Disclose any actual or potential conflicts:
Signature: __________________________
Date: __________________________
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11. VENDOR RESPONSE CHECKLIST
Executive Summary
Firm Qualifications
Municipal References (3 minimum, 1-2 municipal)
Scope of Services Narrative
Reporting Samples
Fee Proposal (Fully Itemized)
Transition Plan
Cybersecurity Overview
Signed Certifications
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