Section 457 Deferred-Compensation Plan

Agency: Beaver County
State: Pennsylvania
Type of Government: State & Local
NAICS Category:
  • 541611 - Administrative Management and General Management Consulting Services
  • 541612 - Human Resources Consulting Services
Posted Date: Feb 21, 2024
Due Date: Mar 1, 2024
Bid Source: Please Login to View Page
Contact information: Please Login to View Page
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  • Section 457 Deferred-Compensation Plan
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    Request for Proposal ("RFP")
    Prepared and Issued by
    Beaver County
    For
    Section 457 Deferred-
    Compensation Plan
    1
    Beaver County is a fourth-class County located in southwestern Pennsylvania. The
    County has a Section 457 Deferred Compensation Plan that is voluntarily for
    employees and offers no matching funds by the County. It seeks an investment
    advisor and record keeping services to start a 457(b) retirement plan. It is possible
    approximately $5 million dollars might be transferred into the plan. The plan is
    available to all county employees in which traditionally about 80 employees
    participate.
    The County is soliciting proposals to provide custodial services, including, but not
    limited to providing secure possession, investment placement, reporting and
    distribution of a new start up 457 Deferred Compensation Plan. The scope of this RFP
    also includes any tasks which are reasonably related to the above areas.
    The County’s Defined Benefit Pension Plan is NOT part of this RFP. All interested
    respondents must complete answer the questions listed below and forward five (5)
    copies to:
    Nicole Long
    Chief Clerk
    810 Third St.
    Beaver, PA 15009
    724-770-4405
    nlong@beavercountypa.gov
    Proposals must be received no later than 4:00 PM on March 1, 2024.
    The evaluation of responses to this RFP will be conducted by the County. After a
    thorough review, it will pass a resolution appointing/announcing the provider of
    services.
    Prior to doing so, the County may or may not request one or more personal interviews
    of the representatives from responding entities who will be providing services.
    The criteria to be used shall center upon the responder's qualifications, experience,
    expertise, proposed fee schedule, depth of personnel who can provide the required
    services, and the cumulative confidence in the successful responder. The Beaver
    County reserves the right to reject any or all proposals, to waive any informalities and
    to award the contract in the best interest of the County as it shall determine.
    2
    All proposals must follow the order of questions as listed below. You may provide
    attachments as appropriate.
    List your organization's complete name, address and telephone number. Also include
    contact information in the event that the County has specific questions on your
    proposal.
    RESPONDER'S HISTORY, OWNERSHIP AND ORGANIZATION
    1. Briefly describe the organization, the year it was founded, location of its
    headquarters and other offices, its ownership structure, and business focus.
    2. What is the total asset base and number of municipal retirement/pension funds
    on which you consult?
    3. Describe your history and experience in providing such services to current
    clients, including Pennsylvania municipal retirement plans. The County may, as
    part of the evaluation process, contact references to discuss services provided
    by your entity. As part of your response to the RFP, you consent to such
    contact.
    4. Identify the consultants and other key staff who would be involved in serving our
    account. Provide brief resumes of these individuals.
    5. Within the last five (5) years has your organization or an officer or principal been
    involved in any business litigation or other legal proceedings relating to your
    professional activities? If so, provide an explanation and indicate the current
    status.
    6. Within the last ten (10) years, has your organization been terminated by the
    owner, operator or other responsible entity from providing custodial or pension
    investment related services due to malfeasance, professional negligence or
    based upon other allegations involving a failure to properly perform assigned
    duties, regardless of whether or not such termination involved subsequent
    litigation? If so, provide an explanation.
    7. Describe in complete detail the nature and frequency of consultative services
    you will provide.
    8. Set forth any facts or factors, not otherwise addressed in this RFP, which you
    feel are relevant to the County's selection of professional service providers.
    3
    SERVICES
    1. Describe how your firm provides recordkeeping, internet access, trading, and
    participating reporting services. Please explain the benefits of your approach.
    2. Will you act as a fiduciary of the plan?
    3. Confirm your availability to meet with the County for periodic reviews and to answer
    operational or other questions.
    4. Can you provide the County with on-line access to the accounts?
    5. How often are performance reports produced and delivered? Include a sample
    performance evaluation report and/or statement o f a c c o u n t .
    6. Identify and describe, with specificity, the investment options that will be afforded to
    the County's employees for the Section 457 deferred- compensation plan.
    FEES
    Please identify all custodial and investment advisory fees that you propose
    charging if selected as a consultant in response to this RFP. These fees should
    include both direct and indirect fees, whether paid to you or to another entity.
    Please specify in terms of both dollar amounts and/or percent of asset fees. Also
    state whether the fees below are based on the combined assets of all plans, or
    whether each plan is separate with respect to fees charged.
    4
    VERIFICATION
    I,_________________________ hereby state that I am _______________ (title)
    for the___________________________ (Applicant's Firm), and I am authorized to
    make this verification. Everything submitted in this application is true and correct
    to the best of my knowledge.
    I understand that false statements herein are made subject to the penalties of 18
    P.A.C.S. § 4904 relating to unsworn falsification to authorities.
    Signature: _________________________
    Date: ___________________________
    5

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