Retirement Consulting Services RFP

The Town of Readfield, Maine is requesting proposals from qualified pension or investment consulting firms or individuals with municipal client experience for the following services.  It is our expectation that only complete proposals be submitted (i.e responsive Financial Advisors would identify their partner Plan Administrators and potential Investment Fund partners).  We are not requesting proposals for stand-alone services.

Financial Advisory Services:

  1. Provide ongoing financial advisory services for eligible town employees on an individual and group basis
    1. Group services being provided no less than twice per year with reporting no less than quarterly
    2. Individual services being provided within one month of hire or election to participate in the town’s retirement program and then on an as-needed basis.
    3. Schedule of fees and costs for employee advisory services on an initial and annual basis.
  2. Assist with and recommend the selection and engagement of a Plan Administrator (see below)
  3. Assist with and recommend the selection and engagement of an Investment Fund Company
    1. List of Investment Funds or Companies with whom the Financial Advisor has an established relationship and recommendation of a preferred provider. 
    2. Schedule of fees and costs for the preferred provider on an initial and annual basis.
  4. Documentation of licenses and certifications of senior management and relevant staff.
  5. List of municipalities and contact information for whom Financial Advisory services are provided.

Plan Administrator Services:

  1. Develop a plan document for the town’s participant-directed defined contribution, money purchase retirement plan which shall be compliant with state/federal pension law.
  2. Develop a proposal to provide the town of Readfield, on an annual basis, with advisory services including, but not limited to:
    1. Review of annual town plan contributions for participants to ensure accuracy and contract compliance.
    2. Provide administrative oversight/guidance to plan trustees as needed for matters such as budgeting and plan design, vesting, loans, death benefits, participant tax liability and domestic relations orders.
    3. Issuance of annual participant statements and an annual plan status report reflecting assets under management.
    4. Price for creation of the plan document
    5. Annual costs for administrative services, participant statements and any other fees/charges.
    6. Cost for periodic review of the plan document for pension law compliance.
    7. Documentation of licenses and certifications of senior management and relevant staff.
    8. List of municipalities and contact information for whom pension consulting services are provided.

Proposals are due by 3:30pm on Friday, April 30th and must be mailed or hand delivered to the Town of Readfield in a sealed envelope clearly marked “INVESTMENT CONSULTING PROPOSAL - DO NOT OPEN”.  Questions may be directed to Town Manager Eric Dyer via email at manager@readfieldmaine.org or voice contact at (207) 685-4939.  The Town of Readfield reserves the right to reject any and all proposals at its sole discretion.

 

 





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