The Ohio-Kentucky-Indiana Regional Council of Governments (OKI) is now accepting Statements of Qualifications (SOQ) for candidates of firms interested in providing professional services to perform; online records keeping for participants and administration of compliance for OKI’s 401a, 403b and 457 plans. Jessica Ondrovic, HR Manager, will serve as the project manager and contract directly with the selected firm resulting from this RFQ.
If the Proposer is a team, the team must be led by a firm that has the managerial and technical resources to communicate and coordinate directly with OKI and manage the work of the entire team. The team lead will function as the “Prime” and will be expected to assist and advise OKI in managing the project.
This RFQ document contains detailed submission guidelines and SOQ specifications.
Submittals
Interested firms must submit SOQs by April 3, 2024 at 10:00 AM EDT at the following address. One (1) original and six (6) copies of the SOQ are required.
Ohio-Kentucky-Indiana Regional Council of Governments
Attn: Finance Department
“Retirement Plan Administrator/Records Keeper– Statement of Qualifications”
720 E. Pete Rose Way, Suite 420
Cincinnati, Ohio 45202
Note: if dropping off your SOQ in person, you can find the OKI office by taking the elevators left of the reception desk to the 4th floor. Then, take a left out of the elevator where you will see the door to our office.
Questions & Answers
All questions must be submitted in writing via email to Jessica Ondrovic at jondrovic@oki.org. Questions will be accepted until 4:00 p.m. Eastern on March 20, 2024.
Teams meeting for RFQ Retirement Plan Administrator/Records Keeper Opening
April 3, 2024, 1 p.m. EDT
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Meeting ID: 224 184 512 089
Passcode: teJiiN
FAQ
1. The RFQ provided a listing of “Deliverables” on page 16 and “Criteria” on page 18, but we did not see any specific questions on our experience or how we deliver those services. Our goal is to make sure you have sufficient information to compare submissions in regards to services and deliverables. On page 9 in 3.1.2, it is noted that each vendor should provide a narrative description of how we would address the tasks in the Project Scope not to exceed 5 pages. We were just wondering if there were any additional uniform questions that you wanted each respondent to answer to make comparisons easier?
Deliverables on page 16 are requirements we expect our retirement administrator/records keeper to perform. Criteria on page 18 is what the selection committee will use to assess each bid. As confirmed on page 9, you should submit your narrative on how you will meet each of the deliverables included on page 16 and not exceed 5 pages. There are no uniform questions to answer, rather a narrative up to 5 pages on how you would fulfill each of the expected deliverables included on page 16.
2. For all three plans the RFQ provided the number of employees and we were not sure if that included former employees with balances. Can you please provide the total number of individuals within each plan with an account balance (including terminated employees)?
Total # of individuals with balances in 457 with current vendor (including former employees) = 13
Total # of historic/retirees with balances in 403b with previously used vendor = 9 ($481K balance)
Total # of individuals with balances in 401a with current vendor (including former employees) = 45
Total # of individuals with balances in 403b with current vendor (including former employees) = 36
3. What are the annual contributions for each plan?
401(a) – includes required Employee Contribution and Employer Match – specific percentages will be discussed after selection.
403(b) – includes optional Employee Contribution and Employer Match – voluntary – specific percentages will be discussed after selection.
457 – includes optional Employee Contribution only, no Employer Match – voluntary
4. What are the assets of the 457 Plan?
Total 457 Plan assets = $1.5MM
5. Will all three plans use the same investment lineup going forward?
Yes, there are no plans to change the investment options for any of the 3 plans.
6. With regards to education, does the advisor currently provide that service or do you want the recordkeeper to provide at least 2 visits per year as indicated?
OKI’s current 401a & 403b retirement administrator does not provide onsite employee education. Our 457 retirement administrator does, along with 1:1 sessions. At a minimum we expect 2 annual all staff employee education sessions.
7. On page 5, it is noted that “Cost proposals must not be part of the submittal. Submittals containing any costs, cost proposals, or any other cost related figures will be rejected.” We assume this statement merely referenced we should not pass on any costs related to preparation and submittal of our response. Please clarify this statement as it relates to the manner and timing of us providing the pricing of our services .
We cannot accept any bid that includes pricing or fees your firm charges for your services. This is a Request for Qualifications (RFQ) and not a Request for Proposals (RFP).
8. Please provide the breakdown of assets by investment option for each of the plans.
457 – See attached
403b Assets by Investment Option:
| Amer FUNDS CAP IN BLD R6 | $12,208.59 |
| AMER FUNDS EUROPACFIC R7 | $72,966.58 |
| VAN 500 INDEX ADM | $659,705.20 |
| Van FEDERAL MM I | $904,072.91 |
| VAN MID-CAP INDEX ADM | $124,747.73 |
| VAN SMALL CAP INDEX ADM | $130,221.77 |
| Van TARGET RET 2065 INV | $15,552.03 |
| Van TRGT RTRMNT INC INV | $191,857.68 |
| VG EMKT STK IND ADM | $14,565.45 |
| VG FSTE ALLWLDXUS IDX ADM | $355.10 |
| VG TARGET RET 2025 INV | $256,093.05 |
| VG TARGET RET 2030 INV | $4,768.86 |
| VG TARGET RET 2035 INV | $492,217.30 |
| VG TARGET RET 2040 INV | $402,047.67 |
| VG TARGET RET 2045 INV | $122,545.21 |
| VG TARGET RET 2050 INV | $26,131.04 |
| VG TARGET RET 2055 INV | $55,787.63 |
| VG TARGET RET 2060 INV | $18,575.86 |
| VG TOTAL BNDMKT INDEX ADM | $154,634.48 |
| VG Totl Wrld Stck Idx ADM | $35,912.63 |
401a Assets by Investment Option:
| Amer FUNDS CAP IN BLD R7 | $11,076.63 |
| AMER FUNDS EUROPACFIC R7 | $408,929.59 |
| VAN 500 INDEX ADM | $2,801,773.39 |
| Van FEDERAL MM I | $1,088,321.76 |
| VAN MID-CAP INDEX ADM | $513,059.08 |
| VAN SMALL CAP INDEX ADM | $368,747.99 |
| Van TARGET RET 2065 INV | $41,112.34 |
| Van TRGT RTRMNT INC INV | $390,976.50 |
| VG EMKT STK IND ADM | $400.32 |
| VG FSTE ALLWLDXUS IDX ADM | $412.78 |
| VG TARGET RET 2025 INV | $621,151.01 |
| VG TARGET RET 2030 INV | $844,655.46 |
| VG TARGET RET 2035 INV | $1,380,341.26 |
| VG TARGET RET 2040 INV | $760,478.46 |
| VG TARGET RET 2045 INV | $486,424.87 |
| VG TARGET RET 2050 INV | $60,077.53 |
| VG TARGET RET 2055 INV | $135,874.78 |
| VG TARGET RET 2060 INV | $60,188.39 |
| VG TOTAL BNDMKT INDEX ADM | $490,721.14 |
| VG Totl Wrld Stck Idx ADM | $20,963.13 |
9. Please provide the current number of actively contributing participants for each of the plans.
Total # of individuals with balances in 457 with current vendor (including former employees) = 13
Total # of historic/retirees with balances in 403b with previously used vendor = 9 ($481K balance)
Total # of individuals with balances in 401a with current vendor (including former employees) = 45
Total # of individuals with balances in 403b with current vendor (including former employees) = 36
10. Please provide the total number of contributions over the last 3 years for each of the plans.
401a- Total Contributions Submitted from 3/19/2021 to 3/19/2024 = $1,397.520.43
403b – Total Contributions Submitted from 3/19/2021 to 3/19/2024 = $1,160,083.41
11. Please provide the total number of distributions over the last 3 years for each of the plans.
401a – Total Distribution Amount from 03/19/2021 to 03/19/2024 = $3,121,364.07 (gross distribution)
403b – Total Distribution Amount from 03/19/2021 to 03/19/2024 = $437,160.47 (gross distribution)
12. Please provide the current number of actively contributing participants for each of the plans.
See question #2.
13. Please provide the current number of onsite education days that the incumbent is providing.
0 from current 401a and 403b plan administrator. 1-2 per year from 457 administrator.
14. Please provide the number of onsite education days OKI would prefer.
A minimum of 2 per year.
15. Please confirm if there are managed accounts currently offered and if so, please provide the name the service provider and the number of assets and participants in Managed Accounts.
No, none.
16. Are there liquidity concerns or investments subject to a market valued adjustment, put, or other restrictions for any of the plans? If yes, please provide details.
No, none.
