Show All Answers

1. What are the assets, contributions, # of participants of the 2 pension Plans: Police Pension Plan and Non-Uniform Pension Plan?

These are the figures as of the 1/1/17 Act 2015 Study

                                

	Police	NU
Assets	$9,392,358.00	$3,432,204.00
Contributions EE	$105,349.61	$64,161.84
Accumulated EE	$1,017,090.48	$698,127.70
Participants	20	46
Retirees	11

2. We were asked for clarification on the minimum criteria of having 100 or more PA municipal pension clients, number of plans and the number of municipal clients within the surrounding counties?

The ideal proposer will provide a team consisting of and Investment Manager or Actuary with at least 10 clients each with assets of $50 million and an entire team of investment manager/actuarial and custodial service providers with a total of 100 municipal clients and assets of at least $100 million.  

It is preferred that at least 10 of the total number of clients be located in Allegheny, Beaver, Butler and Washington Counties. The team must meet the requirements for on-site meetings regardless of the number of clients located in the 4- county area. A list of all Pennsylvania municipal pension clients must be provided.

3. Can you provide some additional detail regarding the provisions of the defined contribution plans?

Employees contribute 2.5% and Township contributes 7.0%.

4. I see both the Township and employees make contributions. Do the employees have investment choices?

No, investments are determined by the approved Investment Policy Statement for the Non-Uniform Plan.

5. Should the actuarial services also cover annual benefit statements for defined benefit participants?

Yes

6. Under the administrative services section, there is a line item to provide a platform for DC participants to access or receive quarterly report on the accounts. Are you expecting them to be able to s

Quarterly Statements for just employee accounts.  The Township should be provided with an aggregate or summary report.

7. Would you consider an unbundled product (i.e. selecting a separate actuary and investment advisor) or has the committee decided they prefer the bundled solution?

No. Bundled solution.

8. Is the non-uniformed defined contribution plan administered with participant-directed accounts, or a single aggregated investment portfolio?

Single Aggregated investment portfolio.

9. Are the individual DROP accounts maintained as part of the overall police pension fund assets, or are they in a separate account/investment?

Yes, they are maintained as part of the overall police pension assets.

10. As part of the actuarial services listing is to prepare annual benefit statements for DC Plan participants (by April 1 of each year) (example included). Was this intended to imply that a sample of...

See samples provided.

11. For the DC plan are the investment decisions made by the participant or at the trustee level?

Investments decisions are made by the Trustee through strict adherence to the investment policy statement.

12. There was a very specific question posed regarding the requirements for the allocation of funds to be invested.

Please note that the current investment policy statement has been included in the list of documents and no changes would occur without further discussion with the Pension Board.

13. Please clarify, is the expectation for the Pension investment manager/advisor to provide investment advisors to meet with employees in the process of retiring and advise the retiree on taking a...

The expectation is for an investment advisor to meet with employees who are in the process of retiring to simply explain the benefit options so that the retiring employee can make an informed decision. The township desires that its retires are informed of the various products that are available upon retirement and the advisor should make available information regarding these potential investment options but at no time should recommendations be made.

14. If we are not willing to provide such advisory services to retirees will that eliminate our RFP response?

No, that would not disqualify you from the RFP process.

15. The RFP states the submission must be US Mail, are one of the mail services i.e. Fed Ex, UPS…, acceptable?

One of the mail services such as Fed Ex or UPS is acceptable as an alternative to the US Mail

16. Can I infer from the RPF that the actuary/administrator is performing an allocation of income and contributions to member accounts on a quarterly basis, so as to be able to issue quarterly participant

We would want that allocation to occur at least on a quarterly basis. Please keep in mind that we are submitting employee contributions on a monthly basis currently