Request for Proposal university of massachusetts



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UNIVERSITY OF MASSACHUSETTS

Request for Proposal


UNIVERSITY OF MASSACHUSETTS

Supplemental Retirement Plans Recordkeeper Search



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RFP# UP15-DF-0402

SUBMITTED BY

THE UNIVERSITY OF MASSACHUSETTS

PURCHASING DEPARTMENT, SHREWSBURY, MA 01545

SPONSORED BY

THE UNIVERSITY OF MASSACHUSETTS PRESIDENT’S OFFICE



2.10 AUTHORIZED SIGNATURE 10

2.11 EXPENSES 10

3.0 UNIVERSITY TERMS AND CONDITIONS 10

3.1 PROPOSAL FORMAT 10

3.2 PROPOSAL MATERIALS 10

3.3 MASSACHUSETTS PUBLIC RECORDS LAW 10

3.4 RFP INTERPRETATION 11

3.5 ADDENDUM 11

3.6 PROPOSAL MODIFICATION 11

3.7 CONFIDENTIALITY 11

3.8 PERIOD OF FIRM PROPOSAL 11

3.9 PRE-AWARD NEGOTIATIONS 11

4.0 CONTRACT 12

4.1 CONTRACT TERM 12

4.2 CONTRACT FORMAT 12

4.3 CONTRACT MODIFICATIONS 12

4.4 CONTRACTOR ASSIGNMENT OF SUB-CONTRACT 12

4.5 CONFLICT OF INTEREST 13



5.0 EVALUATION CRITERIA 13

1.0 GENERAL INFORMATION


    1. SUMMARY

This RFP is being issued to request Proposals from qualified firms to provide retirement plan recordkeeping and support services (both plan level and participant level, including communication and education) to the supplemental Defined Contribution (DC) retirement plans of the University of Massachusetts (the “University”).


The services (or “scope of services”) being requested via this RFP are more fully described in the proposal requirements identified in Section 6. The University intends to contract with a firm that has extensive experience, expertise and a proven track record working with governmental higher education clients with DC 403(b) and 401(a) plans that are not subject to ERISA.
The University will make the award for retirement recordkeeping and support services to the firm whose experience, qualifications, resources, proposed fee, quality of services and quality of responses most closely match the needs of the University. The award criteria are fully described in Section 5.



    1. UNIVERSITY SYSTEM

The University is composed of six (6) distinct operating units, and each of their associated entities and off-site affiliates including:




  1. Amherst Campus

  2. Boston Campus

  3. Dartmouth Campus

  4. Lowell Campus

  5. President’s Office – Central Administration

  6. Worcester Campus

The University’s five campuses and President’s Office are geographically dispersed throughout the state. Each campus possesses a unique and complementary mission. A single Board of Trustees composed of 19 voting members and 3 non-voting members governs the University. The President of the University oversees the five-campus system, and each campus has its own Chancellor.

Additional information about the University of Massachusetts System is available through the University’s web site at http://www.massachusetts.edu/index.html.


The University, a governmental, Non-ERISA employer currently sponsors and administers eight DC supplemental retirement plans in accordance with Code sections 403(b) and 401(a). Collectively, these plans have assets in excess of $800M, with about 50% of the assets in individually controlled annuity contracts and/or custodial accounts.
The University System Human Resources Office serves as the Plan Administrator for four of these plans: the University’s Elective Deferral 403(b) Savings Plan; the University’s Executive Section 403(b) Plan; the University’s Executive 401(a) Retirement Plan; and the University’s 401(a) Retirement Gap Plan. The University’s Elective Deferral 403(b) Savings Plan is the largest of the plans with assets of approximately $715M. The University System Human Resources Office is also responsible for the administration of individual Executive 457(f) Deferred Compensation Agreements.
The University’s Medical School Campus Human Resources (HR) Office administers the remaining four plans: the University’s Medical School Executive Section 403(b) Plan; the University’s Medical School Clinical Faculty 403(b) Plan; the University’s Medical School Dual Employed Faculty 403(b) Plan; and the University’s Worcester 401(a) Plan.
As outlined below, all but one of the University’s Plans are currently multi-provider plans and each offers a large number of investment choices. In general, there are currently three categories of Providers under the University’s Plans: Contract Providers; Legacy Providers; and Former Providers.
Contract Providers: These are the University’s primary plan providers and were selected through the University’s last competitive bid process, which was conducted over six years ago. The University’s Contract Providers currently receive contributions under the Plans, and they have entered into and operate under a Contract for Services with the University. In general, there are currently three Contract Providers under the University’s Plans: Fidelity; TIAA-CREF; and VALIC. New accounts (annuity contracts and/or custodial accounts) under the Plans can only be opened with one of the Contract Providers.
Legacy Providers: These are the University’s grandfathered plan providers. Legacy Providers have issued Custodial Accounts and/or Annuity Contracts under the Plans in the past. They currently receive contributions under the plans, but only for a limited number of participants, and they do not currently hold a valid Contract for Services with the University. In general, there are currently three Legacy Providers under the University’s Plans: MetLife; Ameriprise; and Vanguard. New accounts cannot be opened with Legacy Providers.
Former Providers: Providers that may have issued custodial accounts and/or annuity contracts under the Plans in the past; they no longer receive contributions under the Plans, and they do not currently hold a valid Contract for Services with the University. Former Providers are too numerous to name and are not identified in the information that is provided in this RFP. For example, the University’s Elective Deferral 403(b) Savings Plan has a list of approximately 50 Former Providers.
The above information speaks in very general terms about the University’s Plans as a whole. The actual providers currently used by each separate University Plan are identified in the information that follows.
Plans Administered by the University SYSTEM HUMAN RESOURCES Office (5) – all assets and contributions below are estimated as of 12/31/14.


  1. University of Massachusetts 403(b) Elective Deferral Savings Plan (Employee Funded)


Date Plan Established:

University records go back to 1968; first written plan document effective January 1, 2009.


Investment Providers:

Contract Providers: Fidelity Investments; TIAA-CREF; and VALIC.

Legacy Providers: Ameriprise; MetLife; and Vanguard.

Former Providers: Yes.


Number of Participants with Account Balances (Contract Providers Only) as of December 31, 2014: 6491
Number of Participants Actively Contributing (Contract and Legacy Providers) as of December 31, 2014: 3975
Annual Contributions (Contract and Legacy Providers) based on Calendar Year 2014: $34,477,344
Total Assets (Contract Providers and Legacy Providers) estimated as of December 31, 2014: $715,213,828

  • TIAA-CREF: $378,602,593

  • Fidelity: $212,853,838

  • VALIC: $39,963,891

  • Vanguard: $54,363,595

  • MetLife: $18,310,242*

  • Ameriprise: $11,119,669

*also includes assets from the Medical School 403(b) Plans
Brief Description/Type of Plan: DC 403(b) elective deferral plan; governmental plan not subject to ERISA.


  1. University of Massachusetts Executive Section 403(b) Plan (Employer Funded)


Date Plan Established:

Approximately 1993; first written plan document effective January 1, 2009.


Investment Providers:

Contract Providers: Fidelity Investments and TIAA-CREF.

Legacy Providers: No longer making contributions to Legacy Providers.

Former Providers: Yes.


Number of Participants with Account Balances as of December 31, 2014: 24
Number of Active Participants in Calendar Year 2014: 5
Annual Contributions based on Calendar Year 2014: $189,110
Total Assets estimated as of December 31, 2014: $1,487,857

  • TIAA-CREF: $965,551

  • Fidelity: $522,306


Brief Description/Type of Plan: DC 403(b) plan; the plan provides for employer contributions only; governmental plan not subject to ERISA.


  1. University of Massachusetts Executive 401(a) Retirement Plan (Employer Funded)


Date Plan Established:

Plan was created effective May 1, 2001.


Investment Providers:

Contract Providers: Fidelity Investments and TIAA-CREF.

Legacy Provider: Vanguard.

Former Providers: No.


Number of Participants with Account Balances (Contract and Legacy Providers) as of December 31, 2014: 20
Number of Active Participants (Contract and Legacy Providers) in Calendar Year 2014: 7
Annual Contributions (Contract and Legacy Providers) based on Calendar Year 2014: $116,314
Total Assets (Contract and Legacy Providers) estimated as of December 31, 2014: $1,533,561

  • TIAA-CREF: $520,378

  • Fidelity: $596,035

  • Vanguard: $417,148


Brief Description/Type of Plan: This plan is a profit-sharing plan intended to be qualified under Code section 401(a). It is a DC plan that provides for employer contributions only; governmental plan not subject to ERISA.


  1. University of Massachusetts 401(a) Retirement Gap Plan (Mandatory Employee and Employer Funded)


Date Plan Established:

Plan was created effective January 1, 2011.


Investment Providers:

Contract Providers: Fidelity Investments; TIAA-CREF; and VALIC.

Legacy Providers: No.

Former Providers: No.


Number of Participants with Account Balances as of December 31, 2014: 61
Number of Active Participants in Calendar Year 2014: 56
Annual Contributions based on Calendar Year 2014: $340,861
Total Assets of Contract Providers estimated as of December 31, 2014: $877,711

  • TIAA-CREF: $397,339

  • Fidelity: $439,671

  • VALIC: $40,701



Brief Description/Type of Plan: This plan is a DC money purchase pension plan intended to be qualified under Code section 401(a); governmental plan not subject to ERISA.


  1. Individual Executive 457(f) Deferred Compensation Agreements (Employer Funded)


Investment Providers:

Contract Providers: Fidelity Investments and TIAA-CREF.

Legacy Providers: No.

Former Providers: No.


Number of Agreements in Place as of December 31, 2014: 12 (includes one account set up in 2014 to be funded in 2015)
Annual Contributions based on Calendar Year 2014: $153,349
Total Assets estimated as of December 31, 2014: $362,846

  • TIAA-CREF: $75,495

  • Fidelity: $287,351



Brief Description/Type of Plan: It is intended that these Agreements shall constitute unfunded ineligible deferred compensation plans under Code section 457(f).

Plans Administered by the University’s MedICAL SCHOOL – worcester Campus HR Office (4) – all assets and contributions below are estimated as of 12/31/14.



  1. University of Massachusetts Medical School Executive Section 403(b) Plan (Employer Funded)


Date Plan Established:

First written plan document effective January 1, 2009.


Investment Providers:

Contract Providers: Fidelity Investments; TIAA-CREF; and VALIC.

Legacy Providers: MetLife and Vanguard.

Former Providers: Yes.


Brief Description/Type of Plan: DC 403(b) plan; the plan provides for employer contributions only; governmental plan not subject to ERISA.



  1. University of Massachusetts Medical School Clinical Faculty 403(b) Plan (Employer Funded)


Date Plan Established:

First written plan document effective January 1, 2009.


Investment Providers:

Contract Providers: Fidelity Investments; TIAA-CREF; and VALIC.

Legacy Providers: MetLife and Vanguard.

Former Providers: Yes.


Brief Description/Type of Plan: DC 403(b) plan; the plan provides for employer contributions only; governmental plan not subject to ERISA.


  1. University of Massachusetts Medical School Dual Employed Faculty 403(b) Plan (Employer Funded)


Date Plan Established:

First written plan document effective January 1, 2009.


Investment Providers:

Contract Providers: Fidelity Investments; TIAA-CREF; and VALIC.

Legacy Providers: MetLife and Vanguard.

Former Providers: Yes.


Brief Description/Type of Plan: DC 403(b) plan; the plan provides for employer contributions only; governmental plan not subject to ERISA.
Combined Data for All Three Medical School Campus 403(b) Plans
Number of Participants with Account Balances (Contract Providers Only) as of December 31, 2014: 1193
Number of Participants Actively Contributing (Contract and Legacy Providers) as of December 31, 2014: 727
Annual Contributions (Contract and Legacy Providers) based on Calendar Year 2014: $5,385,411

Total Assets (Contract and Legacy Providers) estimated as of December 31, 2014: $98,075,495



  • TIAA-CREF: $26,983,536

  • Fidelity: $66,107,053

  • VALIC: $1,239,973

  • Vanguard: $3,744,933

  • MetLife: Medical School assets are included and reported under the University of Massachusetts 403(b) Elective Deferral Savings Plan



  1. University of Massachusetts Worcester 401(a) Plan (Employer Funded)


Date Plan Established:

Plan was created effective December 12, 1999.


Investment Providers:

Contract Provider: Fidelity Investments.

Legacy Providers: No.

Former Providers: No.


Number of Participants with Account Balances as of December 31, 2014: 1,074
Number of Active Participants as December 31, 2014: 701
Annual Contributions based on Calendar Year 2014estimated at: $4,054,134
Total Assets estimated as of December 31, 2014: $44,500,230
Brief Description/Type of Plan: This plan is a money purchase pension plan intended to be qualified under Code section 401(a). It is a DC plan that provides for employer contributions only; governmental plan not subject to ERISA.


  1. INSTRUCTIONS TO BIDDERS


2.1 RFP SCHEDULE


Event

Date and time

RFP Release Date

April 13, 2015

Bidder Questions Due

April 20, 2015, 5:00 p.m. EST

Respond to Bidder Questions

April 27, 2015, 5:00 p.m. EST

UMass Amendment Deadline

May 11, 2015

RFP Due Date

May 14, 2015, 2:00 p.m. EST

Finalist Presentations

June 18, 2015

Bid Award

June 29, 2015 (approximate)


The University may change these dates at its sole discretion.

2.2 BID RESPONSE DEADLINE
Proposals must be received via email only to procurement@umassp.edu on or before 2:00 p.m. EST, on May 14, 2015.
The email subject line must read: “UP15-DF-0402 Proposal” and must have attached files, which contain the bidder’s response including completed forms.
The University recommends sending the email with acknowledged receipt.  It is the bidder’s responsibility to insure that its proposal is received in its entirety and without exception by the proposal closing date and time.  Any proposal received after the date and time specified will not be accepted, read, or evaluated.
The University will not be responsible for computer, server, internet or any technical problems, errors, delivery delays, or failures beyond its physical control. Bidders are advised to send their proposal responses prior to the proposal deadline to compensate for potential Internet routing delays in email transmission.
2.2.1 EMAIL RESPONSE – FILE SIZE LIMITATIONS
The procurement@umassp.edu mailbox is capable of receiving emails up to 25 MB in size. If your response is larger than 25 MB, please split your response and send in 2 or more separate emails and indicate in the subject line that you are sending multiple emails, e.g., PROPOSAL 1 of 2. All emails containing your proposal response must be received prior to the proposal deadline.
2.3 QUESTIONS
Bidders may submit written questions via email to procurement@umassp.edu on or before 5:00 p.m. EST, on April 20, 2015.  The email subject line must read:  UP15-DF-0402 QUESTIONS”.  The University will compile all questions and email responses to all known bidders by 5:00 p.m. EST on April 27, 2015. Response to questions will also be posted on the University’s website at the following location: http://www.massachusetts.edu/purchasing/openbids.html.

No telephone calls will be entertained.  Prospective bidders are prohibited from obtaining information about this proposal from any University personnel. Inquiries received after the specified date and time will not be accepted. 



2.4 AMENDMENTS TO REQUEST FOR PROPOSAL
Answers to bidder questions and other changes to the RFP document will be emailed to all known bidders and posted on the University’s website at the following location: http://www.massachusetts.edu/purchasing/openbids.html.
2.5 CONTACT INFORMATION
Except as may be noted otherwise herein, the issuing office and sole contact for the coordination and dissemination of all information regarding this RFP is:
Deborah Fisher, Procurement Services Manager

University of Massachusetts President’s Office

333 South Street, Suite 450

Shrewsbury, MA 01545

Email: dfisher@umassp.edu

2.6 ACCEPT/REJECT PROPOSAL
The University reserves the right to reject any or all proposals, wholly or in part; to waive technicalities, irregularities, and omissions; to make the award in a manner deemed to be in the best interest of the University; and to correct any award erroneously made as a result of a clerical error on the part of the University.
2.7 WITHDRAWAL OF PROPOSAL
Proposal offers may be withdrawn at any time prior to the proposal receipt deadline date and time. Once the proposal receipt deadline has passed, all proposals become the property of the University.
2.8 PROPOSAL RESULTS
Complete records of all proposals and awards are maintained in the University of Massachusetts President’s Office Purchasing Department. All proposal documents will be made available for public examination after the bid evaluation committee has completed its bid review, selection and award.


2.9 NO UNIVERSITY OBLIGATION
The RFP in no manner obligates the University to the eventual purchase of any products or services described, implied, or which may be proposed, until confirmed by written agreement, and may be terminated by the University without penalty or obligation at any time prior to the signing of an agreement.

2.10 AUTHORIZED SIGNATURE

The proposal offer shall be signed by an officer who is authorized to make such commitments for the bidder. Please complete bidder information in Section 8.0 – BIDDER INFORMATION AND SIGNATURE.


2.11 EXPENSES

Expenses for developing and presenting proposals shall be the entire responsibility of the Bidder and shall not be chargeable to the University. All supporting documentation and manuals submitted with this proposal will become the property of the University unless requested by the Bidder, in writing, at the time of the submission, and agreed to, in writing, by the University.




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