Posted Date : June 09,2021
Product (RFP/RFQ/RFI/Solicitation/Tender/Bid Etc.) ID : EXTRA-12795
Government Authority located in Cumberland, Rhode Island; USA based organization looking for expert vendor for actuarial and administrative services for police pension plan and other post-employment benefits plan.
[A] Budget: Looking for Proposals
[B] Scope of Service:
(1) Vendor needs to provide actuarial and administrative services for police pension plan and other post-employment benefits plan to the government authority located in Cumberland, RI.
- Administrative Services:
- The primary purpose of the engagement as TPA will be to maintain participant records, communicate with participants, advise and assist the Pension Board and the Town Human Resources staff with the day-to-day administrative operation of the Police Pension Plan,
- Maintain and update plan document, including drafting required amendments for compliance with applicable law and to implement changes approved by the Pension Board.
- Monitor plan for compliance with current legal requirements.
- Prepare and file reports required for government retirement plans.
- Prepare, maintain, and update ancillary documents, including application for benefit forms, disability benefit confirmation of eligibility forms, and election of benefit option forms.
- Provide counseling, educational, training, and documentation services for the day-to-day operation of the Police Pension Plan, including preparing and updating a plan administration
guide.
- Receive and maintain enrollment and beneficiary information.
- Compute and maintain records of vesting, service, breaks in service.
- Handle recordkeeping and reporting relating to participants (active or inactive), alternative payees, beneficiaries, and retirees, including but not limited to benefit selection, benefit
calculations, benefit eligibility and payments, contributions, tax documents, and tax withholding.
- Administer claims for disability pension, retirement benefits, alternate payee and surviving spouse benefits.
- Administer and direct payment of benefits.
- Monitor disqualifying conditions and suspend benefits, as necessary.
- Assist with locating missing participants and beneficiaries, and with adjudication of appeals.
- Communicate with participants regarding claims, benefits, required disclosures,
- Actuarial Services:
- review, reconcile, and confirm baseline census data for Police Pension Plan participants in payment status (including retirees, alternative payees, and beneficiaries) and reconcile eligibility status and benefit calculation; and
- analyze and review the most recent actuarial study(s) and valuation performed, including the appropriateness and reasonableness of the actuarial assumptions.
- Analyze, review, and confirm or update on an annual basis the recommend actuarial assumptions to be used for the Police Pension Plan, including mortality, payroll, contributions, retirement,
salary increases, and rate of return, and actuarial factors for the Police Pension Plan to the extent applicable, such as joint and survivor option and minimum distribution,
- Non-Routine Or Optional Services:
- Consultation regarding collective bargaining issues, including the cost impact of proposed modifications to the defined benefit plans.
- Providing expert testimony
- Assisting legal counsel with plan design issues, preparation of plan documents, ordinances or resolutions governing the plan.
- Assisting with audits and response to findings.
(2) An optional pre-proposal meeting will be held on June 16, 2021
[C] Eligibility:
- Onshore (USA Organization Only);
[D] Work Performance:
Performance of the work will be Offsite. Vendor needs to carry work in their office location.
Budget :
Deadline to Submit Proposals: June 25,2021
Cost to Download This RFP/RFQ/RFI/Solicitation/Tender/Bid Document : 5 US$
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Clik here to view.![]()
Product (RFP/RFQ/RFI/Solicitation/Tender/Bid Etc.) ID : EXTRA-12795
Government Authority located in Cumberland, Rhode Island; USA based organization looking for expert vendor for actuarial and administrative services for police pension plan and other post-employment benefits plan.
[A] Budget: Looking for Proposals
[B] Scope of Service:
(1) Vendor needs to provide actuarial and administrative services for police pension plan and other post-employment benefits plan to the government authority located in Cumberland, RI.
- Administrative Services:
- The primary purpose of the engagement as TPA will be to maintain participant records, communicate with participants, advise and assist the Pension Board and the Town Human Resources staff with the day-to-day administrative operation of the Police Pension Plan,
- Maintain and update plan document, including drafting required amendments for compliance with applicable law and to implement changes approved by the Pension Board.
- Monitor plan for compliance with current legal requirements.
- Prepare and file reports required for government retirement plans.
- Prepare, maintain, and update ancillary documents, including application for benefit forms, disability benefit confirmation of eligibility forms, and election of benefit option forms.
- Provide counseling, educational, training, and documentation services for the day-to-day operation of the Police Pension Plan, including preparing and updating a plan administration
guide.
- Receive and maintain enrollment and beneficiary information.
- Compute and maintain records of vesting, service, breaks in service.
- Handle recordkeeping and reporting relating to participants (active or inactive), alternative payees, beneficiaries, and retirees, including but not limited to benefit selection, benefit
calculations, benefit eligibility and payments, contributions, tax documents, and tax withholding.
- Administer claims for disability pension, retirement benefits, alternate payee and surviving spouse benefits.
- Administer and direct payment of benefits.
- Monitor disqualifying conditions and suspend benefits, as necessary.
- Assist with locating missing participants and beneficiaries, and with adjudication of appeals.
- Communicate with participants regarding claims, benefits, required disclosures,
- Actuarial Services:
- review, reconcile, and confirm baseline census data for Police Pension Plan participants in payment status (including retirees, alternative payees, and beneficiaries) and reconcile eligibility status and benefit calculation; and
- analyze and review the most recent actuarial study(s) and valuation performed, including the appropriateness and reasonableness of the actuarial assumptions.
- Analyze, review, and confirm or update on an annual basis the recommend actuarial assumptions to be used for the Police Pension Plan, including mortality, payroll, contributions, retirement,
salary increases, and rate of return, and actuarial factors for the Police Pension Plan to the extent applicable, such as joint and survivor option and minimum distribution,
- Non-Routine Or Optional Services:
- Consultation regarding collective bargaining issues, including the cost impact of proposed modifications to the defined benefit plans.
- Providing expert testimony
- Assisting legal counsel with plan design issues, preparation of plan documents, ordinances or resolutions governing the plan.
- Assisting with audits and response to findings.
(2) An optional pre-proposal meeting will be held on June 16, 2021
[C] Eligibility:
- Onshore (USA Organization Only);
[D] Work Performance:
Performance of the work will be Offsite. Vendor needs to carry work in their office location.
Budget :
Deadline to Submit Proposals: June 25,2021
Cost to Download This RFP/RFQ/RFI/Solicitation/Tender/Bid Document : 5 US$
Image may be NSFW.
Clik here to view.