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HomeMy WebLinkAbout5. Pricing Request ResponsesThe City of San Luis Obispo 1 5. Pricing Request Responses a. Please complete the pricing request form in its entirety and attach a narrative that clearly identifies the services included in the pricing, well as disclosure of all other services/transactions with additional ER or EE fees clearly identified. Please refer to 5. Pricing Request Form. a. Please provide pricing based on a bundled, open architecture platform and without an advisor fee. Please do not provide any suggested line-ups other than the options requested below for the stable value/fixed. If a fund in the menu generates institutional revenue to your company, there should be no change in the plan asset charge if the client makes a fund change in the future. Confirmed. b. It is required that there is no determined contract/agreement period with the record keeper. All contracts/agreements must be open-ended with the ability of the City to terminate the contract/agreement with at least 90-days’ notice. Confirmed. c. If there are customization fees, please specify. Personalization or customization beyond the standard offering (e.g., highly tailored content or non-standard branding). d. Fee terms. Please provide detail regarding any terms and conditions related to the proposed pricing. i. How long will the quoted fees remain in effect after the initial contract date? Fees assessed by Voya are guaranteed for the initial contract term based on the information provided in the Request for Proposal (RFP) and plan design. ii. How often does your firm typically adjust fees? What is the basis for the adjustment? Voya reviews fee structures on an ongoing basis, and fees are typically reviewed annually and adjusted accordingly based on plan and contract terms. If there are significant changes to the plan design or the information in the RFP is incorrect, the fees and services provided in this proposal may change. iii. What contract termination provisions do you typically require? If a plan chooses to discontinue their services with Voya, we request a letter from the plan sponsor on company letterhead that details the requested date of plan discontinuance, and the pertinent information regarding the takeover recordkeeper. Once submitted, the plan manager will submit a discontinuance request to our Discontinuance Team for processing. iv. Are there fees associated with converting to another recordkeeper? No. v. Under what conditions would the quoted fees change (i.e. if there was a significant change to plan design, asset size, etc.)? The City of San Luis Obispo 2 If there are significant changes to the plan design or the information in the RFP is incorrect, the fees and services provided in this proposal may change. e. Important Notes to be Reviewed Before Completing Pricing Proposals i. The pricing/fee and credited rates (products) are to be the same for both the 457(b) and 401(a) Plans. It is encouraged to provide a solution for the HRA/RHS and 457 PT-OBRA plans. If you are providing a proposal, the product fees and stability of principal option can be different from what is provided for the 457(b) & 401(a) Plans. Please include an affirmative statement as to whether you are providing a proposal for the HRA/RHS and PT-OBRA plans as part of your response. ii. For all Asset charges with your managed account solution, assume voluntary participant usage only. There can be no default or QDIA for managed accounts. iii. Current Credited Rates provided must be net of management fees and any record keeping revenue retained by you, and gross of your Asset Charge. iv. A Fixed Product Data sheet is included with this RFP to be provided for any stable value/fixed product proposed. If it is not provided or not complete in our opinion, your proposal may not be considered. v. Note that Target Date conversions will not be accepted. Voya confirms we have reviewed the notes above. f. Additional Fees and Services Please verify your firm can provide all the following services and whether they are covered by the quoted fees or if there are any additional fees per service. Recordkeeping and Administration - Eligibility Tracking - Enrollment Processing - Vesting Tracking - Hardship Processing - In-service Processing - RMD Processing and Communication - Termination distributions (lump sum) - Termination distributions (installment) - Mandatory de minimis distributions - Address maintenance for terminated employees - Beneficiary maintenance - Lost participant services/search - DRO qualification - DRO processing - 1099-Rs The City of San Luis Obispo 3 Compliance - Plan document restatement at transition - Plan document restatement project outside of transition* - Required plan document amendments - Plan Sponsor requested plan document amendments - Summary Plan Description - Limits monitoring - Required employee notifications Participant Support - Participant statements - Core communication materials - Targeted messaging - Education meetings (beyond required) Additional onsite education is available at $1,250 per day (travel expenses included). - Participant advice (for non-managed accounts) Plan Sponsor Support - Plan sponsor meeting(s) - Annual plan review meetings Included in fee quote. Other - Trust / custody services - Fulfillment, postage and handling Voya confirms we can perform the services above. *Depending on the scope and complexity of the amendment.