Fiduciary Audit RFP
47 pages
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Fiduciary Audit RFP

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47 pages
English

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City of Ann Arbor Employees' Retirement System & Retiree Health Care Benefit Plan & Trust REQUEST FOR PROPOSAL: FIDUCIARY PERFORMANCE REVIEW Issue Date: October 2, 2008 Due Date: November 14, 20081 - REQUEST FOR PROPOSAL – City of Ann Arbor Employees' Retirement System & Retiree Health Care Benefit Plan & Trust The City of Ann Arbor Employees' Retirement System (CAAERS) and Retiree Health Care Benefit Plan & Trust (CAARHCBP) are seeking information for Actuarial Services. Requests for Information will be received by the City of Ann Arbor Employees' Retirement System, at 532 S. Maple Rd., Ann Arbor, MI 48103 until 2:00 p.m. (Eastern Standard Time) on Friday, November 14, 2008. Late Requests for Information will not be accepted. Detailed Requests for Proposal (RFP) including general information, scope of work, terms and conditions, and required format for information is available by calling or emailing: • Willie J. Powell, Executive Director wpowell@a2gov.org (734) 794-6710 This RFP is available on the CAAERS’ website at www.a2gov.org/Pension/index.html, as well as the MAPERS’ website at www.mapers.org. The CAAERS/CAARHCBP reserves the right to reject any and all submittals and to waive irregularities and informalities in the submittal and evaluation process. This RFP does not obligate CAAERS/CAARHCBP to pay any costs incurred by respondents ...

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  City of Ann Arbor Employees' Retirement System & Retiree Health Care Benefit Plan & Trust   
REQUEST FOR PROPOSAL:   FIDUCIARY PERFORMANCE REVIEW                         Issue Date: October 2, 2008   Due Date: November 14, 2008
 
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 - REQUEST FOR PROPOSAL –   City of Ann Arbor Employees' Retirement System & Retiree Health Care Benefit Plan & Trust   The City of Ann Arbor Employees' Retirement System (CAAERS) and Retiree Health Care Benefit Plan & Trust (CAARHCBP) are seeking information for Actuarial Services.  Requests for Information will be received by the City of Ann Arbor Employees' Retirement System, at 532 S. Maple Rd., Ann Arbor, MI 48103 until 2:00 p.m. (Eastern Standard Time) on Friday, November 14, 2008.Late Requests for Information will not be accepted.    Detailed Requests for Proposal (RFP) including general information, scope of work, terms and conditions, and required format for information is available by calling or emailing:    794-6710 Willie J. Powell, Executive Director wpowell@a2gov.org (734)  This RFP is available on the CAAERS’ website at www.a2gov.org/Pension/index.html, as well as the MAPERS’ website at www.mapers.org.  The CAAERS/CAARHCBP reserves the right to reject any and all submittals and to waive irregularities and informalities in the submittal and evaluation process. This RFP does not obligate CAAERS/CAARHCBP to pay any costs incurred by respondents in the preparation and submission of a RFP. Furthermore, the RFP does not obligate CAAERS/CAARHCBP to accept or contract for any expressed or implied services.     Willie J. Powell Executive Director    
 
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  City of Ann Arbor Employees' Retirement System                    Actuarial Services   Request for Information   TABLE OF CONTENTS 
    Description                  Page   Section 1 General Information 4-6     Section 2 Requirements 7  Section 3 Reporting and Delivery Requirements 8  Section 4 Respondent Qualifications 9  Section 5 Instructions for Completing and Submitting Proposals 10-12  Section 6 Selection Process and Evaluation Criteria 13  Section 7 Miscellaneous Terms and Conditions 14   Attachments:  Exhibit A – Pricing Page Schedule of Estimated Hours to Complete Each TaskExhibit B –   Exhibit C – Governance Policies      
 
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SECTION I  General Information
   A. Nature of Request   The City of Ann Arbor Employees' Retirement System (CAAERS) and Retiree Health Care Benefit Plan & Trust (CAARHCBP) are seeking Requests for Proposal for the purpose of hiring a qualified consulting firm to conduct a Fiduciary Performance Review.   Through this Fiduciary Performance Review, CAAERS and CAARHCBP are proactively seeking ways to improve performance by refining the System’s functional activities in the following areas:   Administration Benefit  Internal Controls & Procedures/Governance  Practices Personnel  Costs and Fees  The specific scope of the Review is outlined in detail in Section II of this RFP.  DESCRIPTION OF THE SYSTEM    The City of Ann Arbor Employees’ Retirement System is a contributory defined benefit plan that provides for pension and disability benefits for substantially all City of Ann Arbor employees. The Retirement System is composed of “General” and “Police and Fire” members. Most members within the two groups have the ability to negotiate retirement benefits with the City. Those members not covered by collective bargaining agreements have retirement benefits established through Personnel Rules and Regulations. Subsequently, the employer and employees assume the related cost and liabilities. The System requires contributions, which will provide assets sufficient to meet the benefits to be paid to members. Plan assets are approximately $400 million.  In the fiscal year ended June 30, 2007 the Retirement System had 820 retirees and beneficiaries, 801 active participants. As of June 30, 2007 the System was 100.1% funded.  The actuarial investment return assumption is currently 7%. In the twelve (12) months ending June 30, 2007, the investment performance was 15.9%.  DESCRIPTION OF THE RETIREE HEALTH CARE BENEFIT PLAN & TRUST  The Plan taken as a whole constitutes a “voluntary employees’ beneficiary association” (VEBA) under Section 501(c)(9) of the Internal Revenue Code of 1986, as amended, and is created for the exclusive purpose of providing benefits through policies issued by duly licensed commercial insurance companies, through a fund of self-insurance, or through any other lawful means of providing group health, and life insurance in accordance with any and all applicable City Personnel Rules and regulations and Collective Bargaining Agreements between the City and applicable Collective Bargaining Associations, for the benefit of the City of Ann Arbor Employees' Retirement System retirees and beneficiaries who are eligible to participate in accordance with the Plan. Plan assets are approximately $60 million.   4
In the fiscal year ended June 30, 2007 the Retiree Health Care Benefits Plan had 820 retirees and beneficiaries, 801 active participants. As of June 30, 2007, the Retiree Health Care Benefits Plan was 27.8% funded for all participants.  The actuarial investment return assumption is currently 7%. In the twelve (12) months ending June 30, 2007, the investment performance was 15.1%.  ADMINISTRATION OF SYSTEMS  The general administration, management and responsibility for the proper operation of the Retirement and Healthcare System for making effective and construing the provisions of the Retirement Systems’ Ordinances adopted pursuant to the Charters is vested in the Board of Trustees. The Board consists of nine Trustees as follows:  One Trustee elected by the police members from their own number;  One Trustee elected by the fire members from their own number.  Two Trustees are elected by the general city members from their own number (general city members being members other than uniform police and fire members);  Three Trustees are appointed by the Council and serve at the pleasure of the Council;  City Administrator and the Chief Finance Officer serve by virtue of their respective offices.  ADMINISTRATIVE STAFF TO THE BOARD  The Board’s administrative staff consists of an Executive Director, Pension Analyst, Management Assistant and a part-time Accountant.  B. RFP Coordinator   Upon release of this RFP, all communications concerning this information request should be directed to Willie Powell (Executive Director). Any oral communications will be considered unofficial and non-binding on CAAERS/CAARHCBP. Interested firms (the term “firm” as used throughout this RFP incul des sole practitioners) should rely only on written statements issued by the RFP Coordinator. Interested firms or persons who wish to ask questions regarding this RFP must submit written questions to the RFP Coordinator no less thanfive business daysprior to the RFP due date as specified in the RFP Schedule, Section 1.C.  Name: Willie Powell, Executive Director   Address: City of Ann Arbor Employees' Retirement System  532 S. Maple Rd. Ann Arbor, MI 48103   Telephone: (734) 794-6710 Fax: (734) 994-9205   E-mail: wpowell@a2gov.org   
 
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C. Preliminary Schedule    These dates are estimates and subject to change by CAAERS/CAARHCBP. All submissions are due by 2:00 p.m. on the date specified below.Late RFP s will not be considered.    2, 2008 October  out RFPs to at least 3-4 different firms. Send  RFP deadline – due to Retirement System Office. 14, 2008 November  and possible selection of fiduciary audit 2, 2008 Review December candidates for interviews.  6, 2009 January  and selection of final candidate. Interviews  Board meeting – Recommendation to Board January 15, 2009 Retirement of Trustees to hire desired firm.  fiduciary audit process. 1st week of February Begin  D. RFP Terms and Conditions   CAAERS/CAARHCBP reserves the right to request any provider to clarify its RFP or to supply any additional material deemed necessary to assist in the evaluation of a Request for Information.  CAAERS/CAARHCBP reserves the right to change the RFP schedule or issue amendments to the RFP at any time. CAAERS/CAARHCBP also reserves the right to cancel or reissue the RFP.   CAAERS/CAARHCBP reserves the right to reject any and all responses, to waive any irregularities or/and informalities in the selection process, to request clarification of information from any Provider and to effect any agreement deemed by CAAERS/CAARHCBP to be in its best interest.   CAAERS/CAARHCBP will not reimburse any providers for any costs involved in the preparation and submission of responses to this RFP or in the preparation for and attendance at subsequent interviews. Furthermore, this RFP does not obligate CAAERS/CAARHCBP to accept or contract for any expressed or implied services. In the event of a material modification, providers will be given an opportunity to modify their RFP in the specific areas that are affected by the modification.  E.  Request for Information Response Date and Location    Five (5) paper copies of the RFP, and a copy sent electronically, must be received by the CAAERS/CAARHCEP no later than the date and time specified in Section 1.C. Requests for Information received after the date and time specified therein will not be considered. Providers accept all risks of late delivery of mailed RFP’s regardless of fault. Facsimiles will not be considered. All RFP’s and accompanying documentation will become the property of CAAERS/CAARHCBP and will not be returned.   The CAAERS/CAARHCBP is located at:   Address: City of Ann Arbor Employees' Retirement System 532 S. Maple Rd. Ann Arbor, MI 48103  (734) 794-6710
 
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SECTION II  Requirements  SCOPE OF SERVICE REQUIREMENTS  The successful qualified vendor will be required to provide the following scope of services to CAAERS/CAARHCBP:  1.Benefits Administration.Review of payment of benefits or claims either to CAAERS or CAARHCBP. Evaluation of timely and accurate communications with members. Evaluation of Form of Member Communications such as use of website, internet/intranet, newsletters, quarterly statements, and retirement handbook. Evaluation of member education and counseling services. Review of confidentiality of members’ information.  2.Internal Controls & Procedures/Governance. of internal controls. Review Evaluation of CAAERS and CAARHCBP Governance Policies for thoroughness and appropriateness. A copy of the current Governance Policy is attached to this RFP as Exhibit C.  3.Personnel Practices. Includes size of staff, staff skill set, adequacy of job descriptions, ability to attract and retain (turnover rate, adequacy of compensation, and use of incentive compensation), adequacy of training and personnel evaluation process.  4.Cost and Fees. and consistency of asset management fees, Reasonableness fees of custodian, consultants, and other pension fund service providers.       
 
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  A.     B.
 
 
SECTION III  Reporting and Delivery Requirements
Review Plan All work shall be in accordance with an approved review plan. Within thirty (30) calendar days after the award date of the contract, the firm shall develop and submit to CAAERS/CAARHCBP a detailed review plan describing how they intend to meet the work requirements in Section II of this RFP. The review plan is subject to approval by CAAERS/CAARHCBP. The review plan shall include: ¾ specific tasks to be performed, the ¾ the expected duration and person-hours necessary, ¾ the sequence in which the tasks will be performed, ¾ the milestone dates, and ¾ management, supervisors, staff and associates assigned to the tasks. the Deliverables  The following deliverables are required:  ¾ review plan as specified in Section III-A. A ¾entrance conference to be coordinated by CAAERS/CAARHCBP and An the firm. ¾ Periodic progress reports which include a summary of preliminary findings, specific accomplishments achieved during the reporting period, and projected completion dates for specific tasks remaining to be completed. ¾ A draft review report that includes an overview of all issues, findings, conclusions, and recommendations as a result of all work required by the contract. CAAERS/CAARHCBP staff shall have one month to respond in writing to the draft report. The timeframe for the due date for the draft review report will be negotiated between CAAERS/CAARHCBP and the successful respondent. ¾ final review report and a copy of all working papers. The timeframe for A the due date for the draft review report will be negotiated between CAAERS/CAARHCBP and the successful respondent. ¾ exit conference at a time to be determined by CAAERS/CAARHCBP An and the firm. ¾all general findings, conclusions, and recommendations A presentation of resulting from a cumulative assessment of all completed work to the CAAERS/CAARHCBP’ Board of Trustees at a meeting time to be determined by CAAERS/CAARHCBP.
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SECTION IV  Respondent Qualifications
  Mandatory Minimum Qualifications  Respondents must satisfy all of the following mandatory minimum qualifications as outlined below in order to be considered for the contract award:  A. The Respondent must accept the written contract substantially in the form supplied by CAAERS/CAARHCBP.  B. The Respondent must agree to provide the minimum services as detailed in Section II, as well as all other requirements stated in the RFP.  C. The Respondent must provide assurance that the key professionals and/or that their organization does not have, nor could they potentially have, a material conflict of interest with CAAERS/CAARHCBP or any CAAERS/CAARHCBP’ service providers.  D. The Respondent must demonstrate a special combination of proficiency and experience in conducting performance audits or reviews of public pension systems; and the Respondent must have extensive knowledge of the investment industry in relationship to the organizational structure, operations, investment practices, procedures and performance, and fiduciary conduct of public pension funds.   
 
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   A.   
 
SECTION V  Instructions for Completing and Submitting Proposals
2.
Proposal Format and Content Proposals should be designed so as to cover the content requirements identified within this RFP. All pages of the proposal must be numbered. Each proposal must be organized in the manner described below: 1. Transmittal Letter  The transmittal letter should briefly identify the Respondent and specify that the proposal is submitted in response to the RFP issued by CAAERS/CAARHCBP. General information should be included such as: 1) the name, mailing address, phone number, and fax number of the firm and the primary contact; 2) the legal status of the organization; and 3) the location of the facility from which the Respondent will operate.  Executive Summary  The Respondent must provide an executive summary of its proposal which consists of a brief narrative overview of the comprehensive review proposed. The executive summary should also identify any suggested services to be provided which are beyond those specifically requested. If the Respondent proposes to provide services which do not meet the specific requirements of this RFP, but in the opinion of the Respondent are equivalent or superior to those specifically requested, any such differences must be expressly noted. However, the Respondent should recognize that a proposal which does not respond to the specific services may be subject to disqualification.  Respondent Qualifications  The proposal must satisfactorily address the Respondents ability to meet the mandatory minimum qualifications as outlined in Section VI of this RFP. The proposal shall identify by name and title each key staff member that may potentially be assigned to the review and describe their demonstrated competence, knowledge, and qualifications.  The proposal shall include a list of references relating to similar engagements, identifying for each reference a contact person by name, title, address, and telephone numbers, to whom CAAERS/CAARHCBP may make inquiries regarding the firm’s prior engagements.  The proposal shall identify any investment consulting or money management services with CAAERS / CAARHCBP, CAAERS /CAARHCBP’ Trustees, or any of its agents, officials, or employees that have been provided during the past five years by the Respondent or its personnel. 10
3.
 
 
 
 
 
4.
5.
Detailed Plan of Work  The proposal must include a plan of work, which should describe in detail the methodology to be employed by the Respondent in performing the review. The detail plan of work should follow the outline specified in Section II of the RFP and should separately address each Task (e.g., Task 1: Benefits Administration; Task 2: Internal Controls, etc.).  The proposal shall also satisfactorily address and indicate the Respondent’s ability to comply with all the reporting and delivery requirements and time constraints given in Section III of the RFP.  The proposal shall provide that the final report will include, at a minimum, the following elements: ¾ a description of the work performed; ¾ and recommendations, if appropriate, with respect findings to such work; ¾ comments or responses to findings and recommendations from CAAERS/CAARHCBP staff; and ¾ specific and concrete proposals to achieve any improvements recommended by the Respondent. Each recommendation should be assigned a priority value and include an analysis of potential costs or savings associated with implementation.  Project Costs  The proposal shall provide a total price for all the requirements as set forth in this RFP. Exhibit B or a very similar format should be used to present the total pricing information. In addition, the proposal shall also include a schedule of the estimated number of hours to complete each of the Tasks listed in Section II. This schedule should be shown on Exhibit C of this RFP or a very similar format. CAAERS/CAARHCBP may elect to contract for the entire services outlined in this RFP, but reserves the right to negotiate services for only a portion of the Tasks outlined in Section II. Failing to prepare the itemized costs list similar to the format shown in Exhibit B and the schedule of estimated number of hours to complete each of the tasks similar to the format shown in Exhibit C may eliminate the respondent from consideration of the partial services negotiations. The personnel costs calculated in Exhibit B should include the rates specified for each of the professional staff identified as required by Section V multiplied by the proposed number of hours to be devoted to performance under the contract.  The rate at which personnel are to be billed should include administrative overhead, but exclude travel costs and ancillary costs. Travel and ancillary costs, such as data processing, photocopying, supplies, etc., are to be separately identified.
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