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General Information
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Department for this solicitation:
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Procurement
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Date Prepared:
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03/16/18
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Types:
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RFP
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Advertisement Type:
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Solicitation/Project#:
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SERS 18-003
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Solicitation/Project Title:
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Plan Adminstration Services
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Description:
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I-3. Overview of Project. The Board currently administers the Commonwealth of Pennsylvania Deferred Compensation Program in accordance with §457(b) of the Internal Revenue Code of 1986, as amended, and applicable regulations thereto (“457(b) Plan”), pursuant to and in accordance with Act of November 6, 1987, P.L. 394, No. 81 (amending Act of March 30, 1811, P.L. 145, No. 99), as amended, and any other applicable state law. The 457(b) plan document and trust declaration (“457(b) Plan Document”) is contained in APPENDIX A to this RFP.
Pursuant to Act of June 12, 2017, P.L. 11, No. 5 (“Act 2017-5”), the State Employees’ Defined Contribution Plan was established, to be administered by the Board, in accordance with §401(a) of the Internal Revenue Code of 1986, as amended, and applicable regulations thereto (“401(a) Plan”). The Board shall be setting forth the terms and conditions of the 401(a) Plan in a plan document and trust declaration (“401(a) Plan Document”).
The Board seeks a third-party administrator (“TPA”) to provide plan administration services for the 457(b) Plan and a TPA to provide plan administration services for the 401(a) Plan (hereinafter the 457(b) Plan and the 401(a) Plan are jointly referred to as the “Plans”). The contract for the current TPA for the 457(b) Plan expires June 30, 2019. The TPA selected for the 457(b) Plan will be providing plan administration services effective July 1, 2019. The 401(a) Plan is to be launched no later than January 1, 2019, and demonstrate operational capability to allow for demonstrations, acceptance testing, and verification of operational readiness by November 30, 2018.
For this RFP, there will be two Lots as described below:
• Lot 1 – Plan Administration Services for the 457(b) Plan
• Lot 2 – Plan Administration Services for the 401(a) Plan
Offerors may submit proposals for one or both Lots. The Commonwealth reserves the right to award one or both Lots.
Act 5 also mandated the creation of the School Employees’ Defined Contribution Plan (“PSERS Plan”), a defined contribution plan to be administered and managed by the Board of Trustees of the Public School Employees’ Retirement Board (“PSERS Board”) for eligible school employees of the Public School Employees’ Retirement System (“PSERS”) first hired on or after July 1, 2019. Similar to the SERS 401(a) Plan, Act 5 created two new hybrid classes of defined benefit/defined contribution options and a straight defined contribution option for PSERS members, to be effective on or after July 1, 2019. Accordingly, the PSERS Board has also identified the need to engage with a third-party administrator to serve as a recordkeeper to the PSERS Plan.
An Offeror who submits a proposal for the RFP issued by the PSERS Board for the PSERS Plan may also submit proposals for Lot 1 and/or Lot 2 of this RFP. An Offeror who only submits a proposal for Lot 1 and/or Lot 2 of this RFP and not the RFP issued by the PSERS Board will not have its proposal rejected, or have its scoring negatively affected, for that reason.
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Go to Solicitation Tabulations
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No Tabulations exist for SERS 18-003.
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Go to Awards
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No Awards exist for SERS 18-003.
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Go to Contracts
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No Contracts exist for SERS 18-003.
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