potential bidders street no. and suite # subject ......1 june 19, 2020 potential bidders street no....

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June 19, 2020

Potential Bidders

Street No. and Suite # City, State - Zip

Subject: Retirement and Savings Plan Administrator RFP

Dear Bidder,

Attached to this letter is Addendum No. 01 to subject Request for Proposal.

This Addendum:

1. Clarification Language; and

2. Questions and Answers.

Bidders are reminded to sign the attached Addendum Acknowledgement Form and return it with their

proposal. All other requirements of the RFP remain the same as before.

Please direct any questions to the undersigned.

Sincerely,

Tony De Luca, Buyer

Purchasing & Warehousing Department

(517) 702-6194 Phone

(517) 702-6042 Fax

[email protected]

mailto:[email protected]

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NOTICE TO BIDDERS

ADDENDUM NO. 01

This Addendum contains changes to and/or provides information related to the requirements of the

Request for Proposal documents and shall be incorporated therein. The changes shall apply to the work

with the same meaning and force as if they had been included in the original document. The remaining of

the Request for Proposal documents not modified by this Addendum remains in full force and effect.

Bidder shall Acknowledge this Addendum in writing by signing the attached Addendum

Acknowledgement form and returning it with its proposal. Failure of Bidder to acknowledge this

Addendum No. 01 may cause the Bidder to be considered as “non-responsive”.

Where required, Bidder shall replace the pages in the Request for Proposal Document with the

corresponding revised pages included in this Addendum. The proposals submitted must include the

latest Revision, as of the date of the Proposal, of all pages.

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ADDENDUM ACKNOWLEDGEMENT

The undersigned Bidder acknowledges receipt of Addendum No. 01, dated 6/19/2020, to Request for

Proposal for Retirement and Savings Plan Administrator RFP, and certifies that it has considered same in

formulating its proposal.

Name of Bidder:

Address of Bidder:

Acknowledged By:

Signature

Name

Title

Date

Addendum No. 01

Contents

Below is clarification language and answers to the questions that were submitted to the

RFP.

RFP Addendum: Retirement & Savings Plan Administration

June 19, 2020

REVISIONS TO RFP DOCUMENT

• PDF page 2 of 32 o Revised – Bidders should submit their own terms and conditions as specified

in Proposal Form (PDF page 27 of 32). BWL will not be providing its own terms and conditions for this engagement. BWL will not reject bids solely because they include terms and conditions. In the Instruction to Bidders document, Section (2) Terms and Conditions, strike out current language and insert the following: BIDDERs are requested to submit standard terms and conditions and any Service Agreements with your Proposal Submittals.

• PDF page 6 of 32 o Revised – Documents noted in Checklist item 5 (BWL standard terms and

conditions, BWL master service agreement, BWL software license agreement) are not relevant to this engagement. They will not be provided by BWL. It is therefore not necessary for bidders to review them. Bidders should submit their own terms and conditions since BWL will not be providing the standardized document.

• PDF page 12 of 32 o Revised - Table incorrectly stated amount of 2019 contributions to 457(b)

plan. The correct amount was $8,258,019.

Retirement and Savings Plan Administration RFP – Responses to Clarifying Questions

1. Please confirm the number of unique participants.

There were 1,066 unique participants across the three Plans as of December 31, 2019.

2. Please provide assets by fund for all Plan types or ICMA Plus Fund total assets for all Plan types.

Assets and participant count as of 6/16/2020:

Lansing Board of Water and Light Defined Contribution Plan and Trust 1

6/16/20 Plan Assets Plan % Participants

Participant %

AMG TimesSquare Sm Cap Growth N TSCPX $1,478,220.10 0.74% 67 7.05% American Beacon Small Cap Value R6 AASRX $1,712,853.35 0.85% 91 9.58% American Funds Cap World G&I R6 RWIGX $11,288,759.66 5.62% 293 30.84% American Funds EuroPacific Gr R6 RERGX $1,709,771.81 0.85% 147 15.47% Fidelity 500 Index FXAIX $14,511,940.38 7.23% 311 32.74% Fidelity Balanced FBALX $5,326,327.00 2.65% 132 13.89% Fidelity Contrafund FCNTX $7,594,809.82 3.78% 129 13.58% Fidelity Mid Cap Index FSMDX $4,018,536.67 2% 196 20.63% Fidelity Small Cap Index FSSNX $3,548,581.29 1.77% 191 20.11% Fidelity US Bond Index FXNAX $10,639,320.46 5.30% 172 18.11% JPMorgan Mid Cap Value R6 JMVYX $108,646.93 0.05% 22 2.32% John Hancock Disciplined Value R6 JDVWX $5,593,812.49 2.79% 202 21.26% MainStay Winslow Large Cap Gr MLAIX $7,406,007.62 3.69% 122 12.84% Nuveen Real Estate Securities I FARCX $1,175,857.41 0.59% 156 16.42% Oakmark International Adv OAYIX $179,405.45 0.09% 44 4.63% PIMCO Income Institutional PIMIX $600,971.90 0.30% 24 2.53% PIMCO Real Return Instl PRRIX $1,956,421.68 0.97% 142 14.95% PIMCO Total Return A PTTAX $4,553,073.74 2.27% 87 9.16% T Rowe Price Instl MCap Eq Gr PMEGX $10,066,377.50 5.02% 170 17.89% VT Cash Management $340,833.04 0.17% 2 0.21% VT Retirement IncomeAdvantage NA $8,863,127.38 4.42% 57 6% Vanguard International Growth Adm VWILX $1,255,695.56 0.63% 68 7.16% Vanguard Target Retire 2015 VTXVX $3,821,601.86 1.90% 51 5.37% Vanguard Target Retire 2020 VTWNX $8,988,996.65 4.48% 78 8.21% Vanguard Target Retire 2025 VTTVX $9,214,436.55 4.59% 100 10.53% Vanguard Target Retire 2030 VTHRX $5,598,521.78 2.79% 84 8.84% Vanguard Target Retire 2035 VTTHX $6,060,238.77 3.02% 84 8.84% Vanguard Target Retire 2040 VFORX $5,390,104.94 2.69% 84 8.84% Vanguard Target Retire 2045 VTIVX $3,582,468.69 1.78% 86 9.05% Vanguard Target Retire 2050 VFIFX $1,614,275.16 0.80% 55 5.79% Vanguard Target Retire 2055 VFFVX $96,009.86 0.05% 10 1.05% Vanguard Target Retire 2060 VTTSX $58,136.98 0.03% 10 1.05% Vanguard Target Retire 2065 VLXVX $40,474.82 0.02% 2 0.21% Vanguard Target Retire Income VTINX $3,204,103.48 1.60% 39 4.11% Vanguard Total Intl Stock Idx VTIAX $1,588,524.04 0.79% 121 12.74% VantageBroker NA $6,030,487.10 3% 31 3.26% Vantagepoint PLUS Fund R10 NA $38,223,015.16 19.04% 492 51.79% Outstanding Loans $3,275,034.95 1.63% 203 21.37%

Lansing Board of Water and Light 457 Deferred Compensation Plan and Trust


Participant %

AMG TimesSquare Sm Cap Growth N TSCPX $426,231.34 0.37% 38 4.06% American Beacon Small Cap Value R6 AASRX $467,819.99 0.41% 61 6.51% American Funds Cap World G&I R6 RWIGX $2,733,238.52 2.37% 164 17.50% American Funds EuroPacific Gr R6 RERGX $1,163,335.69 1.01% 139 14.83% Fidelity 500 Index FXAIX $9,171,056.60 7.96% 289 30.84% Fidelity Balanced FBALX $3,392,476.65 2.94% 129 13.77% Fidelity Contrafund FCNTX $6,064,862.26 5.26% 122 13.02% Fidelity Mid Cap Index FSMDX $2,294,349.90 1.99% 178 19% Fidelity Small Cap Index FSSNX $2,576,672.90 2.24% 191 20.38% Fidelity US Bond Index FXNAX $5,388,335.18 4.68% 162 17.29% JPMorgan Mid Cap Value R6 JMVYX $130,626.73 0.11% 21 2.24% John Hancock Disciplined Value R6 JDVWX $2,003,331.06 1.74% 144 15.37% MainStay Winslow Large Cap Gr MLAIX $8,478,284.13 7.36% 128 13.66% Nuveen Real Estate Securities I FARCX $774,143.84 0.67% 151 16.12% Oakmark International Adv OAYIX $157,745.36 0.14% 45 4.80% PIMCO Income Institutional PIMIX $621,961.46 0.54% 24 2.56% PIMCO Real Return Instl PRRIX $1,109,628.57 0.96% 132 14.09% PIMCO Total Return A PTTAX $1,877,261.41 1.63% 54 5.76% T Rowe Price Instl MCap Eq Gr PMEGX $3,771,285.93 3.27% 115 12.27% VT Cash Management $94.17 0% 1 0.11% VT Retirement IncomeAdvantage NA $2,834,985.47 2.46% 38 4.06% Vanguard International Growth Adm VWILX $2,195,184.41 1.91% 106 11.31% Vanguard Target Retire 2015 VTXVX $1,412,913.29 1.23% 34 3.63% Vanguard Target Retire 2020 VTWNX $4,248,263.96 3.69% 54 5.76% Vanguard Target Retire 2025 VTTVX $4,833,102.67 4.19% 68 7.26% Vanguard Target Retire 2030 VTHRX $5,067,210.42 4.40% 83 8.86% Vanguard Target Retire 2035 VTTHX $4,217,801.08 3.66% 80 8.54% Vanguard Target Retire 2040 VFORX $5,005,494.37 4.34% 93 9.93% Vanguard Target Retire 2045 VTIVX $3,277,067.21 2.84% 82 8.75% Vanguard Target Retire 2050 VFIFX $1,618,059.02 1.40% 61 6.51% Vanguard Target Retire 2055 VFFVX $231,481.19 0.20% 15 1.60% Vanguard Target Retire 2060 VTTSX $62,073.88 0.05% 14 1.49% Vanguard Target Retire 2065 VLXVX $22,289.39 0.02% 3 0.32% Vanguard Target Retire Income VTINX $824,524.73 0.72% 23 2.45% Vanguard Total Intl Stock Idx VTIAX $1,148,697.42 1% 117 12.49% VantageBroker NA $5,381,906.49 4.67% 30 3.20% Vantagepoint PLUS Fund R10 NA $20,239,806.74 17.57% 305 32.55%

Lansing Board of Water and Light Defined Contribution Plan and Trust 2


Participant %

American Beacon Small Cap Value R6 AASRX $21,900.62 0.64% 4 10.81%

American Funds Cap World G&I R6 RWIGX $55,758.02 1.62% 3 8.11%

American Funds EuroPacific Gr R6 RERGX $3,954.70 0.11% 3 8.11%

Fidelity 500 Index FXAIX $172,409.56 5% 12 32.43%

Fidelity Balanced FBALX $261,257.91 7.58% 10 27.03%

Fidelity Contrafund FCNTX $317,708.85 9.21% 7 18.92%

Fidelity Mid Cap Index FSMDX $45,303.75 1.31% 4 10.81%

Fidelity Small Cap Index FSSNX $159,856.03 4.64% 10 27.03%

Fidelity US Bond Index FXNAX $85,573.73 2.48% 6 16.22%

John Hancock Disciplined Value R6 JDVWX $84,216.51 2.44% 7 18.92%

MainStay Winslow Large Cap Gr MLAIX $280,669.21 8.14% 15 40.54%

Nuveen Real Estate Securities I FARCX $461.61 0.01% 2 5.41%

PIMCO Real Return Instl PRRIX $17,663.38 0.51% 3 8.11%

PIMCO Total Return A PTTAX $12,437.65 0.36% 3 8.11%

T Rowe Price Instl MCap Eq Gr PMEGX $42,187.84 1.22% 6 16.22%

VT Cash Management $2.04 0% 1 2.70%

Vanguard International Growth Adm VWILX $129,429.11 3.75% 5 13.51%

Vanguard Target Retire 2015 VTXVX $8,113.39 0.24% 2 5.41%

Vanguard Target Retire 2020 VTWNX $156,502.27 4.54% 4 10.81%

Vanguard Target Retire 2030 VTHRX $32,631.99 0.95% 2 5.41%

Vanguard Target Retire Income VTINX $122,218.02 3.54% 4 10.81%

Vanguard Total Intl Stock Idx VTIAX $5,889.71 0.17% 2 5.41%

VantageBroker NA $29,831.24 0.87% 1 2.70%

Vantagepoint PLUS Fund R10 NA $1,401,806.91 40.66% 25 67.57%

3. What share class of the Plus Fund is currently utilized? Has the 12-month put been initiated?

Refer to question 2. No put has been initiated.

4. Does the Plan currently utilize a managed account solution? If so, please confirm assets under management

Yes. Assets are approximately $43.7 million and 112 unique participants.

5. Item 3.12 references the employer discretionary contribution. a. Is this a profit-sharing contribution?

No. There is a matching and non-elective component.

b. Is the contribution for the 401(a) only?

No.

c. Will Lansing BWL provide census/salary data?

To be determined.

d. What is the frequency of the contribution?

Varies depending on contribution type.

6. How many participants are currently invested in the ICMA Retirement Advantage product and what is the current value of assets under management in the product?

Refer to question 2.

7. How many participants are currently in the “lock in” phase of the Retirement Advantage product and what is the value of those assets?

As of 12/31/19, there were approximately 6 participants in the lock in phase. Refer also to question 64.

8. Item #5 of the Bidder Checklist references BWL’s Standard Terms and Conditions, Master Service Agreement, and/or Software License Agreements. Please provide a copy of these items or instructions on how to obtain the documents.

See Revisions to RFP Document.

9. Are Certificates of Insurance required with the RFP response? Or will these be required after the intent to award?

A Certificate of Insurance will be required after the intent to award.

10. Will answers to all questions be provided to all responders?

Yes.

11. In addition to the VT Retirement Income Advantage Fund, what other investment options are made available to participants?

a. Please provide a line-up including balances and ticker symbols


12. Do you use a revenue sharing component?

Yes, any revenue sharing in funds is credited back to participants in those funds on a periodic basis.

13. What is the percentage of participants using the VT Retirement Income Advantage Fund?


14. For participants using the VT Retirement Income Advantage Fund, how many are in the “Withdrawal Phase”? (Clarifying question 10.4).


15. Will you provide the VT Retirement Income Advantage Fund Contract, or agreement?

No.

16. Will you provide the current stable value investment option (Vantagepoint Plus Fund R10) contract/agreement?

No.

17. Are Investment Fiduciary Services included in the scope of this proposal

No.

18. Our e-mail system automatically encrypts e-mails. One option is to send via Sharefile which will require you to click a link, register with email, name, and create a password. Once complete, you can access the files. The individual files are not password protected.; will that be acceptable?

This is acceptable.

19. Will you be able to/willing to provide your own governing document(s)?

BWL prefers not to but will consider all options to determine what is optimal

a. Is not being able to provide a governing document a disqualifier?

Not solely.

20. How long have you been with ICMA Retirement Corporation?

BWL declines to respond.

21. Why are you issuing the RFP?

To ensure the most appropriate provider is in place to serve the participants of the Plans.

22. Can you pleases provide further information and clarification around question 3.15 (see below) including specifics as your expectations in this area?

a. Do you offer regular conference calls at which accounting, payroll and the benefits administrator may discuss administrative issues?

Do you offer the ability for BWL to set up conference calls with you on a scheduled/periodic basis to discuss outstanding administrative issues?

23. Investments: Please provide a breakdown of the current value of plan assets by investment option by provider or vendor offered under the plan(s). Please include ticker symbols where applicable. Please provide CUSIPS for any collective trust funds.


24. Would BWL be open to a proposed fund menu or will the existing fund menu remain intact?

No, BWL consults with an independent investment advisor to develop the investment menu design.

25. Would ICMA permit another provider to recordkeep the Vantagepoint Plus Fund R10?

To be determined.

26. Is there a preference for the type of stability of principal investment option to be offered under the plan (i.e., separate account, GICs, insurance company general account or another type of arrangement)?

No, BWL consults with an independent investment advisor to develop the investment menu design.

27. Please provide the total number of participants and amount of assets currently invested in the VT Retirement IncomeAdvantage fund.


28. Are managed account services currently available under the plans? If yes, please provide the following:

Yes.

a. The identity of the current advice provider (e.g., Financial Engines, Morningstar, etc.)


b. The number of participants enrolled in service


c. The amount of assets under the service.


d. In addition, please provide the fee schedule currently being assessed for this service.


29. Self-Directed Brokerage Account: Please provide the following:

a. Which brokerage firm are the accounts held at

Schwab (formerly TD Ameritrade).

b. How many active accounts currently exist


c. What is the amount of plan assets held in such accounts by plan.


30. Are there any transfer restrictions and/or charges that will apply upon termination of the current provider's contract (e.g., deferred sales charges, market value adjustments)? If so, please describe.

Potential MVA or put if changes occur to stable value offering.

31. Contributions: Does the amount reported include one-time events such as incoming rollovers?

Section II of original RFP package showed $10.2mm in contributions and other credits to the Large 401(a) Plan during 2019. The following is an itemized breakdown. The sum includes, among other events, incoming rollovers. Excludes investment gains. Shared revenue refunded to participant accounts via fee leveling accounted for most miscellaneous credits.

Section II of original RFP package showed $22K in contributions and other credits to the Small 401(a) Plan during 2019. The following is an itemized breakdown. The sum does not include incoming rollovers in this case since there were none during the period. These figures exclude investment gains. Shared revenue refunded to participant accounts via fee leveling accounted for most miscellaneous credits.

Section II of original RFP package showed an incorrect amount of contributions and other credits to the 457(b) Plan during 2019. The correct figure is $8.3mm. The following is an itemized breakdown. The sum includes, among other events, incoming rollovers. These figures exclude investment gains. Shared revenue refunded to participant accounts via fee leveling accounted for most miscellaneous credits.

32. Contributions: Please provide the annual contribution amount for 2018 and 2017

by plan.

Large 401(a) Plan. Figures do not include investment gains.

2018 contributions

2017 contributions

Small 401(a) Plan. Figures do not include investment gains.

2018 contributions.

2017 contributions

457(b) Plan. Figures do not include investment gains.

2018 contributions

2017 contributions

33. What percentage of the 939 participants in the 457(b) plan also have an account

under one of the 40.1(a) plans?

Substantially all

34. Distributions: Please provide the annual distribution amount for 2019, 2018 and 2017 by plan. Please provide the total number of withdrawal transactions processed in 2019.

Large 401(a) Plan. Figures do not include fees or investment losses.

2019 distributions

2018 distributions

2017 distributions

Small 401(a) Plan. Figures do not include fees or investment losses.

2019 distributions

2018 distributions

2017 distributions

457(b) Plan. Figures do not include fees or investment losses.

2019 distributions

2018 distributions

2017 distributions

35. Loans: Please provide the total number of loan requests processed in 2019. a. Are

loan repayments currently made through payroll deduction or ACH debit to the participant’s bank account?

ICMA processed 126 new loans for BWL participants in the Large 401(a) Plan during plan/calendar year 2019. This includes refinancing but excludes reamortization. Loans are not offered on other BWL plans.

Loan repayments are made through payroll deduction while the participant is actively employed by BWL. Participants are encouraged to replace this setup with an ACH debit from their external bank account when terminating or retiring.

Loan deductions for active employees are made directly thru the SAP Payroll system and not as ACH debits. We have 4 files uploaded to current provider on every payday and the loan deductions are part of that data.

It is currently uploaded with ICMA’s EZ-Link web portal. Occasionally employees will work directly with current provider to repay the remaining part of an existing loan which does not go thru Payroll.

36. Please provide call center utilization data for the previous year (2019) – for example volume of calls to the toll free number, number of website visits, web chat volume.

BWL Declines to respond.

37. What number or percentage of existing participants with an account balance receive regular communications (e.g., quarterly statements and confirmation statements) exclusively through e-delivery methods? Is e-delivery the default method of providing participants with quarterly statements?

BWL Declines to respond.

38. Scope of Work – Section 2: Are there multiple worksite locations where onsite education need to be delivered at? If so, please provide:

Yes.

a. The total number of locations where onsite education is to be provided

To be determined; all locations are within greater Lansing area.

b. The physical address for each location

Primary location:

REO Town Plant & Headquarters

1201 South Washington Ave

Lansing, MI 48910

c. The employee count at each location


39. Education: How many local representatives currently service the plan?


40. Education: Is there a desired number of onsite education days per year?

BWL would like the ability to offer monthly education meetings to individuals by appointment.

41. Education: Does the current on-site education specialist(s) offer education only or also serve as fiduciary offering advice?

It is expected that the selected provider will offer, at minimum, education.

42. Contributions: Does BWL calculate employer contributions (if applicable) or will the recordkeeper be responsible for this? What is the frequency of calculation required? What is/are the formula for the employer contribution?

Presently, BWL Benefits & Payroll performs calculations for employer contribution amounts in-house. However, BWL is interested in evaluating a variety of proposed methods. Calculation should occur every two weeks according to scheduled payroll. Please refer to the Plan Design field for each Plan (RFP Section Il) to see the formulas for employer contributions.

43. Does the BWL 457(b) include an automatic enrollment provision?

No.

44. Please provide a copy of the plan document for each plan. Please include both the adoption agreement and base plan documents, as applicable. Please provide the Summary Plan Description (SPD) if available.

No Plan Documents will be provided at this time. The intent is to make the Plan Document available to selected finalists. BWL does not publish an SPD.

45. Are there any plan design changes being contemplated as part of the search (e.g., Auto Enrollment / Auto Escalation; Roth provisions; etc.)?

Not at this time.

46. How are recordkeeping and/or plan administration fees being charged by the current provider (e.g., per participant charge, asset based fee or a hybrid arrangement)?


a. Going forward how would BWL like these fees to be charged? If a hybrid, what is the acceptable range of the per participant charge?

In order to determine the most prudent method, BWL will analyze all reasonable options as it pertains to fee calculations and fee deductions.

b. Are these recordkeeping and/or plan administration fees paid by the participants or BWL?


47. Is payroll processing conducted in-house or through a third party payroll provider? If a third party, please identify this firm?

BWL’s Human Resources unit processes payroll in-house.

48. Please provide a copy of the BWL payroll spec file.

Payroll spec file will not be provided at this time. The intent is to make available the spec file to selected finalists.

49. What are some operational challenges BWL is seeking to address? Are there manual processes currently in place?

Decline to respond.

50. Are there any additional administrative tasks that the BWL would like for the provider to assume?

BWL would need to learn more about the services offered in order to make that determination.

51. Instructions to Bidders – Section 2: Where can BWL’s Standard Terms and Conditions be found?


52. Instructions to Bidders – Section 19: Will the BWL Safety Manual apply to this Proposal?

Yes, bidders should be prepared to comply with the portions of the safety and security procedures which are applicable to visitors and office workers. https://www.lbwl.com/safetymanual

53. Would BWL consider a provider that accepts sole fiduciary responsibility for selecting the investment options, monitoring fund performance, and ensuring fees are reasonable, so long as participant still have the option to actively manage their investments through a self-directed brokerage account?

No.

54. Would BWL consider a provider that is not subject to ERISA, as a governmental retirement plan, but who is subject to substantially similar fiduciary duties under Section 13 of the Public Employee Retirement System Investment Act, MCL 38.1133?

Yes.

55. Would BWL consider a service provider who did not offer investment advice and/or managed accounts for participants, but did provide in-person financial and investment education, as well as online self-service tools and information?

Yes.

56. Is the ability to recordkeep outside funds (such as the Vantagepoint Plus Fund R10) a requirement?

No.

57. It is typical for prior providers to share only a summary of year-to-date participant account activity for the year in which a plan transfer occurs and those data points that cross over plan years that are relevant for participant activity (e.g. Roth basis, or RMD activity). Other than the incumbent provider, few providers could fulfill the minimum requirement of providing existing participant contribution history and/or balance history. Can this requirement be waived?

To the extent the current provider would offer the data, BWL expects any new provider to accept it.

58. Could you please provide a copy of the Lansing Board of Water & Light Standard Terms and Conditions, Master Service Agreement and Software License Agreements?


59. Can you please provide the following information:

https://www.lbwl.com/safetymanual

a. Copies of the most recent plan documents/Summary Plan Descriptions and Loan Policy (as applicable) for each of the plans


b. A copy of the most recent investment line-up with asset values, including the number of employees utilizing the Self-Directed Brokerage offering


c. Are there any Single Sign-On requirements from the Lansing Board of Water & Light intranet site to the record-keeper

BWL intranet access utilizes a single sign-on (SSO) protocol. However, BWL does not anticipate that the recordkeeper would need access to BWL’s intranet.

d. Net Cash Flows (Contributions – Distributions) for the last three years

Refer to questions 31, 32, and 34.

e. Percentage of employees that have an email address on file and have elected to receive information electronically

Not available at this time.

f. Estimated annual transactions (distributions, loans, unforeseeable emergency, etc.)


g. What regulatory notices are currently being delivered by the incumbent that you want to continue

It is desired to have any/all required regulatory notices delivered by the service provider. BWL Plans are not subject to ERISA notification requirements.

h. What amount of onsite support or meeting days you wish for us to include in our pricing scenarios


i. The number of contacts the service team will have with Lansing Board of Water & Light for day-to-day related activities

Approximately five persons.

60. Can you please answer the following questions related to payroll: a. Provide the file layouts as noted in question 3.1 that Lansing Board of Water

& Light would like to be adhered to


b. Payroll System and version utilized by Lansing Board of Water & Light and the number of contacts

SAP ECC 6.0.

c. For the Employer discretionary contribution question (3.12), it appears the contributions noted in the RFP are not discretionary. Can you please confirm if payroll will calculate the contributions noted in the RFP and if there is an election by Lansing Board of Water & Light to do a discretionary contribution, then the record-keeper will be requested to do such calculation?

i. If the contributions noted in the RFP are discretionary, which formulas are currently in use in each plan will need the calculations and what frequency are they allocated (per pay period, quarterly, annually)

BWL currently calculates all employer contributions. None of the contributions noted in the RFP are discretionary.

61. Related to question 3.14, can you please confirm if this is being requested ad hoc at the participant level if they are hired by the Lansing Board of Water & Light or is this if there were some plan level action that resulted in a new location being eligible to participate in the plans and then a group rollover project would ensue, which would include rolling over employee loans?

At the participant level.

62. Are there any special business process or provisions for the IBEW Local 352 outside of eligibility and employer contributions? For example, do they require any fees associated with their union to be an amount or paid differently than the rest of the plan?

No.

63. Regarding the document, “SWORN AND NOTARIZED AFFIDAVIT OF COMPLIANCE IRAN ECONOMIC SANCTIONS ACT”, is this a requirement to have physically notarized, or would an electronic notary of this document be acceptable?

An electronic notary signature is acceptable.

64. Regarding the guaranteed income option, can you provide a listing of employees with account balance and high water mark details?

Information as of 12/31/19.

STATUS AGE LOCK_IN

YEARLY_ GUARANTEE_ AMT

YEARLY_ GUARANTEE_ AMT_ REMAINING INCOME_BASE BALANCE

Active 54.15 N 0 0 182490.19 187420 Terminated 60.25 N 0 0 18573.77 19336.1 Active 62.02 N 0 0 13753.43 13806.6 Terminated 61.08 N 0 0 107205.08 108167 Terminated 63.7 N 0 0 716065.51 792225 Active 63.01 N 0 0 33156.84 33550.2 Active 53.3 N 0 0 2914.16 3091.26 Terminated 62.39 N 0 0 310163.26 328332 Active 59.36 N 0 0 124575.67 132552 Active 58.62 N 0 0 61797.67 66071.8 Terminated 56.99 N 0 0 84880.82 94441.9 Active 67.04 N 0 0 114501.02 114056 Active 58.12 N 0 0 239788.2 242869 Terminated 70.65 Y 31949.84 0 609045.17 615066 Active 53.51 N 0 0 86115.72 90997.6 Active 54.63 N 0 0 43381.19 47145.9 Active 57.81 N 0 0 56924.06 61224.5 Active 49.72 N 0 0 14539.65 15977.4 Terminated 62.73 N 0 0 237546.2 259716 Active 56.54 N 0 0 105830.13 112186 Active 52.09 N 0 0 41921.16 42444.9 Active 60.16 N 0 0 21368.64 21944.7 Active 50.26 N 0 0 52807.08 54608.6 Terminated 62.88 N 0 0 864325.94 954313 Active 54.58 N 0 0 4786.25 5085.38 Terminated 65.5 N 0 0 26309.2 28767.1 Active 57.17 N 0 0 18105.42 18757.8 Active 64.1 N 0 0 9349.52 9432.74 Terminated 63.62 N 0 0 419682.15 451632 Active 51.99 N 0 0 5487.85 6127.27 Active 63.12 N 0 0 82885.82 84132.3 Terminated 72.62 Y 12861.7 4438.5 257233.94 264773 Terminated 64.7 N 0 0 102800.97 112782 Active 58.48 N 0 0 14039.73 15147.5 Active 56.12 N 0 0 130159.09 132116 Terminated 66.72 N 0 0 134757.95 148083 Active 57.69 N 0 0 94248.15 104070 Active 58.88 N 0 0 49506.65 54525.6 Terminated 60.96 N 0 0 394145.55 442702 Terminated 67.91 Y 36838.86 3069.96 736777.11 752559 Active 52.27 N 0 0 33032.83 34613.4 Active 51.43 N 0 0 11107.56 11931.2 Terminated 68.51 Y 16947.69 8589.63 338953.75 349687

Terminated 75.32 Y 41951.73 27967.85 799080.51 787235 Active 51.86 N 0 0 9928.63 10643.7 Active 57.11 N 0 0 50991.63 51645.6 Active 57.95 N 0 0 2358.38 2627.82 Active 60.27 N 0 0 163066.71 170476 Terminated 63.75 N 0 0 620535.12 669580 Terminated 61.35 N 0 0 61659.67 62479.6 Active 64.03 N 0 0 18092.97 18134.6 Active 57.35 N 0 0 22500.34 23934.5 Active 63.09 N 0 0 120794.14 122130 Active 55.84 N 0 0 27583.68 29991 Active 63.45 N 0 0 32605.21 35142.9 Active 54.15 N 0 0 8430.92 8658.19 Active 62.02 N 0 0 27255.94 27361.3 Terminated 66.72 N 0 0 569520.43 622953 Active 53.3 N 0 0 26184.19 27578.7 Active 62.03 N 0 0 166752.3 166751 Active 59.36 N 0 0 26981.89 28709.9 Active 58.62 N 0 0 11264.86 12077.5 Terminated 61.48 N 0 0 65815.99 71321.5 Terminated 56.48 N 0 0 473242.38 511704 Active 58.12 N 0 0 102866.43 104259 Active 53.51 N 0 0 15057.97 15980.1 Active 57.81 N 0 0 11108.81 12070.6 Active 60.8 N 0 0 21597.73 23488.6 Active 49.72 N 0 0 23020.87 25285.8 Active 56.54 N 0 0 14602.55 15554.3 Active 52.09 N 0 0 13203.54 13368.5 Active 54.58 N 0 0 36604.55 38667.1 Active 51.99 N 0 0 16395.45 18138.6 Terminated 68.67 Y 19915.59 6638.55 398311.85 407994 Active 63.12 N 0 0 5881.48 5969.92 Active 61.29 N 0 0 27590.75 29236.5 Active 58.48 N 0 0 24341.81 26199.5 Active 56.12 N 0 0 28045.76 28467.5 Active 58.88 N 0 0 5859.55 6486.65 Terminated 60.96 N 0 0 305338.6 342968 Active 51.43 N 0 0 27313.04 29257.9 Active 46.35 N 0 0 4107.62 4387.07 Active 57.11 N 0 0 8620.91 8731.47 Active 57.95 N 0 0 1277.87 1423.89 Terminated 56.84 N 0 0 74682.98 77688.5 Active 63.09 N 0 0 9245.49 9347.77

65. Does the plan currently utilize managed accounts? If so, please provide the

company being used as well as the total assets in the program today.

Refer to questions 4 and 28.

66. Do you have any specific “wish list” as you review a potential new relationship?

No.

67. What is the current fee for the plan today with ICMA-RC?


68. Please provide a list of any ancillary fees that are currently being charged to the plan and or its participants. i.e. QDRO’s, financial advice, etc.


69. Is Lansing Board of Water & Light open to potentially consolidating the two 401(a) plans?

BWL would consider consolidation of the 401(a) Plans eventually, or perhaps sooner if the Recordkeeper is able to implement multiple vesting schedules within a single plan.

70. For question 8.5, is Lansing Board of Water & Light interested in transactional history being available or historical statements?

BWL would be interested in fully leveraging/transferring data to the extent possible.

71. Will you please provide the sample Terms and Conditions document? On page 1 of 4 of the Instructions to Bidders portion of the RFP, we are asked to provide exceptions, but do not see that the Terms and Conditions were provided with the RFP or posted to the website as of yet.


72. Will you please provide the plan documents for each of the 3 plans?


73. To help us respond to Q 3.12, what has the discretionary contribution formula historically been?

Historically, there has not been a discretionary contribution.

74. What are the reasons behind LBWL’s vendor search? Is it being driven simply by the contract expiration?


75. Can you provide plan documents and amendments for each plan?


76. What is the number of unique participants (SSNs) across plans?


77. Can you provide the net cash flow (contributions less withdrawals) over the last 12 months and/or for calendar year 2019?


78. For each plan, are annual transaction volumes available for distributions, in-service, hardships, installments, loans, and RMDs?

Refer to questions 31, 32, 34, and 35.

79. How are contribution limits at the plan-level monitored today?

They are Monitored by BWL. BWL would like to learn what safeguards are available from the recordkeeper to ensure limits are monitored correctly

80. Can you provide additional details related to the post tax contributions associated with the 457(b) plan?

Roth contributions.

81. Can you provide a plan-level asset allocation and investment summary that includes tickers or CUSIPS for each fund?


82. Are all assets eligible for transfer at conversion, or are there liquidity restrictions? If the latter, please describe the restrictions by product.

Potential stable value restrictions (PLUS Fund).

83. Is it LBWL’s intent to retain the current investment lineup, or are you open to proposed best-in-class alternatives?

Intent is to retain the current best-in-class investments.

84. What has been the historical cash flow into the VT Retirement IncomeAdvantage fund? How many participants are in the “lock-in” phase that could be impacted at conversion?


85. Can you confirm the desired level of on-site education meeting support? Is there a specific number of days we should include in our pricing?


86. What percentage of employees have opted to receive electronic communications?

Refer to question 59e.

87. What are the reasons behind LBWL considering an administration/recordkeeping only relationship? Under that scenario, what entity would LBWL leverage for advice/education services?

BWL expects participant education to be offered, either through the provider or with a third-party.

88. Can you share the structure of the current HR and Payroll solutions?

Payroll and Benefits is a part of HR and includes 3 full-time staff members at BWL.

89. Is the payroll function centralized? What is the frequency of payroll?

Centralized - Payroll is processed on Thursdays every other week.

90. Can you provide a copy of the current file layout?


91. In light of the current COVID-19 restrictions, is it possible to temporarily forego theNotarization requirement of this form?

An electronic notary signature is acceptable.

92. What are the most significant administrative challenges that exist today?


93. Is the Lansing Board of Water & Electric seeking only Record-keeping and employeeengagement services, or are you also seeking institutional advisor services at thePlan level?

Only recordkeeping and employee engagement services.

END OF ADDENDUM