Retirement Board Investment Consultant - Bay County RFP-092015

Bay County » RFP-092015

The information below is a summary of solicitation number RFP-092015 posted by Bay County.  As a reminder, this solicitation is closed and responses are no longer being accepted.

Retirement Board Investment Consultant

Date Issued: 10/02/2015

Deadline: 10/12/2015  prior to 11:00 AM   E.D.T.

Requisition Number:

Delivery Point: N/A

Delivery Date: N/A

Type of Purchase: Term: Unspecified

Construction Related: No

Type of Response Allowed: Hard Copy Only

Issuing Agency: Bay County

Using Department: Retirement Board

Special Notices: All or None Award
Insurance Required

ACCEPTING VENDOR QUESTIONS:

Due Date: 10/7/2015 5:00:00 PM E.D.T.

Primary Contact Name: Ms. Frances Moore

Title: Purchasing Agent

Email: mooref@baycounty.net

SUMMARY OF SPECIFICATIONS:

The Bay County Purchasing Division on behalf of the Bay County Employees’ Retirement System (BCERS) is seeking a full service investment consultant with the intention of entering into a five-year contract. BACKGROUND: The Bay County Employees’ Retirement System (BCERS) as of December 31, 2014 had over $308 million in its investment portfolio with a breakdown of 66% domestic stock, 25% bonds, 5% real estate and 4% cash equivalents. BCERS is an ordinance based defined benefits pension plan that provides pension benefits for nearly 915 retirees, over 1150 active employees, and 89 deferred and vested former employees. The System requires contributions from both the employer and employees in order to provide assets sufficient to meet the benefits promised to members. The general administration, management and responsibility for the proper operation of the System is vested with the Board of Trustees (Board). The Board consists of nine Trustees; four elected active member representatives and five appointed representatives. The appointed representatives are as follows; two County Commissioners, Treasurer of Bay County, chairperson of the Bay County Board of Human Services ex officio, and chairperson of the Bay-Arenac Behavioral Health Authority Board of Directors. BCERS has a complex makeup that consists of seven different financial units; General County, Department of Water and Sewer, Library, Bay Arenac Behavioral Health, Bay Medical Care Facility, Sheriff’s Department, and Road Commission. Within each of the units there are 32 different divisions with different multipliers and eligibility requirements. The Board employs the use of an investment consultant, actuary, and custodial bank. As of December 31, 2014 there were 13 investment managers. Legal counsel is provided by County Corporation Counsel with assistance from outside counsel as needed.  The Bay County Voluntary Employees’ Beneficiary Association (VEBA) as of December 31, 2014 had over $42 million in its investment portfolio. The general administration, management and responsibility for the proper operation of the VEBA is vested with the Board of Trustees. The Board consists of nine Trustees; four elected active member representatives and five appointed representatives. The appointed representatives are as follows; two County Commissioners, Treasurer of Bay County, chairperson of the Bay County Board of Human Services ex officio, and chairperson of the Bay-Arenac Behavioral Health Authority Board of Directors. 

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