INVESTMENT ADVISER AND CONSULTING SERVICES - Bloomfield Township RFP-BK-INVESTMENT ADVISER AND CONSULTING SERVICES

Bloomfield Township » RFP-BK-INVESTMENT ADVISER AND CONSULTING SERVICES

The information below is a summary of solicitation number RFP-BK-INVESTMENT ADVISER AND CONSULTING SERVICES posted by Bloomfield Township.  As a reminder, this solicitation is closed and responses are no longer being accepted.

INVESTMENT ADVISER AND CONSULTING SERVICES

Date Issued: 05/15/2017

Deadline: 06/15/2017  prior to 5:00 PM   E.D.T.

Requisition Number:

Delivery Point: 4200 Telegraph Road, Bloomfield Hills, MI 48302

Delivery Date: TBD

Type of Purchase: Term: Unspecified

Construction Related: No

Type of Response Allowed: Hard Copy Only

Issuing Agency: Bloomfield Township

Using Department: Assessing

Special Notices: All Brands are Acceptable
All or None Award

ACCEPTING VENDOR QUESTIONS:

Due Date: 5/31/2017 5:00:00 PM E.D.T.

Primary Contact Name: Mr. Brian Kepes

Title: Treasurer

Email: bekepes@bloomfieldtwp.org

SUMMARY OF SPECIFICATIONS:

The Charter Township of Bloomfield, Michigan is seeking an investment adviser and consultant for its various fiduciary funds. The Township has not created an independent board to manage these assets, but it does have a Financial Sustainability Committee that is involved in this RFP process. The 401(a) Defined Contribution Plan began in 2005 for all new hires. The plan currently is through American Funds and the current balance is over $5M. Current number of participants is 117. The 457(b) Deferred Compensation Plan currently allows employees to choose between two vehicles which each have their own adviser. One is through Empower and the other is through Voya.  The current combined balance is over $21M. Current number of participants combined is 313. The Retiree Health Care Trust (VEBA) was initially established in 2005 with a minimal deposit. The Township is on the pay-as-you-go method of paying for retiree health care. The purpose of this trust is to invest funds that will grow and pay retiree health care premiums directly from this trust. Since 2011, there have been annual deposits into the trust and the current combined balance is about $10M. The Township has $160M held and managed by Prudential as the provider of the Defined Benefit Pension Plan. These specific assets are not part of the proposal. There are other pension assets held in an Equity Fund for the Defined Benefit Pension Plan. This is where the Township invested its $80M in pension obligation bonds issued in November 2013. The balance has decreased because the Township has had to transfer funds from this account to the assets held with Prudential per certain provisions in the contract. The current balance of this fund is about $55M. The Retirement Health Savings Plan began in 2011 for all new hires. In lieu of the Township providing retiree health care, it provides an account that both the employer and the employees contribute to throughout active employment. The balance of an employee’s account upon retirement becomes available to them for health care expenses and premiums. The current balance is about $900k. The current number of participants is 101. The 529 College Savings Plan with American Funds is offered by the Township and allows employees to make contributions through an elective payroll deduction. The current balance of 24 individual accounts is over $600k. 

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