Request for Proposals (CLOSED)
11/7/2019: The Board of Supervisors selected Conrad Siegel. Attached are the required documents from this process:
- Letter to Conrad Siegel advising them of their selection. CLICK HERE
- Conrad Siegel Proposal, September 6, 2019. CLICK HERE
Proposals Received From (in no specific order):
- Morgan Stanley - ACT 44 Disclosure CLICK HERE
- Wells Fargo/Principal - ACT 44 Disclosure CLICK HERE
- BBT - ACT 44 Disclosure CLICK HERE
- Fulton Financial - ACT 44 Disclosure CLICK HERE
- PFM - ACT 44 Disclosure CLICK HERE
- Conrad Siegel - ACT 44 Disclosure CLICK HERE
- PNC - ACT 44 Disclosure - NOT SUBMITTED
- Girard (Univest) - ACT 44 Disclosure CLICK HERE
Pension Plan Investment Advisory, Custodial and Management Services (CLOSED)
West Hempfield Township is accepting proposals to provide pension plan investment advisory, custodial and management services for the Township’s Non-Uniformed Employees’ Pension Plan, a defined benefit plan, and the Township’s Police Pension Plan, a defined benefit plan. The Township has posted a Request for Proposals (RFP) for these professional services for which it seeks proposals on its website, at URL: www.westhempfield.org. Interested parties may also obtain copies of RFPs by contacting Andrew Stern, Township Manager, by telephone at (717) 285-5554, email at email@example.com, or in person at the at the West Hempfield Township municipal building, 3476 Marietta Avenue, Lancaster, PA 17601. The RFP sets forth the scope of services being sought by the Township. Each applicant is required to read and understand the Township’s Policies and Procedures for the Procurement of Professional Services in Compliance with Act 44 of 2009 and to complete the Act 44 Disclosure Form, each of which are appended to each RFP. Questions regarding the RFPs must follow the directions listed on the RFP and be submitted no later than 4:00 PM on August 30, 2019. All proposals must conform to the instructions set forth in the RFP and be received by the Township no later than 4:00 PM on September 6, 2019. The procedures and criteria for reviewing the proposals is set forth in each RFP.
RFP: CLICK HERE
APPENDIX A: CLICK HERE
APPENDIX B: CLICK HERE
RFP Questions Received and Answers Provided
August 13, 2019:
- The RFP’s “Minimum Qualifications” states that “All Applicants must submit information demonstrating that they meet the following minimum qualifications….Ten or more Pennsylvania municipal defined benefit pension plan clients under contract for pension services.” Our Firm has 8 Pennsylvania clients – 2 of which are municipal pension plan clients with $206 Million in assets under management –double the minimum Pennsylvania municipal pension plan client assets under direct management set forth in this RFP. Will our proposal be considered/evaluated or would our proposal be disqualified? Assuming we have proposals which meet all listed qualifications, then those which do not would be disqualified.
- Under Section 5, Specifications Relating to the Services Requested, it states “processing payments to retirees and terminated employees”. Our firm does not provide these services. Will our proposal be considered/evaluated or would our proposal be disqualified? Assuming we have proposals which meet all listed qualifications, then those which do not would be disqualified.
- Under Section 5, Specifications Relating to the Services Requested, it states “custodial and day-to-day oversight of investments ”. Our firm does not provide custodial services. Will our proposal be considered/evaluated or would our proposal be disqualified? Assuming we have proposals which meet all listed qualifications, then those which do not would be disqualified.
- Can you provide a sample contract or will the bidder (investment Advisor) be asked to provide a sample contract for this engagement? A sample contract has not been created. Either option is possible.
- Can you please provide an Investment Policy Statement (IPS) for the current portfolio? Once a new firm is selected, we will start with the development of an Investment Policy Statement.
- Can you please provide the benchmark(s) for the current portfolio? There are multiple benchmarks for our investments. Once a new firm is selected we will work with them to establish appropriate benchmarks.
- Can you provide the current holdings and asset allocation for the current portfolio? There are multiple accounts, holdings, and allocations between the plans. This will all be re-evaluated once a new firm is established.
August 6, 2019:
- With these being defined benefit plans, how is the Township defining “recordkeeping services”? By recordkeeping do you mean actuarial services or just trust reporting, investment management, and pensioner tax reporting? We are NOT seeking actuarial services with this RFP.
ACT 44 Disclosures
Pennsylvania Act 44 was signed into law in 2009. Chapter 7-A of Act 44 requires the disclosure of certain information about professional advisors receiving compensation for services provided to a municipal pension plan. Independent firms providing actuarial services or investment advisory services are required to respond to the disclosure questionnaire.
- Appendix A- Act 44 Disclosure Form (BLANK) - CLICK HERE
- Appendix A- Act 44 Disclosure Form (Conrad Siegel) - CLICK HERE