(1) Vendor needs to provide third party administrator services for cash balance plan.
- Third-party administrator to provide recordkeeping and administration services to the city employees retirement system cash balance plan.
- The city employees retirement system cash balance plan covers all full-time civilian employees.
- An eligible employee will be treated as an active member and shall receive credit for employee contributions, pay credits, interest credits, and pre-retirement dividends while he or she is performing qualified military service.
- A pay credit shall be added to each member's account as of the end of each plan year, beginning with the year in which he or she becomes a member and ending with the year in which he or she ceases to be an employee.
- Interest credits. as of the last day of each plan year, each member's account shall be credited with an interest credit reflecting interest on the amount of the account as of the last day of the immediately preceding plan year.
- Pre-Retirement dividends: members may receive pre-retirement dividends to be added to their account balance.
(2) All questions must be submitted no later than May 11, 2023.
(3) The contract period will be for three years.
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