Lycoming County > RFP Questions & Answers

Lycoming County

Wednesday, May 16, 2012

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RFP Questions & Answers

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RFP Questions & Answers

Q1. Question asked by Lisa Golden from Fund Evaluation Group
After reviewing the Lycoming County Employees’ Retirement System RFP, FEG has the following question:
In Section IV – Soundness of Approach, A. General Consulting Services, item #3 on page #13 states the following: Included in Appendix A of the System’s Investment Policy Statement, Objectives and Guidelines, is a copy of the Fund’s current asset allocation plan. What changes, if any, would you recommend? Could you please post Appendix A? Thank you! We were unable to locate this document and we need to reference this document in order to provide a meaningful response to the above question.

Q2. Question asked by Rose Nolan from Yanni Partners, a Division of GBS Investment Consulting, LLC
As we prepare our response for the Lycoming County Employees' Retirement System Request for Proposal, can you please provide clarification on section # 5 Soundness of Approach, question # 3? The Policy document provided does not include an Appendix A; it does have an Attachment A and Appendix 1. Can you direct us to the appropriate page(s)?

Q3. Question asked by Jack Wilhelm from PFM Asset Management LLC
In our preparation of a response proposal to the County's RFP for investment consulting and performance evaluation services for the System, we noticed that on page 13, Section II.5.A.3 of the RFP, Appendix A is referenced which includes a copy of the Fund's current asset allocation plan. As instructed by the RFP we visited the website and link to the PDF RFP; however, it appears that Appendix A is not included. At your earliest convenience, would you be able to forward Appendix A and any other applicable appendices to myself and Brian Sanker.

Q4. Question asked by Michael Shone from Peirce Park Group
Bidder's Qualifications H- Demonstrate the previous experience.... Please clarify what degree of demonstration you desire?

Q5. Question asked by Michael Shone from Peirce Park Group
Bidder's Qualifications B- Audited Financials-We do not get nor need audited financials-Therefore unaudited? Tax returns?

Q6. Question asked by Michael Shone from Peirce Park Group
MMQ A- Documentation of investment consulting clients-What do you mean by documentation? Number of clients, listing of clients or come type of proof (documentation) that they are our clients?

Q7. Question asked by Chris Mills from Dahab Associates, Inc.
The following documents are requested in the RFP:
Dahab Associates’ ADV Parts I and II
Sample Quarterly Performance Report
Copy of Certificate of Incorporation
Dahab Associates’ Code of Ethics
Signed Non-Collusion Affidavit
Current Client List
Sample Research Report
Sample Investment Policy and Guidelines
Sample Asset Allocation Study
Organizational Chart of Dahab Associates
The RFP states all submitted documents must be in Microsoft Office or compatible format. We typically provide the above documents in PDF format, especially our performance reports that we generate in-house utilizing proprietary software. However, our response to the questionnaire can be in Microsoft Word. Also, since you are requesting a separate cost submittal, would you like that on a separate CD or flash drive?

Q8. Question asked by Frank Burnette from Morrison Advisors
I noted that the RFP does not require bidders to maintain E&O insurance. I think that is an important qualification and should be a question asked of the bidders. Most RFP’s we have responded to establish specific requirements in this regard as it is an important fiduciary safeguard that provides deep pocket support for losses that may be recoverable.

Q9. Question asked by Frank Burnette from Morrison Advisors
Lastly, you may be aware that the SEC issued suggested RFP questions to determine if bidders were indeed conflict free. For your consideration, these questions and MFA’s answers are listed below.
1.      If you, your firm or affiliate manage money for clients, please describe the organizational controls implemented to prevent any conflicts of interest.

MFA does not manage money on behalf of its clients and does not have any broker/dealer affiliations. MFA only provides pure investment consulting services to its client base without any conflicts of interest.

2.      If your firm or affiliate is a broker/dealer, explain how your firm trades for client accounts through this broker/dealer. Describe the organizational controls implemented to prevent any conflicts of interest.

MFA does not manage money on behalf of its clients and does not have any broker/dealer affiliations. MFA only provides pure investment consulting services to its client base without any conflicts of interest

3.      If you buy products or services from any investment advisors, please describe.

MFA does not buy any products or services from any investment advisors.

4.      If you sell products or services to any investment advisors, please describe.

MFA does not sell any products or services to any investment advisors.

5.      If you sell database information and/or performance analysis to investment managers, please explain if you receive compensation directly or indirectly. Include a summary of how you prevent conflicts of interest.

MFA receives no compensation, payments or commissions from investment managers in any way. MFA does not sell information or any other services to investment managers. MFA does not have any strategic alliances with money managers to recommend each others services. MFA’s total revenues consist 100% of our institutional clients’ quarterly consulting fees only.

6.      If you charge direct or indirect fees for investment managers to be included in your firm’s database, include a listing and description of the fees. Provide a summary of how you prevent conflicts of interest.

MFA receives no compensation, payments or commissions from investment managers in any way. MFA does not sell information or any other services to investment managers. MFA does not have any strategic alliances with money managers to recommend each others services. MFA’s total revenues consist 100% of our institutional clients’ quarterly consulting fees only.

7.      Describe the circumstances under which you would receive or could receive fees or soft dollars from investment managers or their affiliates.

MFA receives no compensation, payments or commissions from investment managers in any way. MFA does not sell information or any other services to investment managers. MFA does not have any strategic alliances with money managers to recommend each others services. MFA’s total revenues consist 100% of our institutional clients’ quarterly consulting fees only.

8.      Specify the circumstances under which you would receive fees, or any other hard or soft dollar arrangements, from broker/dealers and provide a brief description.

MFA receives no compensation, payments or commissions from broker/dealers in any way. MFA does not sell information or any other services to broker/dealers. MFA does not have any strategic alliances with broker/dealers to recommend each others services. MFA’s total revenues consist 100% of our institutional clients’ quarterly consulting fees only.

9.      Explain in detail, any potential conflict of interest, which would be created by you or your firm’s representation of the Cambria County Employees’ Retirement System and interaction with the members of the Retirement Board. Please include any activities of affiliated or parent organizations, as well as, other client relationships, which may inhibit services to the Board.

MFA is not involved with any activities or affiliation which would inhibit services to the Board.

10. Provide the date, amount and recipient of any political contributions you have made, in excess of $250.00, to any XXXX elected official or elections committee from January 1, 2004 to the present.

MFA has not made any political contributions to any XXXX County elected official or elections committee from January 1, 2004 to the present.

Q10. Question asked by Terri Baldwin from Watershed Investment Consultants, Inc.
Part I, Section 15, of the RFP asks the bidder to submit a Non-collusion Affidavit. Can you please provide a copy of the affidavit that you would like us to execute?

Q11. Question asked by Frank Burnette from Morrison Advisors
Do you have a standard non collusion document for bidders to follow? If not, we will draft one that intends to meet these criteria. I assume the Affidavit needs notarized but that was not specifically required by the RFP. Apparently, there are several examples available on the internet and we will simply pick one like the following.

Q12. Question asked by Frank Burnette from Morrison Advisors
The RFP states that any bidder with poor performance during a previous engagement with the Board will be disqualified as non-responsible. Since RRZ once managed money for the County and was terminated, would we be disqualified as non-responsible? I hope not but let me know now if possible.

Q13. Question asked by Frank Burnette from Morrison Advisors
Question 8 states that bidder contracts that limit advisor liability in any way will be rejected. While I appreciate the importance of the fiduciary advisor accepting full responsibility for guiding the fund, normal advisory contracts will have standard language that do establish some boundaries for liability. Such language is generally required by the advisors’ E&O insurance companies. For MFA, we usually limit liability from actions occurring prior to MFA’s engagement AND fraud or misrepresentation from custodians, money managers, broker engaged by money managers, legal, actuaries. We also expressly say that we are not responsible for losses that result from general market conditions. We are of course liable for fraud, neglect, errors, omissions of fact, failure to adhere to policy, and failure to perform the requirements of the engagement services. I suspect that this will be the case with most advisors. And, I can easily say that our contracts do not contradict any terms specified in your RFP. I have attached a sample contract (with highlights) for your consideration if necessary. How strict do you anticipate being in this regard?

Q14. Question asked by Frank Burnette from Morrison Advisors
Proposal submission requirements have specific language that requires an electronic version be submitted that is “not locked”. We would be submitting an adobe PDF document which would be easily viewed but not allow the reader to open/change the document. We would not be using any excel worksheets in our proposal. Assuming we adhere to all of the other submission requirements, is this Adobe PDF format acceptable to you?

Q15. Question asked by Frank Burnette from Morrison Advisors
For Merrill’s custody services, does Merrill make monthly and lump sum payments to the retiree beneficiaries or does the County issue these checks on their own? This feature impacts the projected cost of custody. I think I remember Lycoming issuing their own retiree checks on their own payroll system.

Q16. Question asked by Terri Baldwin from Watershed Investment Consultants, Inc.
Due to the fact that we are a non-discretionary investment consultant, a performance-based fee is difficult to implement. Is the submittal of a base rate plus or minus a performance multiplier a requirement, or is it acceptable to propose only a flat annual retainer fee?

Q17. Question asked by Terri Baldwin from Watershed Investment Consultants, Inc.
The cost submittal specifies that we should not include any assumptions, yet it asks that the total proposed base fee should include attendance. Since the number of meetings we would be required to attend is a variable, is it acceptable for us to charge the System separately for travel expenses rather than building a travel cushion into our base fee?

Q18. Question asked by Terri Baldwin from Watershed Investment Consultants, Inc.
Does the Board have a standard date/time that they typically meet (i.e., 3^rd Thurs. of every month at 1 p.m.)?

Q19. Question asked by Dan Birmingham from Russell Investments
How would a company like Russell Investments, who provides discretionary consulting services, secure an appointment with board members to discuss this model versus the traditional consulting model?

Q20. Question asked by Frank Burnette from Morrison Advisors
Merrill's current contract and fee schedules of existing fund vendors (manager and custodian fees)

Q21. Question asked by Frank Burnette from Morrison Advisors
Brokerage reports (if any)

Q22. Question asked by Frank Burnette from Morrision Advisors
Current Pension Board meeting schedule

Q23. Question asked by Frank Burnette from Morrison Advisors
Copy of curent Merrill quarterly review book

Q24. Asked by Daniel Birmingham from Russell Investments
Would the board consider a relationship which includes both non-discretionary and discretionary services?

Q25. Asked by Bill Worobec from Wells Fargo Advisors
Could you provide a copy of your most current actuarial report?

Q26. Asked by Bill Worobec from Wells Fargo Advisors
Who is your actuary?

Q27. Asked by Bill Worobec from Wells Fargo Advisors
What is the current funding status of the plan?

Q28. Asked by Bill Worobec from Wells Fargo Advisors
Who will handle custodial responsibilities?

Q29. Asked by Bill Worobec from Wells Fargo Advisors
May I have a copy of your current investment policy?

Q30. Asked by Bill Worobec from Wells Fargo Advisors
What is the policy allocation for each asset class?

Q31. Asked by Bill Worobec from Wells Fargo Advisors
Which asset classes do the managers address?

Q32. Asked by Bill Worobec from Wells Fargo Advisors
How many assets does the plan have now?

Q33. Asked by Bill Worobec from Wells Fargo Advisors
How many managers do you employ?

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Last Updated: 12/23/2011 1:52 PM

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