Retirement Plan Provider

Bid/RFP Status
Closed - no longer accepting bids and proposals
Bid/RFP Due Date
Bid/RFP Reference Number
Fiscal-1002
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Introduction

The K’ima:w Medical Center is seeking proposals from qualified retirement plan provider firms to provide retirement plan services, including retirement plan management services, investment consulting, and employee financial wellness education to help administer Medical Center retirement plans.

All submissions must be sent electronically to scott.lewis [at] kimaw.org (scott[dot]lewis[at]kimaw[dot]org) by no later than 5:00 PM on February 17th, 2023. We will not consider late proposals, and the bids shall be marked “Submission for Retirement Plan Provider.”

About the K’ima:w Medical Center

K’ima:w Medical Center, a robust ambulatory healthcare service center for the greater Hoopa Valley, has been in operation since 1974. The Joint Commission accredits the medical center, and this independent, not-for-profit national body oversees the safety and quality of healthcare and other services provided by accredited organizations. For years, the tribal health clinic was called the “Hoopa Health Association.” The name was officially changed in 1998 to the K’ima:w Medical Center. K’ima:w means “good medicine” in the Hupa language.

Departments

  • Administration
  • Ambulance
  • Behavioral Health
  • Billing
  • Dental
  • Diabetes
  • Fiscal
  • Health Information Management (Medical Records)
  • Human Resources
  • Information Technology
  • Lab
  • MMIW/DV/SA
  • Medical
  • Medication Assisted Treatment Program
  • Nursing
  • Outreach
  • PRC
  • Patient Benefits
  • Pharmacy
  • Senior Nutrition
  • Transportation
  • Radiology

KMC’s fiscal year begins on October 1 and ends on September 30. For Fiscal Year 2022-23, the K’ima:w Medical Center has an operating budget of approximately $26 million for all funds, and non-grant revenue is roughly $7.5 million. While KMC operations generate revenue from various medical services, such as Clinical, Dental Lab, X-ray, and Pharmacy activities, the Indian Health Service provides annual funding through the Department of the Interior. KMC also receives State and Federal Grants.

Background

The Center’s fiscal year begins on October 1 and ends on September 30. For Fiscal Year 2022-23, the K’ima:w Medical Center has a total operating budget of approximately $26 million for all funds and non-grant revenue is approximately $7.5 million of that total. While Center operations generate revenue from various medical services, such as Clinical, Dental Lab, X-ray and Pharmacy, activity, Indian Health Service provide an annual funding amount through the Department of Interior. The Center also receives State and Federal Grants.

  • The K’ima:w Medical Center has 140 employees, and 50 employees who participate in the current 401(k) plan.
  • Eligibility requirements include being full-time employees and passing the 90-day probationary period.
  • 401(k) matching rate is 4% of contributed employee salaries and wages.

Retirement Plan Provider Services Questionnaire

About Your Firm

  1. Firm Name
  2. Address
  3. Contact for this RFP
    1. Name
    2. Phone
    3. Fax
    4. Email
  4. Describe the ownership and structure of your firm.
  5. How many years has your firm been in business?
  6. Briefly describe your firm’s history.
    1. How many years has your firm been servicing retirement plan clients?
    2. What documentation or examples of your firm’s history servicing retirement plan clients can you provide, if any?
  7. What is the total number of employees in your firm?
    1. Of those employees, how many are Investment Advisory Representatives (IAR)?
    2. Do you use subcontractors?
      1. If yes, who and for what services?
  8. What is the position of your firm in the employer-sponsored retirement plans business?
    1. Percentage of revenue from retirement plan investment advisory services?
    2. Plan assets under advisement (in USD).
    3. Total number of clients with defined contribution plans under advisement (e.g., 401(k), 401(b), 401(a) profit sharing, Government 457, etc.).
    4. Number of core clients (with whom your firm have regularly quarterly contact).
    5. Number of client plans added over the past 24 months.
    6. Number of client plans lost over the past 24 months.
  9. Please list the type of services your firm offers for retirement plans.
  10. How does your firm define and measure the success of retirement plans consulting relationships?
  11. Is your firm bonded and insured? If so, to what amount?
  12. Does your firm work with clients on a commission basis?

Service Team

  1. Describe your service model to our plan (e.g., staff, responsibilities, interactions with our plan, frequency of in-person meetings, frequency of conference calls).
  2. Primary Contact for our relationship:
    1. Name
    2. Title
    3. City and State
    4. Phone
    5. Fax
    6. Email
    7. Overall experience with employer-sponsored retirement plans
    8. Education, honors, designations, and other credentials
    9. Regular activities to stay current on market and regulatory developments
    10. Years with firm
    11. Role at the firm
    12. Number of plans supported
    13. Average size (in USD) of plans supported

Investment Services

  1. Describe your firm’s approach to 401(k) plan investment consulting?
  2. What investment policy statement support do you offer?
  3. What tools does your firm use to evaluate investment funds and managers?
  4. Describe your investment research resources and capabilities.
    1. How are investment benchmarks determined?
  5. Do you hold performance review meetings with clients and what reports do they receive?
  6. What actions do you take when investments are performing below expectations?
  7. Will you firm offer investment advice to our plan? If yes, please explain.

Participant Services

  1. Please list the types of services your firm provides for retirement plan participants.
  2. Do you offer personal financial advice or education?
  3. What resources do you have dedicated to participants?
  4. Please provide 2 specific examples of ways in which your firm has made a positive impact on retirements you support in the last 24 months. (For example, increase participation, increased deferrals, lowered fees, etc.)

Provider/Vendor Services

  1. Describe your firm’s vendor benchmark service and process.
  2. With how many different service providers does your firm work to support current clients?
  3. What plan design change initiatives have you led with your clients in the past 24 months?

Fiduciary Status and Compliance

  1. Do you intend to act as a fiduciary for the plan and or its participants?
  2. What compliance resources does your firm provide?
  3. Describe your fiduciary responsibility to our plan participants.
  4. Describe potential conflicts of interest that may arise with the proposed advisory relationship.
  5. Does your firm have a written policy for addressing conflict of interest? Please describe.
  6. Have any of your clients been subject of an investigation by the Department of Labor? If yes, please explain.

Fees

  1. How is your firm compensated for your services?
  2. What percentage of your firm’s revenues is derived from:
    1. Commission relationships?
    2. Advisory relationships?
  3. Does your firm receive any form of compensation or benefits from companies or individuals whose products or services you may refer to or recommend? If yes, please explain.
  4. Please describe all fees for services to our plan under this proposal.
  5. Are you willing to guarantee your fees for a specific period?
  6. Does your firm provide a written agreement, or a letter of engagement detailing services provided to our plan?  If yes, please provide a sample.
  7. What is your ability to offset fees with 12b1 fees, finders’ fees, or other fees embedded within the plans’ investments?

Technology and Security

  1. What are your firm’s processes and systems for dealing with cyber security threats and protection of personally identifiable information?
  2. Do you have an annual independent or internal assessment of your cyber security processes?
  3. Does your firm have a privacy and security policy, and does that policy apply to personally identifiable information of retirement plan participants?
  4. Has your firm experienced any security breaches? If yes, please explain.
  5. What are your system back-up and disaster recovery procedures?

Are your firm’s files archived and stored at an off-site location or on-site location? If an off-site location, where is the ion of these costs, justification of their benefit to federal programs, accumulation of administrative overhead, and optimal allocation to programs served.

Request for Information

All inquiries regarding requirements of this RFP should be directed to:

Mr. Scott A. Lewis

Chief Financial Officer

K'ima:w Medical Center

535 Airport Rd

Hoopa, CA 95546

Office: 530.625.4261, Ext. 0287

Email: scott.lewis [at] kimaw.org (scott[dot]lewis[at]kimaw[dot]org)

Submissions: 

Please submit bid and proposals here

RFP for Retirement Plan 181.83 KB
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