Request for Proposal received May 3, 2018 for S76-T26573 - Approve an ordinance awarding a Professional Services contract to Great-West Life & Annuity Insurance Company for Third-Party Administration services for the City of Houston's 457 Deferred Compensation Plan for the Finance Department.
Specific Explanation:
The Director of the Finance Department and the Chief Procurement Officer recommend that City Council approve an ordinance awarding a five year professional services contract, with two one-year options to Great-West Life & Annuity Insurance Company to provide third-party administration services for the City of Houston's 457 Deferred Compensation Plan. The Director of the Finance Department or the Chief Procurement Officer may terminate this contract at any time upon 30 days written notice to the contractor.
The Scope of Work requires the contractor to establish participant accounts and related data on its proprietary online system. Fund transfers, statements on demand, asset allocations as well as investment management, a custom participant website and interactive planning calculators will be available to plan member participants. A participant call center, voice response unit, and hearing impaired assistance will create an exceptional participant experience. Communication materials will feature a personalized web address and an enrollment kit with education highlights in English and Spanish. Great-West staff members will man local service centers in order to provide assistance to walk-in customers Monday through Friday and will offer real time data along with individual and group education meetings on and off site.
This Request for Proposal (RFP) was advertised in accordance with the State of Texas bid laws and as a result, proposals were received from four firms: Great-West Life & Annuity Insurance Company (branded as Empower Retirement), ICMA Retirement Corporation, Prudential Retirement and Insurance Company, and VOYA Institutional Plan Services, LLC. The Evaluation Committee consisted of evaluators from Housing and Community Development, Houston Public Works, Finance, the Mayor's office, and the Houston Police Officers' Pension System. The evaluation was based upon the following criteria:
1. Responsiveness of Proposal
2. Technical Competence
3. Price
Great-West Life & Annuity Insurance Company received the highest overall score and was deemed the best qualified firm to perform the required services for the City of Houston member participants as outlined in the RFP.
MWBE Participation:
The RFP was advertised with a 24% MWBE participation goal. Great-West Life and Annuity Insurance Company has designated the below named companies as its certified MWBE subcontractors.
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Name
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Type of Work
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Percentage
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Bayside Printing
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Communication Enrollment
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16%
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Tejas Office Products Inc.
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Office Supplies
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8%
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Pay or Play Program:
The proposed contract requires compliance with the City's Pay or Play ordinance regarding health benefits for employees of City contractors. In this case, the contractor provides health benefits to eligible employees in compliance with City policy.
Hire Houston First:
The proposed contract requires compliance with the City's Hire Houston First (HHF) ordinance that promotes opportunity for Houston businesses and supports job creation. In this case, Great-West Life & Annuity Insurance Company does not meet the requirements for HHF designation; no HHF firms were within five percent.
Fiscal Note:
There is no impact to the fiscal budget; therefore, no fiscal note is required.
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Jerry Adams, Chief Procurement Officer
Finance/Strategic Procurement Division
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Department Approval Authority
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