The government of Guam Retirement Fund issued a request for proposals for investment management and plan administration services of the 401(a) Defined Contribution Retirement System 457(b) Deferred Compensation Plan and Benefit Administration Services of the Welfare Benefit Plan for the DCRS. According to Paula M. Blas acting director of the government of Guam Retirement Fund this RFP was released on Sept. 28.
A similar RFP was initially released in April 2004 specifically asking for 401(a) DCRS Investment Management and Plan Administration services. After the release however the fund’s board of trustees felt it was in the best interest that the government of Guam cancel the initial RFP and issue another one that would also include management for the fund’s Deferred Compensation Plan as well as benefit administration services. Blas told the Journal that this RFP’s duties will include record keeping and administration education investments and other types of client services.
Service fees paid to the existing third-party provider in 2005 amounted to $782 602. Due to the nature of the professional services that the retirement fund contracts for all of the fund’s investment management services are contracted for no specific duration. This does not mean that contracts cannot be terminated. If the retirement fund wishes it can terminate a contract with a 30-day written notice to the provider of services. At the end of 2005 the assets for the Defined Contribution Plans were at $132.9 million.
Another RFP for the fund pending award is for DC Investment Consultant Services. There were four proposals submitted for these services that met the RFP’s requirements. This RFP is close and evaluations are ongoing. MBJ