Questions from Potential Respondents, with CPB Answers
As of July 24, 2012
Note: Questions that are similar to each other are only listed and answered once.
Question 1: The RFP implies that the consultant will do an analysis of 2011 performance of the funds in your 403b Plan. What does your committee see as the value in doing this? Or maybe better stated what would be done with this information? What action would potentially be taken?
Response 1: CPB posted with the RFP various “related documents” which included the draft Investment Policy Statement (IPS). The draft IPS document details what the expectations are for Periodic Review in Section 9 and the potential for a Watch List Procedure in Section 10. At the moment, 2011 is the last complete year of data available for analysis. A respondent may incorporate more relevant current information, if available, during the IPS implementation or analysis consulting where appropriate.
Question 2: Can you please elaborate what your definition of and the difference between the two terms “Investment Analysis,” and “Fund Manager Analysis?”
Response 2: Review of the draft IPS document (see related documents posted with the RFP) may help clarify the analysis that is requested. The first term relates more to performance and comparisons to industry benchmarks and the like, for specific investment options. The second is a broader term that may include analysis of fees, costs, and overall investment strategy.
Question 3: Does CPB have a formal committee in place? If so how many members are in the committee? I know that there is mention of a Retirement Oversight Committee in the RFP however I am curious to know if there is already formal members in place or if there is recommendations needed for setting up the structure and process for this.
Response 3: CPB does not yet have a committee in place. For the number of committee members, please refer to Appendix II, Section 4, page 28, located under “Related Documents” for this RFP.
Question 4. We will quote fees for quarterly, semi-annual, and annual due diligence however I want to see if there is a preference or if you are looking for us to advise on how often the committee should meet. We can include that recommendation in our proposal but again will price everything out separately per the instructions on the RFP.
Response 4: CPB is requesting that applicants provide a recommendation on how often this work should be conducted. In addition, CPB requests applicants provide CPB with pricing for providing the work quarterly, semi-annual and annually.