BPW Pension Services Administration RFl Responses
Line No. |Service Category Hooker & Hoicombe Wells Fargo Milliman
1 Lump Sums/Refunds/Rollovers Yes Yes Yes
2 Benefit Payment Method Check/ACH Check/ACH Check/ACH
3 Benefit Payment Timing Monthly Monthly Monthly
4 Benefit Initiation Method Initiated by Participants. Initiated by City Staff. Initiated by Participants.
5 1099-R & 945 Reporting Yes Yes Yes
6 Online Portal/Reporting Yes for both City Staff & Participants. Yes for City Staff, No for Participants. Yes for both City Staff & Participants.
7 Death Audit Yes, monthly. Yes, quarterly. Yes, weekly.
8 Allows Deductions Yes Yes Yes
9 COLA Updates Yes, uploaded via flat file. Yes, uploaded via flat file. Yes, uploaded via flat file.
10 Requirements for tracking Ongoing data feeds. Ongoing data feeds. Ongoing data feeds.
service/compensation
11 _|Timeline for Implementation 9-12 months 7-9 months 8-10 months
12 Implementation Info Dedicated Team Dedicated Team Dedicated Team
13 Fees:
14 Setup Fee Waived Waived Waived
15 Administration Fee $31,500 (annual) $55,000 (annual) $50,000 (annual)
16 Participant Charges No "per participant" charges so tnt anne No "per participant" charges
$10,000 $1,500 (1-time set-up fee)
17 Trust & Custody (annual! base fee + custodial fee) 25,000 (annual base fee) $3,000 (annual base fee)
18 Outgoing Wire Not specified $10 per $10 per
19 QDRO - Qualification Included $750 per, $2,500 1-time setup fee Time & Expense
20 jQDRO- Processing Included Included Time & Expense
21 Manual Calculations $500 per, $250 per for estimates $450 per
22 {Mailing of Ann. Statement $500 (estimated) Not specified
23 {Recurring Checks 53 each (in $10,000 above) Not specified $5 each
24 ~~ ‘|Recurring ACH $1 each (in $10,000 above) Not specified $3 each
25 {Form 1099R/Ww2 None $10 each
26 Form 1099R/W2 Replacement Service Center rate + $5 for reprint Not specified 55 each
27 ~=‘| Estimated 1st Year + Implementation $42,000 $80,000 $54,840
28 |Estimated Ongoing Total Cost $42,000 $80,000 $53,340
29 |Add Contingency (approx 16%) $49,000 $93,000 562,000
