RFP for Benchmarking Analysis and Reporting Services for ORS

Background
The Department of Technology, Management and Budget (DTMB) Office of Retirement Services (ORS) is responsible for the overall administration of retirement systems created by Michigan statutes for approximately 600,000 people. These systems include Public School Employees’ Retirement System, State Employees’ Retirement System, State Police Retirement System, the Judges Retirement System, and the Michigan Military Retirement System. ORS administers both Defined Benefit and Defined Contribution pension plans. The State is in the process of implementing a comprehensive effort to modernize agency business practices and technology infrastructure.

Work Details
ORS is looking for a qualified vendor to provide Benchmarking Analysis and Reporting Services for a five year Contract starting on January 1, 2025 and ending December 31, 2029, with two 2-year options. The project requires two distinct analyses with two phases each: Defined Contribution/Deferred Compensation (DC) and Defined Benefit (DB) systems.
The Contractor must analyze survey responses to compare the effectiveness of the services being provided to the plans and participants, the cost‐effectiveness of the plans and the investment alternatives, the investment value‐added, the fiduciary processes needed for continual plan improvement, and other areas chosen by the Contractor.
Additionally, the Contractor must deliver one detailed report annually for each year of the Contract providing analyses of DC administration comparing it to at least 120 leading corporate and public plans.
The Contractor must also provide comprehensive annual benchmarking reports and presentations for both DC and DB systems.

Period of Performance
The contract will be performed over a five-year period starting on January 1, 2025, and ending on December 31, 2029.