Please note: This is a Sole Source Notification. The SDAG tasked with reviewing the DOE retirement plan suggested that there could advantages to converting the plan into annuities, since it is a fully funded closed plan. Retirees would receive guaranteed payments and the administrative burden on the department of supporting a pension plan would be eliminated. He said we could hire a consultant to help us investigate this option, but there only about five consultants that do this kind of work in the country. These consultants generally take a percent of annuity sales as their payment. We are unsure whether this consultation will result in plan conversion, but if this occurs the consultant’s payment would come from non-state funds. The length of time required to complete an RFP is also potentially longer than the length of time we would need to engage this consultant for work. Given these factors, it would be impractical to issue an RFP for these services.
