Murfreesboro Electric Department Pension Plan

Description

BID SOLICITATION PACKAGEThe City of Murfreesboro is soliciting bids from U.S.-based life insurance companies for a non-participating, single premium, group annuity contract to settle the liability associated with benefits accrued under the Murfreesboro Electric Department Pension Plan. The annuity contract required is an institutionally priced and designed annuity that can only be used for pension plans and capture no other types of premium. In order for a bid to be considered by the City, a carrier must demonstrate that it:Is a U.S.-based life insurance company licensed to issue non-participating, single premium group annuity contracts that have been approved by the State of Tennessee;Is an insurance company that can demonstrate offering the safest available annuity, taking into account the definition of such terms in U.S. Department of Labor Interpretive Bulletin 95-1; andHas an established customer service center with staff dedicated to serving annuitants under the group annuity contract(s).For further information about this solicitation, Life insurance companies meeting these criteria may contact Mike Devlin (781-356-2299 or mdevlin@bcgpension.com). Preliminary price quotes and proposals must be submitted to BCG Pension Risk Consultants | BCG Penbridge by 11:00 am Central Time on Friday, March 3, 2023.