Compensation, Retirement, and Benefits Consulting and Advisory Services (RFP# UVA-00095-KLM082024)

Background
The Rector and Visitors of the University of Virginia seeks proposals from qualified firms to provide Compensation, Retirement, and Benefits Consulting and Advisory Services on an as-needed basis. The University has a history of significant spending on these services, totaling approximately $900,000 from FY 2020 through FY 2024.

The University aims to develop and maintain compensation, retirement, and benefit programs that align with its strategic goals while promoting efficient cost management.

Work Details
The selected firm will provide consulting and advisory services in three main categories: Compensation Consulting, Retirement Consulting, and Benefits Consulting. Specific tasks may include:

- Periodically reviewing existing programs;
- Tracking trends in compensation and benefits;
- Recommending changes for cost-effectiveness;
- Ensuring compliance with laws;
- Conducting benchmarking analyses;
- Providing vendor performance evaluations;
- Conducting audits and actuarial analyses for self-insured plans;
- Assisting in total compensation planning;
- Conducting surveys to assess competitive standing;
- Performing other related services as requested by the University.

Period of Performance
The initial term of any resulting award agreement is expected to be five (5) years, with the possibility of two (2) additional five-year renewals if agreed upon by both parties.

Place of Performance
Services will be performed primarily at the University of Virginia located in Charlottesville, Virginia.