Investment Consultant Services

The vendor is required to provide general consulting services, including but not limited to, the following general consulting services:
• Assist the plans, using the consultant's knowledge of "best practices," in the preparation of procedures, policies, manuals, forms, bylaws, ordinances. 
• Plan documents, and other important documentation for city consideration and approval, if appropriate. 
• Ongoing updates of these documents will also be expected to be prepared in reaction to legal and economic changes. 
• Annually or as requested by the city staff, provide a peer review of the plans versus plans of similar size and diversity. 
• Assist the plans in developing, distributing, and evaluating surveys that the plans may want for membership input on internal and external service providers. 
• Assist the plans in analyzing and identifying the need for new or enhanced services provide input regarding potential plan and contract amendments and procedures related to such services. 
• Review education and participant training materials and the delivery systems utilized for said training materials currently available to the plans' participants. 
• Recommend changes to ensure that materials are complete and accurate. 
• Assist the plans in analyzing and identifying funding alternatives utilized for administration of the plans. 
• Advise the city on the impact of tax law changes and any other legislation related to the plans. 
• Provide the city with annual benchmark review of expense ratios and revenue sharing 
• Review and provide advice on the plan’s investment menus and investment options, as needed. 
• Annually review and revise investment policy statements, as needed. 
• Provide executive summary for each quarterly report. 
• Apprise the city of legal and regulatory updates and adopt “best practices” oversight of the plan in terms of policies, procedures and documentation.
- Administrative services for the plans
a. The consultant will provide the following services:
• An administrative services provider; 
• An investment management services provider for the stable value fund in the 457/401(a) plans portfolio for the city's consideration; and 
• Any other professional services provided to the plans including investment managers of a particular strategy, actuarial firms, custodial services, auditors.
b. Assist the city with:
• Providing expert assistance in defining rating factors and review criteria, as well as creating a review methodology that is used to evaluate and rank proposals, inter alia, investment performance, fees, management criteria, etc. 
• Collaborating with staff on responses to solicitation questions and exceptions, if any; 
• Conducting due diligence review of offerors in the competitive range; 
• Reviewing responses to those proposals and generating recommendations to the selection committee, the board and city staff; 
• Serve as a subject matter expert to solicitation committees in procurement matters; 
• Analyzing the offers and BAFOs and generating recommendations for the selection committee, board and staff; 
• Assisting staff with negotiation of BAFOs; 
• Assist legal counsel performing contract negotiations, as needed as an SME; and 
• Develop a transition plan for on-boarding new providers, if any (including communication materials intended for participants in the plans).
- Contract Period/Term: 5 years
- Questions/Inquires Deadline: July 11, 2025