Investment Consultant Services

The vendor is required to provide consulting services for the city’s 457(b) deferred compensation retirement plan and 401(a) defined contribution plan.
1. Investment policy statement recommendations
•    Review and make recommendations regarding the written investment policy for the plans. periodically assess participant fee structure and provide recommendations for fee restructuring based on industry standards. 
•    Provide ongoing review and advice to avoid administrative and legal complications. 
•    Keep the committee and plan administrator informed relative to current and proposed changes in laws, regulations, ordinances, etc., and recommend actions to keep the plans in compliance.
2. Investment performance monitoring
•    Perform ongoing monitoring of investment options, including appropriate benchmarks of the funds. 
•    Perform comparison of investment options in each of the plans’ asset categories. 
•    Provide review of historical fund performance, returns, major holdings, sector weightings, manager information and portfolio statistics (e.g., ratings, asset size, stewardship).
3. Investment option selection
•    Providing information on industry trends, new investment products, and methods of offering investment products. 
•    Review existing methods of providing investment options and evaluating suitability of new methods. 
•    Review fact sheets and disclosures for fund changes and selections. 
•    Identify under-performing investment options and provide appropriate alternatives.
4. Fiduciary duty
•    Serve as a fiduciary as defined under of the employee retirement income security act or applicable public plan standards for the consulting services provided.
5. Plan design consulting
•    Assist with monitoring and recommending updates for any plan design changes. 
•    This may include expansion of the plans to include new services or product offerings.
6. Education and training
•    Provide a comprehensive, in-person training to the committee and plan administrator annually. 
•    The training should generally include an overview of the laws and regulations applicable to the plans, as well as education on the fiduciary obligations of the committee and plan administrator, operational and administrative issues related to the plans, and any other pertinent topics requested by the committee. 
•    Provide information on market theories and risk measurement and management.
7. Ad-hoc consulting
•    Provide requested ad-hoc consulting services and informational and educational sessions on topical investment issues not already described.

- Contract Period/Term: 3 years
- Questions/Inquires Deadline: September 2, 2025