OPEB Investment Advisory Services

The vendor is required to provide that other post-employment benefits (OPEB) investment advisory services for funding of non-pension post-retirement medical and pharmacy benefits for employees who meet the age and service requirements outlined in the city's post-retirement health and welfare benefits plan as it may be amended from time to time.
-To make fiscally conservative investments which adhere to the accounting and best management practices as set by the governmental accounting standards board (GASB) and the government finance officers' association (GFOA).
-The trust is to obtain the best possible return on investments, considering the appropriate level of conservatism given the underlying concern of investing public monies.
•To this end, the firm agrees to perform each of the following services:
•Provide advice on investments which complies with the investment guidelines contained in the OPEB finance board’s investment policy statement and applicable local, state, or federal law or regulation ("applicable law").
•Complete a risk tolerance questionnaire in coordination with the OPEB finance board.
•Complete a formal review of the policy statement with respect to the trust's potential future liquidity needs.
•Conduct a formal review of the trust's current investments and overall investment strategy.
•Recommend changes to the trust's overall investment strategy and prepare changes to the policy statement to reflect the recommended investment strategy and guidelines, including an appropriate asset allocation strategy.
•Changes should be based on the risk tolerance questionnaire results
•Implement and monitor the investment strategy as necessary by purchasing the appropriate mutual funds or other appropriate investments in accordance with the trust investment policy statement. provide monthly updates to the OPEB finance board on the trust holdings.
•The city does require the use of an outside custodian, which is currently supported by a separate vendor. in relation to this requirement, contractor shall provide recommendations regarding custodian/trustee options, along with other providers of other services related to the board's duties
•Provide in-depth quarterly performance statements documenting the rate of return for the trust's investment portfolio as compared to the appropriate benchmarks, along with a detailed valuation of the portfolio as held at cost and as at market.
•Review the performance of the trust investments with the trustees on no less than a quarterly basis.
•Conduct searches and make recommendations for portfolio management service providers monitor the performance of any fund managers engaged to manage the trust's investment portfolio, and report to the OPEB finance board on such fund managers' performance relative to the appropriate
benchmark.
•Perform periodic asset allocation studies on the trust's assets, as needed.
•Conduct ongoing review and monitoring for compliance with the adopted policy statement, as the same may be amended from time to time, and with applicable law, and report findings to the board not less frequently than each quarter.
•Review any analyze the portfolio's performance as compared to the adopted policy statement.
•Provide regular training for the OPEB finance board trustees and staff in order to meet any education or training required to meet the any standards of care or due diligence imposed upon the board by applicable law rebalance the trust assets as needed to reflect the board's preferences as to asset
allocation and risk in accordance with the policy statement.
•Upon request by the board, develop and present annual report information and any other trust-related items to the city council.
•Provide monthly statements detailing holdings and transactions on both a cash and accrual basis. ending balances shall be reported at cost and market basis.
-Advisor requirements:
•The offeror's proposal may be rejected as not responsive or the offeror deemed not responsible:
oOfferors must have proven expertise in advising municipalities or other public entities with regard to investment-related services.
oOfferors must have specific experience providing such advice to state municipalities.
oOfferors must be registered to do business in the commonwealth of state by the state corporation commission.
oOfferors must be registered with the country securities and exchange commission and with any other agency or entity required for offeror to provide the services described in this RFP under applicable law.
oOfferors must have proven experience in providing investment advising or management services in accordance with the specific requirements of the code of state, 1950, as amended
oOfferors must submit along with their proposals their most recent version of form adv, part ii submitted to the securities and exchange commission.
oOfferors must certify that they are currently eligible to serve as an investment advisor for the OPEB finance board in accordance with applicable law.
-Contract Period/Term: 3 years