Employee Benefits Consulting Services

The Vendor is required to provide employee benefits consulting include assisting the city by analyzing and making recommendations with regard to the city’s insurance and benefits programs.
- Deferred compensation consulting service requirements
• Review of the plan provider’s recordkeeping, administration, fees, and revenue sharing reimbursement including:
• Identify additional revenue generated from fund fees.
• A report identifying all fees provider receives from fund companies, if any.
• Verify all fees paid to provider, including fees paid on provider’s proprietary and non-proprietary funds.
• Review of investment lineup for appropriateness of performance and fund fees and expenses.
• Determine if investment options offered are optimum choices given the considerations for diversification, risk, and return.
• Quarterly performance reports to the committee.
• Cost analysis of the plan’s expenses to compare actual investment expenses to those offered by competitors.
• Assisting the client in continuously negotiating contractual terms including expenses of providers and offer alternative recommendations.
• Review the plan’s investment policy.
• Review soundness and effectiveness of the policy in terms of addition, removal and retention of the mutual funds and investment products in the plan.
• Ensure well defined procedures in the policy are in place for the review, maintenance, and monitoring of investment funds.
• Recommendations to ensure that all interested parties are fulfilling their respective fiduciary responsibilities.
• Assistance in issuing request for proposals and evaluating responses for selection of plan record keepers.