The vendor is required to provide a consultant to evaluate the performance and cost of investment options offered to participants and present a report to the deferred compensation plan review committee on an annual basis.
- The consultant shall also provide general consultation services regarding section 457(b) deferred compensation plan compliance and fiduciary duties
1. Services relative to review and annual reporting
• An economic overview and general market conditions for the reporting period.
• A comparison of each investment option’s performance to appropriate market indices and universes of similarly managed vehicles.
• A verification of investment style of each investment option.
• A measurement of the risk characteristics of each investment option.
• Historical performance with a focus on consistency.
• Morningstar or equivalent ratings.
• Comments on manager tenure and on the popularity of funds among participants.
• A review of expenses and returns of each fund option.
• An analysis of the extent to which investment policies have been carried out and how they have affected actual fund performance.
• Recommendations for alternatives to address any of the above.
• A summary of findings and recommendations based on individual funds’ strengths and weaknesses in the plan.
• A review of plan participant fund selections by age.
- present annually to the board of county commissioners proposed new investment products and terminations for review and approval
- As of September 30, of each year present an annual performance report to the county on or before December 1 which shall contain text, statistical and graphic presentation of at least the following:    
• Investment provider information, product summary and glossary of essential terms
• Accounts, deferrals, assets and distributions to include summary of participant accounts, deferrals, plan assets and distributions
• Detail of fixed accounts
• Annualized investment products performance report
• Plan participant survey report
- Meet quarterly with the deferred compensation review committee to review investment product performance, new or terminated investment products or any other matters of importance during the fiscal year
- At least semi-annually, review the following information from each fixed account investment offering a guarantee of principal and interest:
• Average maturity and average life of the fixed account(s)
• Effective duration to average maturity and average life as appropriate for use in the crediting rate formula
• Market value vs book value
• Current investment policy statement compliance letter
• Underlying investment portfolio guidelines regarding allocation to sectors, ratings, derivatives, types of securities
• Sector weightings
• Average ratings of corporate bonds held and percentage (%) of whole portfolio with ratings below BBB+
• Crediting rate formula
• Reporting of any changes in the operation of a fund
• List of people who can make changes involving the fund
- Services relative to general consultation during
• Provide general consultation to the deferred compensation plan review committee as needed regarding the plan document, design and operation of the deferred compensation program (DCP), written investment policy statement, strategic goals, communication and detailed investment education programs, industry best practices for both internal and plan service provider procedures, implementation of new federal laws and regulatory changes, etc.
• Provide a financial wellness program initiative for plan participants, including but not limited to financial advice and counselling, and financial education programs and workshops.
• Provide technical assistance relative to development and proposal evaluations for a deferred compensation provider and contract negotiations.
• Develop an to obtain needed services for the plan (timeline for consultation, current market services and trends, advertising and distribution of, evaluation criteria and tools for review of proposer responses).
• Provide a comprehensive detailed report analyzing and comparing all responses to including, but not limited to, recommendations with supporting detail.
• The report must include a comprehensive review of bidder fund options compared to current fund options including preliminary mapping of transfer of funds.
• For each investment option that is proposed by bidders in response to, the consultant will provide a report with a full analysis of the investment options which includes, but not limited to, the following:
o The risk and return and other financial characteristics of the investment funds, so that participants may select among investment funds that are materially different from one another.
o Each investment option will be reviewed for administrative, accounting and transaction processing factors to ensure that participants’ elections may be executed in a timely manner and that reports and statements are produced as required.
o Recommendation of an allocation process that focuses on the relative attractiveness of broad asset categories for plan participants.
o Identify and recommend individual funds appropriate to each of the various broad asset classes from which participants may make individual investment selections.
o Furthermore, the report shall also include a thorough examination of the following for each individual fund:
a. Tenure of management and fund reputation.
b. Long-term performance and relative risk as measured by standard deviation and 24-month rolling alpha.
c. Competitive and consistent performance measured against an appropriate benchmark (3, 5 and 10-year periods should be measured and evaluated).
d. Consistency of investment objectives and investment approach.
e. Each fund should be a diversified fund.
f. The selected funds should have fees that are reasonable and competitive with similar funds offering a similar range of services.
o Provide primary support for the negotiation process.
- Services should a new plan provider be selected:
• Develop a strategy to successfully migrate from the current investment options and record keeping services to a new service provider if a new plan service provider is selected.
• Review education and participant training materials developed by the new plan service provider, if one is selected, for completeness and accuracy.
• Recommend changes to education and participant training materials to assure materials are complete and accurate.
• As required, assist in meeting with or making presentations to various employee groups relative to the selection of a new plan provider and the transition process.
- Independent investment consultant relationship
• The investment consultant is, and shall be, in the performance of all work, services, and activities under the resulting contract, an independent investment consultant, and not an employee, agent or servant of the county.
• The investment consultant shall act solely in a fiduciary capacity for the county and shall not receive any fee or compensation based upon the purchase or sale of securities but, rather, the consultant shall be compensated pursuant to the provision of its contract.
• All persons engaged in any of the work or services performed pursuant to the contract shall at all times, and in all places, be subject to the consultant’s sole direction, supervision, and control.
• The consultant shall exercise control over the means and manner in which it and its employees perform the work, and in all respects the investment consultant’s relationship and the relationship of its employees to the county shall be that of an independent investment consultant and not as employees or agents of the county.
- Questions/Inquires Deadline: April 07, 2025