25D - AGMT 457 COMP PLAN SVCS - Laserfiche WebLink

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Appendix ATTACHMENT 1 SCOPE OF WORK Introduction and Background The City of Santa Ana's full-time employee 457 Deferred Compensation Plan ("Plan") was established in 1973, with the adoption of City Resolution 7-21. Currently, the City's 457 Deferred Compensation Plan holds approximately $114 million in Plan Assets for 1,171 participants and is administered through the Finance & Management Services Agency. The Committee is comprised of the Executive Director of Finance, the Assistant Finance Director, the Treasury Manager and the Budget Analyst. The Committee recently transitioned the record keeping aspect of its 457 (b) Plan to Prudential on 10/1/2018. As such, the Committee is soliciting a firm that will work hand-in-hand with the Committee and Prudential in order to assist in the comprehensive management of the Plan. In addition, the Committee is considering adding a self-directed brokerage account to allow certain participants to invest in Mutual Funds outside of the Plan's official investment lineup. Description of Work The City of Santa Ana is seeking highly qualified firms to provide plan administration, investment and communication related services for the city's current 457 Deferred Compensation Retirement Plan. Such services include but are not limited to the following: Administrative: • Plan Design Compliance • Regulatory/technical guidance • Prepare annual Plan Provider cost analysis • Assist in the development of Request for Proposals for Plan Provider, when the RFP is needed • Assist in ensuring best practices are met in the interest of the participants Investment: • Conduct up to four quarterly reviews of investment options • Conduct due diligence on current investment options and make recommendations on alternative options • Assist in implementing fund changes and transitions • Maintain and revise the Investment Policy Statement for the Plan • Attend on-site meetings and provide recorded minutes for each meeting/conference call • Ensure best practices are met in the review & evaluation of investment options Communication: • Assist the Committee with developing marketing and education strategies for participants • Assist the Committee with developing marketing & education materials • Provide educational seminars that will supplement the seminars conducted by the Plan Provider Of