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Agreement with Benefit Financial Services Group 457 Deferred Compensation Plan <br />March 5, 2019 <br />Page 2 <br />revising, when necessary, the Plan's Investment Policy Statement, and ensuring the Plan's cost <br />effectiveness. <br />In addition, the Committee has utilized a third party consultant to assist in monitoring the plan and <br />also to provide independent investment advice and analysis. As a best practice, staff issues <br />Request for Proposals ("RFP") for every aspect of the plan every seven years. Most recently <br />(October 2018), staff recommended and the City Council approved the selection of Prudential as <br />the new plan provider and recordkeeper after a thorough competitive bidding process. The City <br />Council also authorized staff to issue an RFP for Plan and Investment Advisory services related to <br />the 457 Plan. <br />Request for Proposals <br />On November 21, 2018, staff issued an RFP for the aforementioned services. Four proposals were <br />received and were evaluated by the Committee based on the following criteria: <br />1) Relevant Experience (30 pts); <br />2) Proposed Work Plan (30 pts); <br />3) Cost Proposal (30 pts); and <br />4) References (10 pts) <br />The firms were ranked accordingly, as follows: <br />Rank <br />Firm <br />1 <br />Benefit Financial Services Group "BFSG" <br />2 <br />Has Group <br />3 <br />Sa eView Advisory Group <br />4 <br />Qualified Plan Advisors <br />BFSG's proposal met and exceeded the Committee's requirements and needs in all areas. BFSG's <br />strong qualifications, highly relevant experience, proactive and innovative service model and highly <br />competitive fees will provide the best value for the plan and its participants. BFSG has extensive <br />experience in assisting 457 Committees across Orange County and the state of California. <br />STRATEGIC PLAN ALIGNMENT <br />Approval of this item allows the City to meet Goal #7 Team Santa Ana, Objective #4 (Establish <br />employee compensation that attracts and retains a highly qualified workforce). <br />FISCAL IMPACT <br />There is no fiscal impact associated with this action. All administrative fees pertaining to the <br />services will be borne by the plan participants. Internal Revenue Code permits administrative <br />reimbursement from plan assets, which will be utilized to offset fiduciary, advisory, participant <br />education and staffing costs related to the management of the 457 Plan. Although the fees will be <br />25D-2 <br />