BENEFIT FINANCIAL SERVICES GROUP, LLC (BFSG)

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INSURANCE ON FILE A-2023-166 WORK MAY PROCEED UNI I RMCEEXPIRES CITY CLERK DATE: FIRST AMENDMENT TO AGREEMENT TO PROVIDE INDEPENDENT 0 • n not 11c - (PINVESTMENT ADVISORY SERVICES PERTAINING TO THE CITY'S fA 457 DEFERRED COMPENSATION PLAN `M THIS FIRST AMENDMENT to the above -referenced agreement is entered into on August 29, 2023, by and between Benefit Financial Services Group, LLC, a California Limited Liability Corporation and SEC registered investment advisor and wholly -owned, indirect subsidiary of co Focus Financial Partners ("BFSG" or "Consultant") and the City of Santa Ana, a charter city and 0 municipal corporation organized and existing under the Constitution and laws of the State of o California ("City"). RECITALS A. The parties entered into Agreement No. A-2019-037, dated February 19, 2019, by which Consultant agreed to provide services regarding the monitoring of investments and providing independent investment advice pertaining to the City's 457 Deferred Compensation Plan ("Plan") to assist the City's Plan Administrative and Investment Committee with oversight of the Plan ("Agreement"). B. The Agreement remains in effect through December 31, 2024, following the City's exercise of its option under the Agreement to extend the initial term of the Agreement for one (1) additional two (2) year period. The Agreement is current and in -effect. C. The parties now wish to amend and augment the Scope of Services set forth in the Agreement. No other changes, including any extensions of the Agreement, are contemplated by this Amendment. The Parties therefore agree: Section 1, Scope of Services, is hereby amended to include the following language: Additionally, Consultant will offer financial planning and consulting services, as well as those services described in Exhibit A-1, which is attached hereto and incorporated herein by reference ("Outside Investment Services") directly to Plan Participants (or City Employees) at no additional cost to the City. Plan Participants maintain the option to elect and/or request such Outside Investment Services from Consultant, and any such agreements for Outside Investment Services shall be entered into between the Plan Participant and Consultant only, and the City shall not be interpreted or implied, in any manner, to be a party to said agreements for Outside Investment Services. As a registered investment advisor, Consultant is an independent fiduciary firm that is legally bound to exercise its fundamental obligation to act and/or advise in the best interests of its clients. 2. Consultant agrees that it has not provided any of the Outside Investment Services detailed above and will not begin any Outside Investment Services prior to the effective date provided herein. 3. Except as modified by this Amendment, all terms and conditions of the Agreement shall remain in full force and effect. Page l of 2 City Council 16 — 3 8/29/2023