BENEFIT FUNDING SERVICES GROUP 5 - 2012

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niSURANCE NO'I ON FILE WORK MAY ;SOT PROCEED N-2012-112 CLERK OF COUNCIL DATE: SR 18 2012 CONSULTANT AGREEMENT ~ddS THIS AGREEMENT, made and entered into this 16'h day of July, 2012 by and between Benefit Funding Services Group, Inc a California Corporation (hereinafter "Consultant"), and the DuVlt ' City of Santa Ana, a charter city and municipal corporation organized and existing under the Constitution and laws of the State of California (hereinafter "City"). RECITALS A. The City desires to retain a Consultant having special skill and knowledge in the field of employee deferred compensation plan analysis and assessment. B. Consultant represents that Consultant is able and willing to provide such services to the city. C. In undertaking the performance of this Agreement, Consultant represents that it is knowledgeable in its field and that any services performed by Consultant under this Agreement will be performed in compliance with such standards as may reasonably be expected from a professional firm in the field. NOW THEREFORE, in consideration of the mutual and respective promises, and subject to the terms and conditions hereinafter set forth, the parties agree as follows: 1. SCOPE OF SERVICES Consultant shall perform analysis, assessment and advisement services regarding the Santa Ana Employee Deferred Compensation Program, as set forth in Exhibit A, attached hereto and incorporated by this reference. Consultant may be requested to provide additional financial advising or implementation services, at the written request of the Executive Director of Finance and Management Services. 2. COMPENSATION a. City agrees to pay, and Consultant agrees to accept as total payment for its Investment Advisement services, a quarterly fee of $4,750.00. Additional services provided at the request of the City will be paid in conformance with a written proposal approved by the Executive Director. The total sum to be expended under this Agreement shall not exceed $25,000.00, annually, during the term of this Agreement. b. Payment by City shall be made within thirty (30) days following receipt of proper invoice evidencing work performed, subject to City accounting procedures. Payment need not be made for work which fails to meet the standards of performance set forth in the Recitals which may reasonably be expected by City. 3. TERM This Agreement shall commence on July 1, 2012 and terminate on June 30, 2013, unless terminated earlier in accordance with Section 12, below. The term of this Agreement may be extended upon the approval of the Executive Director of FMSA.