FIDUCIARY EXPERTS LLC 1-2013 - Laserfiche WebLink

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INSURANCE ON FILE VvORK MAY PROCEED UNTiL INSURANCE EXPIRES CLERK OF COUNCIL �d, FMsC�� �ICIUC WRY EXPERTS DATE. � -5- /3 r--. N -2013 -012 This Agreement ( "Agreement ") is entered into on �� 2oi3 between City of Santa Ana and Fiduciary Experts LLC. ( "Consultant ") havin s principal office at 238o Treehouse Street, Chula Vista CA 91915, and the City of Santa Ana having its principal place of business at ao Civic Center Plaza, Santa Ana, CA, 9a7oi (hereinafter the "City ") with respect to its 457 Deferred Compensation Plan. The Consultant will provide independent fiduciary services as outlined: FIDUCIARY SERVICES and ADMINISTRATION Phase I - Vendor Restructuring Consultant will be responsible for evaluating different plan options, including but not limited to United States Conference of Mayors Retirement Program. The recommended option must protect the City's rights to manage the plan and fund selection as well as cost benefits to City participants. Such services and steps would include but are not limited to the following: • Consultant will work directly with Great West and provide a recommendation as to the best product for the City that meets the objective as stated above. The City will consider other plan (products and services) structures as recommended by the consultant. Consultant will provide a per participant analysis of the current cost structure to enable City to negotiate terms to competitive market levels. • In order to determine a proper plan structure, the consultant will have authority to negotiate with Great West on costs, services, and terms of current and future agreements. Phase II- Implementation 8z Communication Upon approval by the City Plan Investment Committee (PIC) of the recommended plan structure the Consultant will oversee all vendor relationships and provide due diligence during product implementation. These include: • Define tasks requiring Council action, if any. • Review new Trust Agreement with independent bank (upon PIC approval) to hold assets • Review BFSG's mapping strategy into trust • Oversee transition from annuity products to open architecture fund structure • In conjunction with Great West, develop a marketing campaign and education forum to explain the new product to participants • Upon request meet with employees and all bargaining groups to explain the new plan • Evaluate if excess funds are available and develop plan for refund of excess funds to participants, if applicable. • In conjunction with City staff, review the current committee structure and policies (investment) and implement any new changes including the City's request to include an employee advisory component or communication group. • Phase III - Oversight Management • Upon implementation, the Consultant will oversee all vendor relationships and their reports as part of the due diligence and management oversight of all parties involved with the plan_ During implementation, Fiduciary Experts will, among other things, act as co- fiduciary on all investment ] � P a g c