Placement: Consent Agenda
Action Requested: Motion / Vote
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Award Contract #20240083 for Retirement Planning Consulting Services (Investment Performance Monitoring and Advisory Services for 401A, 457B, RHS, and OPEB).
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Submitted By: Keith Stewart, CPP, Procurement Management Division (PMD).
Strategic Plan Link: The City's Goal of a high-performing city government organization.
Summary Brief (Agreements/Contracts only)
1. Prepared by: Keith Stewart, CPP PMD.
2. Parties: City of Port St. Lucie and Burgess Chambers & Associates, Inc.
3. Purpose: To provide valuable guidance and expertise to help the City make informed decisions related to managing and providing fiduciary oversight to its employee retirement plans.
4. New/Renewal/Modified: New.
5. Duration: Three (3) years with the option for three (3) additional one (1)-year renewals.
6. Benefits to Port St. Lucie: Employee retirement plans remain compliant, operate efficiently, and follow a prudent investment process. That performance and cost of the investments are monitored and evaluated periodically.
7. Cost to Port St. Lucie (Annual and Potential): $50,000 annually.
Presentation Information: N/A.
Staff Recommendation: Move that the Council award contract #20240083 for Retirement Planning Consulting Services (Investment Performance Monitoring and Advisory Services for 401A, 457B, RHS, and OPEB) to Burgess Chambers & Associates, Inc.
Alternate Recommendations:
1. Move that the Council amend and approve the recommended proposal.
2. Move that the Council reject all proposals and provide staff with direction to resolicit or cancel the Request for Proposals.
Background: As of May 2024, there were approximately 1,132 enrolled participants in the City’s defined contribution and deferred compensation programs, which include 457(b) including Roth plans, 401(a) retirement plans and Retirement Health Savings Accounts. As of May 2024, plan assets totaled approximately $208 million. Participants currently have several investment options to choose from offered by the plan provider, MissionSquare Retirement.
The City desires to have a Contractor to periodically evaluate the performance and cost of investment options offered to participants by MissionSquare Retirement. Furthermore, the Contractor shall also provide general consultation services regarding Section 457(b) deferred compensation and Section 401(a) defined contribution issues. It is the City’s intent to obtain sound, independent, and objective advice.
A Request for Proposals (RFP) was advertised on OpenGov on March 13, 2025, with a proposal due date of April 14, 2025. During the advertisement period, 718 vendors were notified, 37 of those downloaded plans and 11 submitted proposals. On May 25, 2025, PMD held a public meeting where the committee members met to review and discuss their individual scores. The committee voted to have discussion on June 9, 2025, with Burgess Chambers & Associates Inc., Mariner Institutional, LLC, and OneDigital Investment Advisors LLC. The Evaluation Committee recommends Burgess Chambers & Associates Inc. for the award based on the evaluation criteria scores and their capacity to fulfill the City’s requirements for this project
Issues/Analysis: Staff reviewed the proposal submitted by Burgess Chambers & Associates, Inc. and determined that they provide the best value to the City.
Financial Information: Fees are paid by employees and come directly out of MissionSquare.
Special Consideration: N/A.
Location of Project: N/A.
Attachments:
1. Notice of Intent to Award.
2. RFP #20240083 Proposals Submitted Notice.
3. RFP #20240083 Evaluation Analysis Report.
4. Burgess Chambers & Associates Inc. Signed Contract.
5. Burgess Chambers & Associates Inc. Proposal.
6. RFP #20240083 Bid Documents.
NOTE: All of the listed items in the “Attachment” section above are in the custody of the City Clerk. Any item(s) not provided in City Council packets are available upon request from the City Clerk.
Internal Reference Number: 25063-03.
Legal Sufficiency Review:
Reviewed by Alyssa Lunin, Senior Deputy City Attorney. Approved as to Legal form and sufficiency by Richard Berrios, City Attorney.