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 cu...
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