Title
[Contract] Professional Services Agreement with Fiduciary Consulting Group for Retirement Plans Consulting Services
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FileID
File ID: 2026-00769
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Location
Location: Citywide
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Recommendation
Recommendation: Pass a Motion authorizing the City Manager or designee to execute a five-year professional services agreement with Fiduciary Consulting Group at a cost not-to-exceed $250,000 for retirement plans consulting services.
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Contact
Contact: Samantha Hardy, Interim Director, (916) 808-7657, shardy@cityofsacramento.org, Department of Human Resources
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Presenter
Presenter: None
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Attachments
Attachments:
1-Description Analysis
2-Professional Services Agreement
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Description/Analysis
IssueDetail
Issue Detail: The City conducted a request for proposals (RFP), No. P26081021003, for retirement plans consulting services to assist the City and the Defined Contribution Plans Committee (Committee) with the management and oversight of the City’s 401(a), 457(b), and retiree Health Reimbursement Arrangement plans (Plans). With a current combined asset value of approximately $900 million across all Plans, the City benefits from retaining a consultant with expertise in plan management and investment oversight and advisory services, including monitoring and recommendations, to support the interests of both the City and Plan participants. These benefits include helping reduce participant fees, expanding and enhancing investment options for participants across all stages of retirement planning, strengthening marketing efforts to increase enrollment, and oversight of recordkeeper compliance.
The City received six responsive proposals to the RFP. A review panel consisting of one Human Resources representative and two Committee representatives was convened to evaluate the proposals. The review panel scored the proposals using a scoring rubric which included:
|
Evaluation Criteria |
Maximum Points |
|
Demonstrated experience providing investment consulting services to public sector clients with deferred compensation plans of similar size and scope of the City’s Plans, including knowledge of 401(a), 457(b), and Retiree HRA plans |
25 |
|
Demonstrated ability to deliver the full range of requested services, including investment fund monitoring, fee and expense analysis, recordkeeper support, policy guidance, and active participation in Defined Contribution Plans Committee meetings. |
25 |
|
Qualifications of the assigned team, including availability, responsiveness, and access to tools, reports, and value-added services such as participant education and plan design expertise. |
20 |
|
Competitiveness, transparency, and reasonableness of the proposed fee structure in relation to the scope of services offered. |
20 |
|
Proposal demonstrates a strong understanding of the City’s plans, governance structure, and unique public sector challenges; overall quality, clarity, and completeness of the proposal |
10 |
|
Total Points: |
100 |
The RFP review panel evaluated and scored each proposal, and the individual scores were averaged, consistent with the City’s practice, to determine the final scores shown below:
1. Fiduciary Consulting Group - 95.33
2. Retirement Plan Advisors - 87.33
3. Creative Planning Retirement Services - 83.00
4. Innovest Portfolio Solutions - 82.33
5. Alliant Insurance Services, Inc. - 72.67
6. Transamerica Financial Advisors - 26.67
On December 10, 2025, the four highest-scoring firms presented to the Committee for the Committee’s consideration. On January 14, 2026, the Committee passed a motion recommending that the City move forward with an agreement with Fiduciary Consulting Group for retirement plan consulting services. The cost of the agreement will be paid from the administrative allowance account held at Nationwide Retirement Solutions, which is funded solely by plan participants. This is consistent with past practice for funding Plan investment consulting services and is an allowable expense under the Committee’s Fee and Expense Policy.
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PolicyConsiderations
Policy Considerations: Council approval is required to execute agreements for services if the amount to be expended under each such agreement is $250,000 or more. This recommendation is consistent with City Code section 3.56 and in accordance with Procurement Policy Number AP-4101 Section 1.1(b).
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EconomicImpacts
Economic Impacts: None.
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EnvironmentalConsiderations
Environmental Considerations:
California Environmental Quality Act (CEQA): This report contains administrative activities that will not have a significant effect on the environment and that do not constitute a “project” as defined by the California Environmental Quality Act (CEQA) Guidelines Sections 15061(b)(3) and 15378(b)(2).
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Sustainability
Sustainability: None.
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Commission/Committee Action
Commission/Committee Action: The Committee passed a motion on January 14, 2026, recommending the City enter into a professional services agreement with Fiduciary Consulting Group for retirement plans consulting services.
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RationaleforRecommendation
Rationale for Recommendation: Fiduciary Consulting Group received the highest RFP evaluation score, and the Committee recommended the City move forward with an agreement with Fiduciary Consulting Group.
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FinancialConsiderations
Financial Considerations: The cost of the agreement will be paid solely from the annual $18.00 fee charged to participants in the 457(b) Plan. These funds are held in an administrative allowance account at Nationwide Retirement Solutions and are used in accordance with the Committee’s Fee and Expense Policy Statement.
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LocalBusinessEnterprise
Local Business Enterprise (LBE): Waived due to the majority of qualified firms being outside the local area and California.
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