Title:
Title
Professional Services Agreement with Hyas Group for Retirement Plans Consulting Services
End
FileID
File ID: 2020-01507
Location
Location: Citywide
End
Recommendation:
Recommendation
Pass a Motion authorizing the City Manager, or City Manager's designee, to execute a five-year agreement with Hyas Group at a cost not to exceed $250,000 for retirement plans consulting services.
FileName
Contact: Samantha Wallace, HR Manager, 916-808-7657, Department of Human Resources
Body
Presenter: None.
Attachments:
1-Description/Analysis
2-Professional Services Agreement
Description/Analysis
Issue Detail: The City conducted a request for proposals (RFP) 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 Savings plans. The current combined asset value of all plans is approximately $640,199,679. A consultant who has the expertise to advise the City on the management of its plans and review the investment lineups will benefit the City and the participants. Those benefits include reducing plan fees for participants, increasing and improving investment opportunities, increasing marketing to build participant enrollment, training City staff and Committee members, and increasing oversight of the compliance by the plan's recordkeepers in carrying out the requirements of the plan agreements.
The City received seven responsive proposals to its RFP. The Committee formed an ad-hoc committee to review and score the proposals using a scoring rubric to rate the proposals, which included:
Evaluation Criteria
Maximum Points
Demonstrated understanding of the scope of services
25
Qualifications and experience of assigned personnel
20
Firm experience with similar size and scope
25
Proposed cost of services
20
Completeness, clarity, and accuracy of RFP response
10
Total Points:
100
Scoring by the ad-hoc c...
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