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ITEM 16
City Council Memorandum Human Resources Memo No. N/A
Date:
June 23, 2022
To:
Mayor and Council
Thru:
Joshua H. Wright, City Manager
Rae Lynn Nielsen, Human Resources Director
From:
Fernanda Osgood, Benefits & Compensation Manager
Subject:
Agreement No. 4508, with Innovest Portfolio Solutions, LLC, for Sponsored Retirement Plan Consulting Services
Proposed Motion:
Move City Council approve Agreement No. 4508, with Innovest Portfolio Solutions, LLC, for sponsored retirement plan consulting services, in an amount not to exceed $59,000, for the period of two years, beginning July 1, 2022, through June 30, 2024.
Background/Discussion:
The City of Chandler offers a Deferred Compensation Plan - 457(b) to employees as a way to set money aside, pre-tax and/or post-tax, for retirement in addition to their pension plan. Innovest Portfolio Solutions, LLC ("Innovest"), specializes in retirement plan investment consultation for public safety departments, municipalities, school districts, higher education institutions, faith-based organizations, medical and health organizations, unions, associations, and corporations. As the City's 457 plan consultant, Innovest assists the City in establishing investment policy, objectives, and guidelines; selecting funds and fund managers; reviewing such funds and fund managers over time; measuring and evaluating investment performance; evaluating fees and fee structures; and other tasks as deemed appropriate. Innovest is also required to be a co-fiduciary along with the City of Chandler.
Evaluation:
Innovest Portfolio Solutions, LLC, has been providing sponsored retirement plan consulting services to the City since 2017 and is uniquely qualified to perform these services. Innovest has a differentiated focus on fiduciary risk mitigation, with unparalleled client service and a 6 to 1 client to employee ratio. Innovest is independent, not an insurance broker or a subsidiary of a brokerage firm. A local presence ensures timely service. Staff is pleased with Innovest's services and would like to continue to partner with Innovest as the consultant for the 457(b) deferred compensation plan. Staff recommends the direct selection of Innovest Portfolio Solutions, LLC, for sponsored retirement plan consulting services.
Financial Implications:
No financial implications to the City. Fees are paid from the MissionSquare, formerly ICMA-RC, administrative allowance account.
Attachments
Agreement
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