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HomeMy WebLinkAboutNFP Retirement Inc ~ 32500094 CITY OF TIGARD - CONTRACT SUMMARY & ROUTING FORM Contract Overview Contract/Amendment Number: 32500094 Contract Start Date: 7/1/25 Contract End Date: 6/30/28 Contract Title: Investment Consultant Contractor Name: NFP Retirement, Inc. Contract Manager: Jennifer Curran Department: HR-Risk Contract Costs Original Contract Amount: $60,000 Total All Previous Amendments: n/a Total of this Amendment: n/a Total Contract Amount: $60,000 Procurement Authority Contract Type: Personal Services Procurement Type: PCR 70.012 Selection by Negotiation Solicitation Number: n/a LCRB Date: n/a Account String: Fund-Division-Account Work Order – Activity Type Amount FY 26 $20,000 FY 27 $20,000 FY 29 $20,000 FY FY Contracts & Purchasing Approval Purchasing Signature: Comments: Contract will be paid directly from the City’s Empower investment account. DocuSign Routing Route for Signature Name Email Address Contractor Justin Goldstein jgoldstein@nfp.com City of Tigard Brent Stockwell Brent.stockwell@tigard-or.gov Final Distribution Contractor Jon Maertz jon.maertz@nfp.com Project Manager Jennifer Curran jenniferc@tigard-or.gov Project Manager Buyer Rosie McGown Rosie.mcgown@tigard-or.gov Contract Number 32500094 CITY OF TIGARD, OREGON PERSONAL SERVICES CONTRACT INVESTMENT CONSULTANT THIS AGREEMENT made and entered into this 1st day of July 2025 by and between the City of Tigard, a municipal corporation of the State of Oregon, hereinafter called City, and NFP Retirement, Inc., hereinafter called Contractor, collectively known as the Parties. RECITALS WHEREAS, the City’s 2026 fiscal year budget provides for services related to plan investment advising; and WHEREAS, City has need for the services of a company with a particular training, ability, knowledge, and experience possessed by Contractor, and WHEREAS, City has determined that Contractor is qualified and capable of performing the services as City does hereinafter require, under those terms and conditions set forth, THEREFORE, the Parties agree as follows: 1. SERVICES TO BE PROVIDED Contractor will initiate services immediately upon receipt of City’s notice to proceed together with an executed copy of this Agreement. Contractor agrees to complete work that is detailed in Exhibit A, incorporated herein by reference. 2. EFFECTIVE DATE AND DURATION This Agreement is effective upon the date of execution and expires on June 30, 2028, unless otherwise terminated or extended. This agreement may be extended for two additional years by mutual consent of both Parties. All work under this Agreement must be completed prior to the expiration of this Agreement. 3. COMPENSATION The advisory fee for the services described in Exhibit A is an annual fee of Twenty Thousand and No/100 Dollars ($20,000.00), to be billed quarterly. The maximum amount to be paid under this Agreement may not exceed Sixty Thousand and No/100 Dollars ($60,000.00). Payments made to Contractor will be based upon the following applicable terms: A. Payment by City to Contractor for performance of services under this Agreement includes all expenses incurred by Contractor, with the exception of expenses, if any, identified in this Agreement as separately reimbursable. B. Payment will be made in installments based on Contractor’s invoice, subject to the approval of the City Manager, or designee, and not more frequently than monthly. Unless otherwise agreed, payment will be made only for work actually completed as of the date of invoice. Docusign Envelope ID: DCE18A6B-5187-4582-8ED4-10615DE6426D 2 | P a g e Investment Consultant 32500094 C. Payment by City releases City from any further obligation for payment to Contractor for services performed or expenses incurred as of the date of the invoice. Payment may not be considered acceptance or approval of any work or waiver of any defects therein. D. Contractor must make payments promptly, as due, to all persons supplying labor or materials for the performance of the work provided for in this Agreement. E. Contractor may not permit any lien or claim to be filed or prosecuted against the City on any account of any labor or material furnished. F. Contractor will pay to the Department of Revenue all sums withheld from employees pursuant to ORS 316.167. G. Contractor will pay all contributions or amounts due the Industrial Accident Fund from the contractor or any subcontractor. H. If Contractor fails, neglects, or refuses to make prompt payment of any claim for labor or services furnished to Contractor or a subcontractor by any person as such claim becomes due, City’s Finance Director may pay such claim and charge the amount of the payment against funds due or to become due the Contractor. The payment of the claim in this manner does not relieve Contractor or their surety from obligation with respect to any unpaid claims. I. Contractor will promptly, as due, make payment to any person, co-partnership, association, or corporation, furnishing medical, surgical, and hospital care or other needed care and attention, incident to sickness or injury, to the employees of Contractor, of all sums that Contractor agrees to pay for the services and all moneys and sums that Contractor collected or deducted from the wages of employees pursuant to any law, contract, or agreement for the purpose of providing or paying for services. J. Contractor and its employees, if any, are not active members of the Oregon Public Employees Retirement System and are not employed for a total of 600 hours or more in the calendar year by any public employer participating in the Retirement System. K. Contractor must obtain, prior to the execution of any performance under this Agreement, a City of Tigard Business License. The Tigard Business License is based on a calendar year with a December 31st expiration date. New businesses operating in Tigard after June 30th of the current year will pay a pro-rated fee though the end of the calendar year. L. The City certifies that sufficient funds are available and authorized for this Agreement during the current fiscal year. Funding during future fiscal years is subject to budget approval by Tigard’s City Council. 4. OWNERSHIP OF WORK PRODUCT City is the owner of and is entitled to possession of any and all work products of Contractor which result from this Agreement, including any computations, plans, correspondence, or pertinent data and information gathered by or computed by Contractor prior to termination of this Agreement by Contractor or upon completion of the work pursuant to this Agreement. Docusign Envelope ID: DCE18A6B-5187-4582-8ED4-10615DE6426D 3 | P a g e Investment Consultant 32500094 5. ASSIGNMENT/DELEGATION Neither party may assign, sublet or transfer any interest in or duty under this Agreement without the written consent of the other and no assignment has any force or effect unless and until the other party has consented. If City agrees to assignment of tasks to a subcontract, Contractor is fully responsible for the acts or omissions of any subcontractors and of all persons employed by them. Neither the approval by City of any subcontractor nor anything contained herein creates any contractual relation between the subcontractor and City. The provisions of this Agreement are binding upon and will inure to the benefit of the parties to the Agreement and their respective successors and assigns. 6. STATUS OF CONTRACTOR AS INDEPENDENT CONTRACTOR Contractor certifies that: A. Contractor acknowledges that for all purposes related to this Agreement, Contractor is an independent contractor as defined by ORS 670.600 and not an employee of City. Contractor is not entitled to benefits of any kind to which an employee of City is entitled and is solely responsible for all payments and taxes required by law. Furthermore, in the event that Contractor is found by a court of law or any administrative agency to be an employee of City for any purpose, City is entitled to offset compensation due, or to demand repayment of any amounts paid to Contractor under the terms of this Agreement, to the full extent of any benefits or other remuneration Contractor receives (from City or third party) as a result of said finding and to the full extent of any payments that City is required to make (to Contractor or to a third party) as a result of said finding. B. Contractor is not an officer, employee, or agent of the City as those terms are used in ORS 30.265. 7. CONFLICT OF INTEREST The undersigned Contractor hereby represents that no employee of the City, or any partnership or corporation in which a City employee has an interest, has or will receive any remuneration of any description from Contractor, either directly or indirectly, in connection with the letting or performance of this Agreement, except as specifically declared in writing. If this payment is to be charged against Federal funds, Contractor certifies that he/she is not currently employed by the Federal Government and the amount charged does not exceed their normal charge for the type of service provided. 8. INDEMNIFICATION City has relied upon the professional ability and training of Contractor as a material inducement to enter into this Agreement. Contractor represents that all of its work will be performed in accordance with generally accepted professional practices and standards as well as the requirements of applicable federal, state, and local laws, it being understood that acceptance of a Contractor’s work by City will not operate as a waiver or release. Contractor agrees to indemnify and defend the City, its officers, employees, agents, and representatives and hold them harmless from any and all liability, causes of action, claims, losses, damages, judgments, or other costs or expenses, including attorney's fees and witness costs (at both trial and appeal level, whether or not a trial or appeal ever takes place including Docusign Envelope ID: DCE18A6B-5187-4582-8ED4-10615DE6426D 4 | P a g e Investment Consultant 32500094 any hearing before federal or state administrative agencies), that may be asserted by any person or entity which in any way arise from, during, or in connection with the performance of the work described in this Agreement, except liability arising out of the sole negligence of the City and its employees. Such indemnification will also cover claims brought against the City under state or federal worker's compensation laws. If any aspect of this indemnity is found to be illegal or invalid for any reason whatsoever, such illegality or invalidity does not affect the validity of the remainder of this indemnification. 9. INSURANCE Contractor and its subcontractors must maintain insurance acceptable to City in full force and effect throughout the term of this Agreement. Such insurance must cover risks arising directly or indirectly out of Contractor's activities or work hereunder, including the operations of its subcontractors of any tier. The policy or policies of insurance maintained by the Contractor must provide at least the following limits and coverages: A. Commercial General Liability Insurance Contractor will obtain, at Contractor’s expense, and keep in effect during the term of this Agreement, Comprehensive General Liability Insurance covering Bodily Injury and Property Damage on an “occurrence” form (CG 2010 1185 or equivalent). The policy must be endorsed with Additional Insured, Per Project Aggregate, Products and Completed Operations, and Personal & Advertising Injury endorsements. This coverage must include Contractual Liability insurance for the indemnity provided under this Agreement. The following insurance will be carried: Coverage Limit General Aggregate $3,000,000 Each Occurrence $2,000,000 B. Professional Liability Contractor must obtain, at Contractor’s expense, and keep in effect during the term of this contract, Professional Liability Insurance covering any damages caused by any actual or alleged negligent act, error, or omission in the rendering of or failure to render Professional Services. Combined single limit per claim may not be less than $2,000,000, or the equivalent. Annual aggregate limit may not be less than $3,000,000 and filed on a “claims-made” form. C. Commercial Automobile Insurance Contractor must also obtain, at Contractor’s expense, and keep in effect during the term of the contract, Commercial Automobile Liability coverage including coverage for all owned, hired, and non-owned vehicles on an “occurrence” form. The Combined Single Limit per occurrence may not be less than $2,000,000. If Contractor uses a personally-owned vehicle for business use under this Agreement, the Contractor will obtain, at Contractor’s expense, and keep in effect during the term of the contract, business automobile liability coverage for all owned vehicles on an “occurrence” form. The Combined Single Limit per occurrence may not be less than $2,000,000. Docusign Envelope ID: DCE18A6B-5187-4582-8ED4-10615DE6426D 5 | P a g e Investment Consultant 32500094 D. Workers’ Compensation Insurance All employers, including Contractor, that employ subject workers who work under this Agreement in the State of Oregon must comply with ORS 656.017 and provide the required Workers´ Compensation coverage, unless such employers are exempt under ORS 656.126. Contractor will ensure that each of its sub-contractors complies with these requirements. E. Additional Insured Provision All required insurance policies, other than Workers’ Compensation and Professional Liability, must name the City its officers, employees, agents, and representatives as additional insureds with respect to this Agreement. F. Insurance Carrier Rating Coverages provided by the Contractor must be underwritten by an insurance company deemed acceptable by the City. All policies of insurance must be written by companies having an A.M. Best rating of "A-VII" or better, or equivalent. The City reserves the right to reject all or any insurance carrier(s) with an unacceptable financial rating. G. Self-Insurance The City understands that some contractors may self-insure for business risks and the City will consider whether such self-insurance is acceptable if it meets the minimum insurance requirements for the type of coverage required. If Contractor is self-insured for commercial general liability or automobile liability insurance, Contractor must provide evidence of such self-insurance. Contractor must provide a Certificate of Insurance showing evidence of the coverage amounts on a form acceptable to the City. The City reserves the right in its sole discretion to determine whether self-insurance is adequate. H. Certificates of Insurance As evidence of the insurance coverage required by the Agreement, Contractor will furnish a Certificate of Insurance to the City. No contract is effective until the required Certificates of Insurance have been received and approved by the City. The certificate will specify and document all provisions within this Agreement and include a copy of Additional Insured Endorsement. A renewal certificate will be sent to the below address prior to coverage expiration. I. Primary Coverage Clarification The parties agree that Contractor’s coverage is primary to the extent permitted by law. The parties further agree that other insurance maintained by the City is excess and not contributory insurance with the insurance required in this section. J. Cross-Liability Clause A cross-liability clause or separation of insureds clause will be included in all general liability policies required by this Agreement. A certificate in form satisfactory to the City certifying to the issuance of such insurance will be forwarded to: City of Tigard Docusign Envelope ID: DCE18A6B-5187-4582-8ED4-10615DE6426D 6 | P a g e Investment Consultant 32500094 Attn: Contracts and Purchasing Office contractspurchasing@tigard-or.gov At the discretion of the City, a copy of each insurance policy, certified as a true copy by an authorized representative of the issuing insurance company, may be required to be forwarded to the above address. Such policies or certificates must be delivered prior to commencement of the work. The procuring of such required insurance will not be construed to limit Contractor’s liability hereunder. Notwithstanding said insurance, Contractor is obligated for the total amount of any damage, injury, or loss caused by negligence or neglect connected with this Agreement. 10. METHOD & PLACE OF SUBMITTING NOTICE, BILLS AND PAYMENTS All notices, bills and payments will be made in writing and may be given by personal delivery, mail, or by fax. Payments may be made by personal delivery, mail, or electronic transfer. The following addresses will be used to transmit notices, bills, payments, and other information: CITY OF TIGARD NFP RETIREMENT, INC. Attn: Jennifer Curran Attn: Jon Maertz Address: 13125 SW Hall Blvd Tigard, OR 97223 Address: 10 Terrace Ct, Suite 103 Madison, WI 53718 Phone: (503) 718-2418 Phone: (414) 899-6826 Email: jenniferc@tigard-or.gov Email: jon.maertz@nfp.com Notice will be deemed given upon deposit in the United States mail, postage prepaid, or when so faxed, upon successful fax. In all other instances, notices, bills and payments will be deemed given at the time of actual delivery. Changes may be made in the names and addresses of the person to who notices, bills, and payments are to be given by giving written notice pursuant to this paragraph. 11. SURVIVAL The terms, conditions, representations, and warranties contained in this Agreement survive the termination or expiration of this Agreement. 12. MERGER This writing is intended both as a final expression of the Agreement between the parties with respect to the included terms and as a complete and exclusive statement of the terms of the Agreement. No modification of this Agreement will be effective unless and until it is made in writing and signed by both parties. 13. TERMINATION WITHOUT CAUSE At any time and without cause, City has the right in its sole discretion to terminate this Agreement by giving notice to Contractor. If City terminates this Agreement pursuant to this paragraph, City will pay Contractor for services rendered to the date of termination. Docusign Envelope ID: DCE18A6B-5187-4582-8ED4-10615DE6426D 7 | P a g e Investment Consultant 32500094 14. TERMINATION WITH CAUSE A. City may terminate this Agreement effective upon delivery of written notice to Contractor, or at such later date as may be established by City, under any of the following conditions: 1) If City funding from federal, state, local, or other sources is not obtained and continued at levels sufficient to allow for the purchase of the indicated quantity of services. This Agreement may be modified to accommodate a reduction in funds. 2) If federal or state regulations or guidelines are modified, changed, or interpreted in such a way that the services are no longer allowable or appropriate for purchase under this Agreement. 3) If any license or certificate required by law or regulation to be held by Contractor, its subcontractors, agents, and employees to provide the services required by this Agreement is for any reason denied, revoked, or not renewed. 4) If Contractor becomes insolvent, if voluntary or involuntary petition in bankruptcy is filed by or against Contractor, if a receiver or trustee is appointed for Contractor, or if there is an assignment for the benefit of creditors of Contractor. Any such termination of this agreement under paragraph (A) will be without prejudice to any obligations or liabilities of either party already accrued prior to such termination. B. City, by written notice of default (including breach of contract) to Contractor, may terminate the whole or any part of this Agreement: 1) If Contractor fails to provide services called for by this Agreement within the time specified, or 2) If Contractor fails to perform any of the other provisions of this Agreement, or fails to pursue the work as to endanger performance of this Agreement in accordance with its terms, and after receipt of written notice from City, fails to correct such failures within ten (10) days or such other period as City may authorize. The rights and remedies of City provided above related to defaults (including breach of contract) by Contractor are not exclusive and are in addition to any other rights and remedies provided by law or under this Agreement. If City terminates this Agreement under paragraph (B), Contractor will be entitled to receive as full payment for all services satisfactorily rendered and expenses incurred, provided, that the City may deduct the amount of damages, if any, sustained by City due to breach of contract by Contractor. Damages for breach of contract include those allowed by Oregon law, reasonable and necessary attorney fees, and other costs of litigation at trial and upon appeal. 15. REMEDIES Any violation or default entitles the City to terminate this Agreement, to pursue and recover any and all damages that arise from the breach and the termination of this Agreement, and Docusign Envelope ID: DCE18A6B-5187-4582-8ED4-10615DE6426D 8 | P a g e Investment Consultant 32500094 to pursue any or all of the remedies available under this Agreement, at law, or in equity, including but not limited to: 1) Termination of this Agreement, in whole or in part; 2) Exercise of the right of setoff, and withholding of amounts otherwise due and owing to Contractor, in an amount equal to City’s setoff right, including but not limited to City’s cost to cure; and 3) Initiation of an action or proceeding for damages, specific performance, declaratory or injunctive relief. 16. ACCESS TO RECORDS City will have access to such books, documents, papers and records of Contractor as are directly pertinent to this Agreement for the purpose of making audit, examination, excerpts and transcripts. 17. HAZARDOUS MATERIALS Contractor will comply with all federal Occupational Safety and Health Administration (OSHA) requirements and all Oregon safety and health requirements. In accordance with OSHA and Oregon OSHA Hazard Communication Rules, if any goods or services provided under this Agreement may release, or otherwise result in an exposure to, a hazardous chemical under normal conditions of use (for example, employees of a construction contractor working on-site), it is the responsibility of Contractor to provide the City with the following information: all applicable Safety Data Sheets, the identity of the chemical/s, how Contractor will inform employees about any precautions necessary, an explanation of any labeling system, and the safe work practices to prevent exposure. In addition, Contractor must label, tag, or mark such goods. 18. FORCE MAJEURE Neither City nor Contractor will be considered in default because of any delays in completion and responsibilities hereunder due to causes beyond the control and without fault or negligence on the part of the parties so disenabled, including but not restricted to, an act of God or of a public enemy, civil unrest, volcano, earthquake, fire, flood, epidemic, quarantine restriction, area-wide strike, freight embargo, unusually severe weather or delay of subcontractor or supplies due to such cause; provided that the parties so disenabled will within ten (10) days from the beginning of such delay, notify the other party in writing of the cause of delay and its probable extent. Such notification will not be the basis for a claim for additional compensation. Each party will, however, make all reasonable efforts to remove or eliminate such a cause of delay or default and will, upon cessation of the cause, diligently pursue performance of its obligation under the Agreement. 19. NON-WAIVER The failure of City to insist upon or enforce strict performance by Contractor of any of the terms of this Agreement or to exercise any rights hereunder should not be construed as a waiver or relinquishment to any extent of its rights to assert or rely upon such terms or rights on any future occasion. Docusign Envelope ID: DCE18A6B-5187-4582-8ED4-10615DE6426D 9 | P a g e Investment Consultant 32500094 20. HOURS OF LABOR, PAY EQUITY In accordance with ORS 279B.235, the following are hereby incorporated in full by this reference: A. Contractor may not employ an individual for more than 10 hours in any one day, or 40 hours in any one week, except as provided by law. For contracts for personal services, as defined in ORS 279A.055, Contractor must pay employees at least time and a half pay for all overtime the employees work in excess of 40 hours in any one week, except for employees who are excluded under ORS 653.010 to 653.261 or under 29 U.S.C. 201 to 209 from receiving overtime. B. Contractor must give notice in writing to employees who work on a public contract, either at the time of hire or before commencement of work on the contract, or by positing a notice in a location frequented by employees, of the number of hours per day and days per week that the employees may be required to work. C. Contractor may not prohibit any of Contractor’s employees from discussing the employee’s rate of wage, salary, benefits or other compensation with another employee or another person and may not retaliate against an employee who discusses the employee’s rate of wage, salary, benefits or other compensation with another employee or another person. D. Contractor must comply with the pay equity provisions in ORS 652.220. Compliance is a material element of this Agreement and failure to comply will be deemed a breach that entitles City to terminate this Agreement for cause. 21. NON-DISCRIMINATION Contractor will comply with all federal, state, and local laws, codes, regulations, and ordinances applicable to the provision of services under this Agreement, including, without limitation: A. Title VI of the Civil Rights Act of 1964; B. Section V of the Rehabilitation Act of 1973; C. The Americans with Disabilities Act of 1990, as amended by the ADA Amendments Act (ADAAA) of 2008 (Pub L No 101- 336); and D. ORS 659A.142, including all amendments of and regulations and administrative rules, and all other applicable requirements of federal and state civil rights and rehabilitation statutes, rules and regulations. 22. ERRORS Contractor will perform such additional work as may be necessary to correct errors in the work required under this Agreement without undue delays and without additional cost. 23. EXTRA (CHANGES) WORK Only the City’s Project Manager for this Agreement may change or authorize additional work. Failure of Contractor to secure authorization for extra work constitutes a waiver of all right to Docusign Envelope ID: DCE18A6B-5187-4582-8ED4-10615DE6426D 10 | P a g e Investment Consultant 32500094 adjust the contract price or contract time due to such unauthorized extra work and Contractor will not be entitled to compensation for the performance of unauthorized work. 24. STANDARD OF CARE Contractor will perform all work under this Agreement with the care and skill used by members of Contractor’s profession practicing under similar circumstances at the same time and in the same locale (the “Standard of Care”). Should Contractor not meet the Standard of Care, it must correct its work at its cost. Any intellectual property rights delivered to the City under this Agreement and Contractor’s services rendered in the performance of Contractor’s obligations under this Agreement, will be provided to the City free and clear of any and all restrictions on or conditions of use, transfer, modification, or assignment, and be free and clear of any and all liens, claims, mortgages, security interests, liabilities, charges, and encumbrances of any kind. 25. ATTORNEY'S FEES In the event an action, suit of proceeding, including appeal, is brought for failure to observe any of the terms of this Agreement, each party is responsible for that party’s own attorney fees, expenses, costs and disbursements for the action, suit, proceeding, or appeal. 26. CHOICE OF LAW, VENUE The provisions of this Agreement are governed by Oregon law. Venue will be the State of Oregon Circuit Court in Washington County or the U.S. District Court for Oregon, Portland. 27. COMPLIANCE WITH STATE AND FEDERAL LAWS/RULES Contractor will comply with all applicable federal, state and local laws, rules and regulations applicable to the work in this Agreement. 28. CONFLICT BETWEEN TERMS In the event of a conflict between the terms of this Agreement and Contractor’s proposal, this Agreement will control. In the event of conflict between a provision in the main body of the Agreement and a provision in the Exhibits, the provision in the main body of the Agreement will control. In the event of an inconsistency between Exhibit A and Exhibit B, Exhibit A will control. 29. AUDIT Contractor will maintain records to assure conformance with the terms and conditions of this Agreement and to assure adequate performance and accurate expenditures within the contract period. Contractor agrees to permit City, the State of Oregon, the federal government, or their duly authorized representatives to audit all records pertaining to this Agreement to assure the accurate expenditure of funds. 30. SEVERABILITY In the event any provision or portion of this Agreement is held to be unenforceable or invalid by any court of competent jurisdiction, the validity of the remaining terms and provisions will not be impaired unless the illegal or unenforceable provision affects a significant right or responsibility, in which case the adversely affected party may request renegotiation of the Agreement and, if negotiations fail, may terminate the Agreement. Docusign Envelope ID: DCE18A6B-5187-4582-8ED4-10615DE6426D 11 | P a g e Investment Consultant 32500094 31. COMPLIANCE WITH TAX LAWS Contractor represents and warrants that Contractor is, to the best of the undersigned’s knowledge, not in violation of any Oregon tax laws including but not limited to ORS 305.620 and ORS Chapters 316, 317, and 318. Contractor’s failure to comply with the tax laws of this state or a political subdivision of this state before the Contractor executed this Agreement or during the term of this Agreement is a default for which the City may terminate this Agreement and seek damages and other relief available under the terms of this Agreement or applicable law. IN WITNESS WHEREOF, City and Contractor have caused this Agreement to be executed by their duly authorized officials. CITY OF TIGARD NFP RETIREMENT, INC. By: __________________________________ By: __________________________________ Name: _______________________________ Name: _______________________________ Title: ________________________________ Title: ________________________________ Date: ________________________________ Date: ________________________________ Docusign Envelope ID: DCE18A6B-5187-4582-8ED4-10615DE6426D Justin Goldstein SVP 6/17/2025 6/26/2025 Brent Stockwell City Manager 12 | P a g e Investment Consultant 32500094 EXHIBIT A SERVICES TO BE PROVIDED SCOPE OF WORK Contractor agrees to provide professional services as described below: 1. Evaluate Current Plans and Investment Offerings A. Develop a process to evaluate and recommend changes. B. Using this information, provide a report to the City identifying the Plan’s strengths and areas of opportunity for improvement. C. Establish a baseline for benchmarking the current plans and identify specific, measurable areas for potential improvement that include:  Existing participation, including investment diversification and contribution levels;  Concentration of assets and participants;  Historical rates of return and investment performance;  Existing investment fund objectives;  Quality of existing investment options;  Full disclosure of current fees, charges and expenses;  Identification of any potential deferred sales, surrender charges or liquidation restrictions;  Review of stable value and fixed interest accounts;  Plan sponsor support;  Participant education and counseling services;  Optional plan features offered;  Review of existing contracts, reports and services offered; and  How the plans are integrated with other retirement benefits offered by the City. 2. Investment Strategy and Fee Review A. Make recommendations with respect to the number and type of investment alternatives that is advisable for these types of plans and what fees are reasonable for the City or participants to pay. B. Final report on the fees charged by each fund and the average benchmarked fees & expenses. . 3. Customized Plan Documents A. Contractor will review all plan related documents annually or upon request from the Plan Governance Committee (PGC) to include:.  Governance Committee Charter;  Investment Policy for the 401 (a) and 457 (b) Retirement Savings Plans; and  Education Policy Statement 401 (a) & 457 (b) Retirement Savings Plans  Communications to participants such as Fund Directives or other required notices and disclosures. Docusign Envelope ID: DCE18A6B-5187-4582-8ED4-10615DE6426D 13 | P a g e Investment Consultant 32500094 4. Educate Plan Governance Committee A. Provide training to the Plan Governance Committee (PGC) through Contractor’s 457 University. B. Provide additional training modules at quarterly meetings on topics of interest to the PGC. C. Provide fiduciary guidance and support through Fiduciary Diagnostic™ tool. D. Provide annually:  Investment Monitoring Reports to document adherence to IPS.  Fee Benchmarking Report to document the reasonableness of plan fees and services;  Fiduciary Compliance Checklists to document compliance with plan terms and definitions;  Meeting Minutes to document PGC discussions and actions;  Fiduciary File Checklists to outline plan documents and processes that need to be maintained. E. Assist the City with reviewing and/or creating fiduciary governance items as follows:  City Council Resolution – formally delegates administrative investment responsibilities to PGC.  Committee Charter – outlines the composition, responsibilities and authority delegated to a plan’s committee.  Committee Member Acceptances – acknowledges a member’s appointment and fiduciary status.  Investment Policy Statement – outlines the investment responsibilities of a plan’s committee. F. Provide Fiduciary Briefcase™ private portal to organize and store all plan documents, including Fiduciary Diagnostic™ reports, required disclosures, required notices, meeting minutes and employee communication materials. 5. Investment Selection A. Continuously review and advise the City on the existing Investment Policy Statement. B. Advise and direct the City on selection of investments within record keepers’ portfolios consistent with the Investment Policy Statement. 6. Investment Monitoring A. Review all funds offered and report results and directives that include the following information:  An executive summary outlining key discussion items;  NFP’s market commentary;  A summary of each manager’s quantitative analytics and overall score;  A detailed review of managers on the plan’s lineup;  Identification of funds to consider for watch or replacement, including suggested alternative funds;  Regulatory and legislative updates; and  Fiduciary training modules. Docusign Envelope ID: DCE18A6B-5187-4582-8ED4-10615DE6426D 14 | P a g e Investment Consultant 32500094 7. Contract Renegotiation A. If the City selects an incumbent record keeper(s), assist with renegotiation of contract(s) with the goal of improved fund line-ups, substantial reduction of fees, improved services and administrative expense reimbursement allowances. B. Assist with any necessary transition management duties as outlined in item seven (7) above. 8. Quarterly Meetings and Plan Reviews A. Once established, meet quarterly with Plan Governance Committee to review status of investments, ensure investment strategy is consistent with adopted investment policy, effective, and directed changes where necessary. B. Create meeting agendas and organize necessary materials for discussion. C. After each meeting provide meeting summaries/minutes to the PGC that outlines key discussions, decisions and follow-up items. D. Attend special meetings with PGC at the request of the City. Docusign Envelope ID: DCE18A6B-5187-4582-8ED4-10615DE6426D