TRANSMITTAL LETTER FOR BOARD MEETING OF JUNE 2, 2022
COMMITTEE ON PROCUREMENT
Mr. Brian A. Perkovich, Executive Director
Title
Authority to advertise Contract 22-RFP-09 Deferred Compensation Plan Investment Consulting Services, for a three-year period, effective January 1, 2023 to December 31, 2025, estimated cost $185,000.00, Account 101-25000-612430, Requisition 1580379 (As Revised)
Body
Dear Sir:
Request for proposal documents have been prepared for a provider of deferred compensation plan investment consulting services at the request of the Human Resources Department.
The purpose of this contract is to select a vendor to provide deferred compensation investment plan consulting services related to the following: semi-annual performance evaluation of the mutual fund offerings available through the plan, including, but not limited to, comparison of each fund to the appropriate fund universe and benchmarks; presentation of a written report to the Deferred Compensation Committee (Committee) at regular Committee meetings on a semi-annual basis; investment recommendations for mutual funds to supplement or replace funds in the existing fund line-up as requested; review of plan investment policy and recommendations for revisions should they be needed due to regulatory or other industry changes; and development and scoring of a request for proposal for a deferred compensation plan administrator. This professional services contract will cover the period from January 1, 2023 through December 31, 2025.
The estimated cost for this contract is $185,000.00. The estimated 2023, 2024 and 2025 expenditures are $45,000.00, $95,000.00, and $45,000.00 respectively
No bid deposit is required for this request for proposal.
Affirmative Action participation goals are applicable to District contracts where the estimated total expenditure is in excess of $100,000.00. Since the estimated cost for these services is less than $100,000.00 per year, the Affirmative Action Ordinance Revised Appendix A and the Appendix V goals will not apply. Additionally, these types of services are typically performed by a single investment firm and do not provide practical or cost-effective opportunities for direct or indirect subcontracting. Finally, there is a lack of MBE/WBE/VBE/SBE firms available to perform the requested services.
The tentative schedule for this contract is as follows:
Advertise June 29, 2022
Proposals Received July 29, 2022
Award November 3, 2022
Completion December 31, 2025
Funds will be requested in 2023, 2024 and 2025 in Account 101-25000-612430, and are contingent on the Board of Commissioners’ approval of the District’s budget for those years.
In view of the foregoing, it is recommended that the Director of Procurement and Materials Management be authorized to advertise Contract 22-RFP-09.
Requested, Beverly K. Sanders, Director of Human Resources, BKS:JEF
Recommended, Darlene A. LoCascio, Director of Procurement and Materials Management
Respectfully Submitted, Barbara J. McGowan, Chairman Committee on Procurement
Disposition of this agenda item will be documented in the official Regular Board Meeting Minutes of the Board of Commissioners for June 2, 2022
Attachment