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File #: 190164.    Version: 1 Name:
Type: Staff Recommendation Status: Agenda Ready
File created: 7/17/2019 In control: Board of Trustees/General Employees' Pension Plan
On agenda: 8/1/2019 Final action:
Title: Investment Consulting Services for the Gainesville General Employees’ Retirement Plan (B)
Attachments: 1. 190164._Agenda Item Backup Memo for Recordings_20190801.pdf, 2. 190164A_Addendum #1 - RFP #FPEN-190042-DS Investment Consulting Services for General Employees Pension Plan.pdf, 3. 190164B_Award Public Notice_20190801.pdf, 4. 190164C_CC Bid Tab-RFP_20190801.pdf, 5. 190164D_RFP #FPEN-190042-DS Investment Consulting Services for General Employees Pension Plan_20190801.pdf, 6. 190164E_Proposal Evaluation Summary and Scores_20190801.pdf, 7. 190164F_AndCo Consulting Response_20190801.pdf, 8. 190164G_Bid Record_20190801.pdf, 9. 190164H_Dahab Associates Inc Response_20190801.pdf, 10. 190164I_Graystone Consulting Response_20190801.pdf, 11. 190164J_Meketa Inv Group Response_20190801.pdf, 12. 190164K_Milliman Response_20190801.pdf, 13. 190164L_NEPC Response_20190801.pdf, 14. 190164M_Segal Marco Advisors Response_20190801.pdf
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Title

Investment Consulting Services for the Gainesville General Employees’ Retirement Plan (B)

Explanation

On June 3, 2019, the City’s Purchasing Division in conjunction with the City’s Pensions & Investments Division issued a Request for Proposals for Investment Consulting Services for the Gainesville General Employees Retirement Plan beginning October 1, 2019 for a term of five years, with a single five year extension permissible.  Seven (7) firms submitted proposals on July 8, 2019. Pensions & Investments staff evaluated and scored the written proposals on July 12, 2019.  The final ranking of the firms making proposals to provide investment consulting services is as follows:

1st - AndCo Consulting

2nd - Segal Marco Advisors

3rd - Graystone Consulting

4th - Milliman Advisors

5th - NEPC

6th - Dahab Associates

7th - Meketa Investment Group

Fiscal Note

Fees for the recommended investment consulting services provider are $140,000 annually for the initial five (5) year period, and are included in the Fiscal Year 2020 General Employees’ Retirement Plan budget.  There is one additional five (5) year extension option available under this contract under the same terms and conditions, except for any mutually agreeable increase in fees which may be negotiated between the parties at that time.

Recommendation

Recommended Motion: The Board of Trustees for the General Employees’ Retirement Plan : 1) accept staff’s Investment Consulting Services proposal rankings, and staff’s recommendation to retain AndCo Consulting to provide investment consulting services for the Plan; 2) authorize staff to initiate contract negotiations with AndCo Consulting to provide investment consulting services for the General Employees’ Pension Plan, and if a satisfactory contract with that top ranked investment consulting services provider cannot be successfully negotiated, authorize staff to terminate negotiations with that provider and initiate negotiations with ...

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