Consultant Services for Deferred Compensation Plans

Background
The City of Waco, Texas is seeking proposals from qualified firms to provide independent investment consulting services for its existing Deferred Compensation Plans. The goal of this contract is to evaluate these plans to ensure they effectively meet the needs of City employees and to identify opportunities for improvement. The City currently has three deferred compensation plan providers and aims to optimize these plans rather than procure new providers as a first option.

Work Details
The Consultant will be responsible for the following services:

1. Review existing deferred compensation plans and recommend improvements, including potential combining or eliminating plans.

2. Analyze investment funds, policies, asset allocations, and strategies, providing recommendations based on market changes or regulatory guidelines.

3. Engage with employee groups to understand specific needs within the plans.

4. Assist in identifying administrative functions for plan management.

5. Develop and review Requests for Proposals (RFPs) for new plan providers if necessary, including contract development for administrative services.

6. Evaluate proposals received in response to RFPs and assist in negotiating agreements with selected providers.

7. Oversee implementation by the provider and provide regulatory guidance.

8. Conduct semi-annual reviews of all City plans, measuring investment performance against benchmarks and peer groups, and recommending rebalancing as needed.

Period of Performance
The contract is anticipated to last for one year with options to renew for four additional one-year periods.

Place of Performance
The services will be performed in Waco, Texas.