HomeMy WebLinkAboutContract 33285 CITY SECRETARY
CONTRACT No.
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PROFESSIONAL SERVICES AGREEMENT
FOR CONSULTANT SERVICES FOR City of Fort Worth
Review of 457(b)and 401(a)Plans Schedules
This Agreement is made by and between the City of Fort Worth, TX("the City"or
"Client"), a municipal corporation situated in Tarrant,Denton and Wise counties Texas,
acting by and through its duly authorized Assistant City Manager, and The Retirement
Store,Inc.,a Texas corporation("Consultant"), acting by and through its duly authorized
President.
Schedule A—Covered Plan(s)
A.1 457(b)Deferred Compensation Plan for the City of Fort Worth
A.2 401(a)FICA Alternative Plan for City of Fort Worth
Schedule B—Services
The City agrees to engage the Consultant to perform those services described below, for
the review of both the 457(b)and 401(a)Plans of the City of Fort Worth as set forth in
Schedule A, unless otherwise noted:
B.1 Obtain and review contracts, service agreements, administrative processes and
other documents and activities related to the relationship between the City of Fort
Worth's Deferred Compensation Plan and its two (2)457 providers (Nationwide
Retirement Solutions and ICMA-RC)and its single 401(a)provider.
B.2 Develop and analyze contract level fees, charges, and restrictions including:
B.2.1 Mortality&Expense Fees
B.2.2 Daily Asset Charges
B.2.3 Participant Level Account Maintenance Fees
B.2.4 Contingent Deferred Sales Charges(CDSC's)
B.2.5 Market Value Adjustments (MVA's)
B.2.6 Other contract level and/or participant level restrictions and charges
B.3 Develop and analyze all investment option performance and expenses using
Morningstar criteria for mutual fund/variable investments and credited rate
history for fixed account/stable value investments.
B.4 Make best effort attempt to develop all current revenue paid to existing providers
through investments in the Plans.
B.5 Use analytic techniques to develop estimates for any fees for which credible data
cannot be obtained from vendors.
B.6 Develop a consolidated statement of assets for both Plans according to investment
style(Fixed Account/Stable Value,Equity, and Fixed Income)as of 6/30/05.
B.7 Develop a summary of active and inactive participation in the Plan for the last 3
years.
B.8 Provide recommendations for the Client to address defects found(if any)and/or
improve the overall effectiveness of the Plan's structure. _
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B.9 Interact frequently with the Plan's staff or designated representatives to obtain
data, discuss preliminary results, and manage the project schedule.
B.10 Present findings to the Client by report including one (1) on-site presentation of
report's findings, conclusions and recommendations. Final report shall include
copies of Client's contracts and service agreements with all current providers of
Plan services.
B.11 Maintain appropriate documentation of all work.
Schedule C —Fees
C.1 For services listed in Schedule B above, a project fee of$8,000. Client will be
billed upon satisfactory delivery of the project report. All reasonable travel related
expenses incurred by Consultant in connection with the performance of the
Services shall be invoiced separately and reimbursed by Client, based upon Client
employee travel policies.
C.2 Fees for ongoing and additional work requested by the client and not specified on
schedule B will be billed at the rate of$175 per hour for technical services and
$80 per how for travel related to the delivery of such services, plus travel
expenses, unless otherwise mutually agreed upon in advance.
Schedule D—Terms
D.1 The term of this Agreement shall commence on the issuance of a notice to
proceed at which time the Consultant shall begin work_ This agreement shall
continue until all services have been completed or until such time as Client
notifies Consultant that Consultant's services are no longer required under this
agreement.
D.2. This Agreement may be terminated by the City at any time for cause or for the
convenience of the City by notice in writing to the Consultant. In the event of
termination,the Consultant shall stop work upon receipt of notice of termination
and shall be entitled to compensation for professional service fees for services
already rendered under this agreement, and for expense reimbursement up to the
date of receipt of notice of termination. Upon such termination,the Consultant
shall provide the City with all work product completed or in progress at such date
and communicate such recommendations and conclusions to the City as may have
been formed by such date. Consultant shall not be entitled to any lost or
anticipated profits should the City elect to terminate this agreement.
Schedule E —Miscellaneous.
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E.1. The entire agreement between the parties with respect to the subject matter
hereunder is contained in this Agreement.
E.2. Neither this Agreement nor any rights or obligations hereunder shall be assigned
or delegated by the Consultant without the prior written consent of the City.
E.3. This Agreement shall be modified only by a written Agreement duly executed by
the City and the Consultant.
EA. Should any of the provisions hereunder be found to be invalid, void or voidable
by a court, the remaining provisions shall remain in full force and effect.
E.5. This Agreement shall be governed by and construed in accordance with the laws
of the State of Texas. Venue shall lie exclusively in Tarrant County, Texas.
E.6. All notices required or permitted under this Agreement shall be deemed to have
been given if and when deposited in the United States mail, properly stamped and
addressed to the party for whom intended at such party's address listed below, or
when delivered personally to such party, or by facsimile with a call to confirm
receipt. A party may change its address for notice hereunder by giving written
notice to the other party.
E.7. Consultant warrants to the City that it has made full disclosure in writing of any
existing or potential conflicts of interest related to the services to be performed
hereunder. Consultant further warrants that it will make prompt disclosure in
writing of any Conflicts of interest that develop subsequent to the signing of this
Agreement.
E.8. Consultant shall not disclose any reports, documentation, or evaluations generated
hereunder without the prior written consent of the City.
E.9. Consultant agrees to indemnify, defend and hold the City, and its officers, agents
and employees harmless from any loss, damage liability or expense for damage to
property or person, including death,to any person, including but not limited to
officers, agents, or employees of consultant or its subconsultants,which may arise
out of any negligent act, error or omission by Consultant in the performance of
this agreement. Consultant shall defend at its own expense any suits brought
against the City, its officers, agents, and employees,or any of them, resulting
from such negligent act,error, or omission, and shall pay all expenses and satisfy
all judgments that may be incurred by rendered against them or any of them in
connection therewith resulting from such negligent act, error or omission.
E.10. Consultant shall perform all work and services hereunder as an independent
contractor and not as an officer,agent, or employee of the City. Nothing
contained herein shall be construed as creating a partnership or join venture
between the City and Consultant; and the doctrine of respondeat superior shall not
apply as between the City and the Consultant.
Executed this 10th day of February, 2006.
The Re*iCnsttofar(o ,
By:
Title: President
Address: 4105 Medical Pkwy, Ste. #208A, Austin, TX 78756
Dated: 0-wi 11 2, , 2006 City of Fort Worth, TX
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Approved as to Form And Legality:
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Assistant Ci Attorney
ATTEST:
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Marty Hendrix
City Secretary
NO M&C REQUIRED