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Home My WebLink AboutContract 38615-A1CITY SECRETARY CI�NTRACT NO. 3$lO( LL 1 FIRST AMENDMENT AND RENEWAL OF CITY SECRETARY CONTRACT.No. 38615 AGREEMENT FOR PROFESSIONAL SERVICES THIS FIRST AMENDMENT AND RENEWAL OF CITY SECRETARY CONTRACT NO. 38615 -AGREEMENT FOR PROFESSIONAL SERVICES ("Amendment") is made and entered into by and between THE CITY OF FORT WORTH, a home -rule municipal corporation of the State of Texas ("City"), acting by and through its duly authorized Assistant City Manager, and THE RETIREMENT STORE, INC. ("Consultant"), a Texas corporation, acting by and through its duly authorized President. WHEREAS, in May 2009, the City and Consultant entered into an Agreement for Professional Services related to the City's deferred compensation plan, the same being City Secretary Contract No. 38615 ("Contract"); and WHEREAS, the Contract provided for aone-year term beginning May 1, 2009 and ending Apri130, 2010,; and WHEREAS, City and Consultant wish to amend Contract 38615 to extend the parties' relationship and address additional services to be provided by the Consultant. NOW, THEREFORE, City and Consultant, agree as follows: 1. Section 1, "Scope of Services," of the Contract is deleted in its entirety and replaced with the following: 1. Scope of Services. Deferred Compensation Oversight Committee Services OFI=1CIw` REL'i�12 CITY SECRETARY r. WORTH, TX First Amendment and Renewal of City Secretary Contract No. 38615 Page 1 of 7 Consultant covenants and agrees, with good faith and due diligence, to assist the City in the development and implementation of an oversight committee (the "Committee") to direct and supervise the activities of the Third Party Administrators of the City's deferred compensation plan (the "457 Plan" or "Plan"). In particular, Contractor will assist the City in a) Determining and defining (by way of enabling documents, such as a charter) the appropriate authority, activities, and composition for the Committee. b) Establishing criteria to be used in selecting members for the Committee to ensure that the members represent a diversified cross section of employee participants. Criteria shall include a requirement that each Committee member be a plan participant, a subject matter expert, or both. c) Educating Committee members on their roles and responsibilities to the City and to Plan participants and imparting to Committee members an understanding of the levers in the Plan structure that creates participant value. After an initial Committee has been established, Contractor will assist the Committee in a) Establishing processes to provide consistent and effective oversight of the Plan. b) Drafting an Investment Policy Statement for the Plan. The services listed above shall include "on site" personal attendance by Consultant at three, one -day meetings with City staff, Committee members, or both. In addition, Consultant will interact frequently with the City staff to obtain data, discuss results, and manage the project schedule and shall maintain appropriate documentation of all work performed. Additional Consulting Services Consultant covenants and agrees, with good faith and due diligence, to provide the City with general consulting services related to the Plan on an as -needed basis. First Amendment and Renewal of City Secretary Contract No. 38615 Page 2 of 7 All actions and objectives described above are referred to in this Agreement collectively as the "Services." 2. Section 2, "Schedule," of the Contract is deleted in its entirety and replaced with the following: Schedule. The major steps involved in the "Deferred Compensation Oversight Committee Services" and target completion deadlines shall be as follows: Activi Projected Date of Completion 1. Approve Proposal/issue contract May 11, 2010 2. Develop Oversight Committee Selection Criteria June 1, 2010 3. Seat Initial Oversight Committee • Elect officers July 15, 2010 • Establish rules/procedures • Complete Fiduciary Training 4. Develop Investment Policy Statement August 15, 2010 5. Conduct (2) Quarterly Reviews of 457 Plan Within 45 days of quarter close (8/15/10 & 11115110) "Additional Consulting Services" shall be provided on an as -needed, as -available basis throughout the First Renewal Term of this Agreement. 3. Section 3, "Term," of the Contract is amended to add the following: Services shall be provided by Consultant for a First Renewal Term beginning May 1, 2010 and ending April 30, 2011, unless terminated earlier in accordance with Section 5 of this Agreement. ' Timely performance of the "Quarterly Reviews of 457 Plan" is conditioned on all actual quantitative and qualitative Plan information being provided by existing Third Party Administrators in a format prescribed by the Consultant. First Amendment and Renewal of City Secretary Contract No. 38615 Page 3 of 7 4. Section 4, "Compensation," of the Contract is deleted in its entirety and replaced with the following: 4. Compensation. As full and complete compensation for all "Deferred Compensation Oversight Committee Services" described above, Consultant shall be paid a flat fee of Twelve Thousand and Five Hundred Dollars ($12,500.00) plus travel reimbursement as detailed below. For any "Additional Consulting Services" requested by the City beyond the scope of the "Deferred Compensation Oversight Committee Services," City shall pay Consultant a fee of One Hundred and Eighty -Five Dollars ($185.00) per hour plus travel reimbursement as detailed below. For any additional on - site visits required beyond those included as part of the "Deferred Compensation Oversight Committee Services," City shall pay Consultant a fee of Fifteen Hundred Dollars ($1,500.00) per day. b) Travel Ex ep rases In addition to any fee due under Subsection (4) (a), City shall reimburse Consultant for travel -related expenses (such as airfare, hotel, rental car, and personal car mileage) at Consultant's actual cost in an amount not to exceed Five Hundred Dollars ($500.00) per on -site visit. Personal car mileage will be billed at standard IRS business mileage rates in effect at the time of travel. City shall provide Consultant with a meal allowance of Twenty -Five Dollars ($25.00) per diem for on -site visits that require an overnight stay. First Amendment and Renewal of City Secretary Contract No. 3 8615 Page 4 of 7 c) Structure of Payments i. Consultant's fee for "Deferred Compensation Oversight Committee Services" will be divided into four equal payments corresponding to certain project milestones as follows: Completion of Fiduciary Training: Completion of Investment Policy Statement Completion of Plan Review (TBD) $3 $3,125 $3,125 Consultant's fee for "Other Consulting Services" will be paid monthly in arrears. ii. For "Deferred Compensation Oversight Committee Services," the Consultant shall provide the City with a signed fee invoice following completion of each of the listed milestones, said invoice to summarize the portion of the Services that has been completed. For "Other Consulting Services," the Consultant shall provide the City with a signed fee invoice no later than the 15th day following the end of the month, said invoice to summarize the number of hours worked during the preceding month and briefly describe the nature of the work performed. If the City requires additional reasonable information related to any requested payment, the City shall request the same promptly after receiving the above information, and the Consultant shall provide such additional reasonable information to the extent the same is available. On full and final completion of all of the Services, Consultant shall submit a final fee invoice, and City shall pay any balance due within 30 days of receipt of such invoice. iii. Travel reimbursement shall be paid monthly. The Consultant will issue monthly invoices for all travel costs under this Agreement no later First Amendment and Renewal of City Secretary Contract No. 38615 Page 5 of 7 than the 15th day following the end of the month. Travel invoices are due and payable within 30 days of receipt. In the event of a disputed or contested billing, only the portion being contested will be withheld from payment, and the undisputed portion will be paid. City will exercise reasonableness in contesting any bill or portion thereof. No interest will accrue on any contested portion of the billing until the contest has been mutually resolved. v. For contested billings, the City shall make payment in full to Consultant within 60 days of the date the contested matter is resolved. If City fails to make such payment, Consultant may, after giving 7 days' written notice to City, suspend services under this Agreement until paid in full, including interest calculated from the date the billing contest was resolved. In the event of suspension of services, Consultant shall have no liability to City for delays or damages caused to City because of such suspension of services. vi. Notwithstanding anything to the contrary herein, the City shall not be liable to Consultant for payment of fees, expenses, or any other compensation hereunder in an aggregate amount greater than $50,000.00. 5. All provisions of the Contract that are not expressly amended herein shall remain in full force and effect throughout the First Renewal Term. [SIGNATURES APPEAR ON FOLLOWING PAGE] First Amendment and Renewal of City Secretary Contract No. 38615 Page 6 of 7 EXECUTED in multiple originals on this, the CITY OF FORT WORTH, TEXAS Karen L. Montgomery Assistant City Manager Date Signed: D ATTEST: Marty Hendrix City Secretary APPROVED AS TO FORM AND LEGAL Pi Denis C. McE Assistant City No M&C Required I}� day of �� , 2010. Al DiCristofaro President Date Signed: _ WITNESS 7 ORPORATE SEAL: STORE, INC. OFFICiAi. i�ECC�ln CITY SECRETARY FT. WORTH, TX First Amendment and Renewal of City Secretary Contract No. 38615 Page 7 of 7