Specifications include, but are not limited to: 1) ASSIST THE BOARD IN FULFILLING ITS FIDUCIARY OBLIGATIONS • Provide services as a fiduciary and in accordance with all applicable federal and state laws and regulations as well as with all applicable professional codes and regulations. • Provide unbiased, transparent, conflict-free advice and opinions to the board on all investment recommendations. • Assist in the strategic development of strategic asset allocation recommendations which are approved by the board. • Conduct asset/liability studies every three to five years to help gauge the long- tern health of the plan and the desired investment strategies. • Report in person to the board, by attending the monthly board meeting or as otherwise needed, on the status of the fund and its performance both gross and net of fees. Monthly meeting dates vary but are usually the first or second week of the month. • Assist in the development and amendment of investment related policies, procedures, guidelines, and performance measurement standards that will aid both the board and staff in developing the strategic objectives of the fund. • Provide objective research, information, and advice on investment topics and strategies when requested by the board or when considered relevant by the consultant or staff. • Monitor, evaluate, and communicate investment portfolio and manager performance as appropriate on an ongoing basis including written monthly and quarterly reports. • Recommend to the board and staff the retention, additional investment in, redemption, or discharge of investment managers. • Deliver useful and informative written updates on economic and capital market conditions at least monthly and perhaps weekly as appropriate. • Provide annual education of trustees on asset allocation and portfolio construction. 2) SUPPORT ADMINISTRATIVE STAFF IN IMPLEMENTATION OF STRATEGY • Provide online access to investment research and other tools that are helpful in tracking FRS fund performance and market conditions (benchmarks, portfolio, economic, and capital market reports). • Provide input on key implementation decisions related to carrying out the decisions of the Board. Conduct fee analysis to help the Board ascertain the best possible fee terms.