Specifications include, but are not limited to:The Town of Hilton Head Island is soliciting proposals from retirement plan consulting firms who fully meet the minimum qualifications reflected in Exhibit (2) to provide ongoing advisory services related to the Town’s Retirement Program. A. Quarterly review of investment lineup for appropriateness of performance and fund fees/expense. 1. Provide on-site performance reports to the Retirement Plan Advisory Committee. 2. Provide overall economic context for discussion and evaluation of quarterly results. 3. Determine if investment options offered are optimum choices given the considerations for diversification, risk, and return. 4. Provide a cost analysis of the Plan’s expenses to compare actual investment expenses to those offered by competitors. 5. Assist the Client in continuously negotiating contractual terms and offer alternative recommendations. B. Review the Plan’s investment policy. 1. Review soundness and effectiveness of the policy in terms of addition, removal and retention of the mutual funds and investment products in the Plan. 2. Ensure well defined procedures in the policy are in place for the review, maintenance, and monitoring of investment funds. 3. Monitor and report on investment manager compliance to investment policy statement on a quarterly basis. 4. Recommend and perform replacement manager/fund evaluations as necessary and appropriate. C. Review Plan Provider’s recordkeeping, administration, administrative fees, and service guarantees results. D. Provide recommendations to ensure that all interested parties are fulfilling their respective fiduciary responsibilities. E. Provide educational services to Retirement Plan Advisory Committee on relevant topics. F. Review employee education strategy for fit with demographic and plan goals. G. Serve the Committee as a resource for retirement plan strategy and decision making. H. Provide assistance in issuing request for proposals and evaluating responses for selection of plan record keepers as needed. 1. Provide full responses and summary information to the Committee for initial review, discussion and scoring. 2. Review employee education and advice tools and philosophy, pricing and cost considerations, investment flexibility including preservation of principal option(s), and soundness of recordkeeping systems. Conduct reference checks as requested. 3. Facilitate and conduct vendor interviews. 4. Assist in contract negotiation and review. 5. Participate in all transition calls, typically weekly, if necessary. 6. Assist in participant communication and education regarding any vendor transition.
