1. Provide independent and objective advice to the County for the purpose of assisting in meeting fiduciary responsibilities. The Contractor shall provide research, analysis, advice and recommendations with respect to supervision of the governance functions and any appropriate revisions to investment policies, information, selection of funds for inclusion in the Program and fund and administrator performance evaluation. Additional services in the nature of financial or investment advice may be requested periodically. 2. Develop, review and evaluate the Investment Policy Statement as necessary in order to maintain policy provisions consistent with the County's responsibilities as plan sponsor and in accordance with generally accepted best practices in the industry, providing recommendations for changes to the policy when needed. Determine (or validate) which asset classes should be included, as well as identify the standards for evaluation and objectives within each asset class represented. 3. Assist the County in analyzing available investment options with the objective of making a determination as to conformance with the objectives of the Investment Policy Statement. 4. Evaluate available investments in the Programs, examining style, risk, consistency, cost and performance against appropriate peers and benchmarks based on the Investment Policy Statement to identify asset class gaps or overlaps. To the extent a fund does not meet the objective established, recommend action to monitor or terminate the fund and if applicable analyze the available funds for an appropriate replacement and make a recommendation for replacement and transition. 5. Conduct an expense audit of the Programs upon request by the County using data received from the County or obtained from the administrator; and provide an analysis of all fees (explicit and implicit) being paid by the program. In order to provide this analysis, review the administrator's contract, any information filings by the administrator and other data that might prove necessary to perform an analysis of the program fees.
