HomeMy WebLinkAboutEDB RFP 21-22-A08 Retirement Plan Fiduciary Consulting Services FINAL EXECUTIVE SUMMARY
AGENDA ITEM:
Recommended Selection of the Retirement Plan Fiduciary Consulting Services RFP No.
2021/2022-A08.
Date: June 30, 2022
BACKGROUND:
In November 2020, Clay County Utility Authority (CCUA) was notified that BB&T would be
merging with Truist. Truist institutional 401(k) investment advisory services business was later
sold to OneDigital Investment Advisors in a transaction that closed December 31, 2020, and
recordkeeping services were acquired by Ascensus effective February 29, 2021. Given the limited
amount of notice by BB&T, we had no choice but to transition to these providers. Staff
immediately began evaluating other options to determine the best course of action moving forward.
On July 30, 2021,RFP No. 2020/2021-A15 for Retirement Plan Fiduciary Consultant Services for
Section 457 (b) and Section 401 (a) retirement plans was advertised. Subsequently, all submitted
ns proposals were rejected on November 16, 2021, by the CCUA Board of Supervisors.
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On April 5, 2022, RFP No. 2021/2022-A08 for Retirement Plan Fiduciary Consultant Services for
° Section 457 (b) and Section 401 (a) retirement plans was advertised.
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a; EVALUATION:
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On May 5, 2022, staff received six (6) responses to the RFP, which were subsequently evaluated
and scored by a staff evaluation committee. On June 20, 2022, the evaluation committee
interviewed the top two (2) ranked firms and determined that SageView Advisory Group, Inc.,
provided the preferred proposal. Listed below is the ranking of the overall submittals:
RANKED LIST:
SageView Advisory Group, Inc. 85.6
Bolton Partners Investment Consulting Group Inc. 72.8
NFP Retirement, Inc. 71.8
Burgess Chamber and Associates, Inc. (BCA) 70.2
Retirement Plan Advisors, LLC 66.0
Innovest Portfolio Solutions, LLC 62.4
' //AW(Author)
//AW, KR,JW(Review)
//JW(Final)
RECOMMENDATION:
Staff respectfully recommends that the Board of Supervisors waive compliance with formalities
and any minor irregularities, and approve the award of this solicitation based on the ranked list,
and authorize the Executive Director to negotiate a final contract with SageView Advisory Group,
Inc. If CCUA and SageView Advisory Group, Inc., are unable to negotiate a satisfactory Contract,
we will return to the Board of Supervisors to request authorization to cease negotiations with the
top ranked firm and negotiate with the second ranked firm.
ADDITIONAL DISCLOSURE TO THE BOARD:
One of the responders provided the attached email correspondence re purported relevant litigation
of another responder. The two specific cases identified appeared to relate to (i) a trade secrets
violation lawsuit between two competitors, and(ii)a second case in which the other responder had
not yet been sued as a defendant in connection with its professional consulting services provided.
Note that each responding party has rights to protest the award of the solicitation to another
following Board action. Based on available information, Executive Director and CCUA staff have
determined that all proposals were responsive to this solicitation, and therefore proceed with the
requested Board award specified under the "Recommendation" section, above.
ATTACHMENTS:
Times Union Advertisement
Pre-Proposal Meeting Attendance
Proposal Closing Attendance
Project Scoring
Email correspondence
' //AW(Author)
//AW, KR,JW(Review)
//JW(Final)
Ad Number Ad Type Production Method Production Notes
0003370107-01 JV Legal Liner AdBooker
External Ad Number Ad Attributes Ad Released Pick Up
No
Ad Size Color
2X4.58"
WYSIWYG Content
REQUEST FOR PROPOSALS
NOTICE IS HEREBY GIVEN THAT Clay County Utility Authority (AU-
THORITY), Clay County, Florida, will be accepting sealed Proposals for
RFP 20/21-A15 Retirement Plan Fiduciary Consulting Services, which will
be received until 2:00 p.m.,local time,September 9,2021.
The complete Solicitation package can be obtained by visiting:
https://clayuti I ity.bonfirehub.com/portal/?tab=openOpportunities.
Submissions must be posted to the Clay County Utility Authority Bonfire
Procurement Portal located at https://clayutility.bonfirehub.com. (hardco-
pies will not be accepted).
Clay County Utility Authority "CCUA" is requesting proposals from quali-
fied firms to provide Retirement Plan Fiduciary Consultant Services for
Section 457(b)and Section 401(a).
A Pre-Proposal meeting will be held virtually on Tuesday, August 10,2021,
at 9:00 AM,EDT at the following location:
RFP#20/21-A15 Retirement Plan Fiduciary Consulting Services Tue,Aug 10,
2021,9:00 AM-10:00 AM (EDT) Please ioin my meeting from your comput-
er, tablet or smartphone. https://global.gotomeeting.com/ioin/295755237 You
can also dial in using your phone. United States: +1 (872) 240-3412 Access
Code: 295-755-237 Join from a video-conferencing room or system. Dial in or
type: 67.217.95.2 or inroomlink.goto.com Meeting ID: 295 755 237 Or dial di-
rectly: 295755237@67.217.95.2 or 67.217.95.2##295755237 All questions or con-
cerns regarding this Solicitation must be submitted on the CCUA Bonfire
Procurement portal https://clayutility.bonfirehub.com prior to 12:00 PM
(EST) on Thursday, August 19,2021. Late questions may be answered at the
discretion of CCUA. All responses to questions will be uploaded to the Por-
to tal and issued in an Addendum on Thursday,August 26,2021.
The AUTHORITY reserves the right to change the time and date of the pre-
Bid meeting, to change the Bid due date and time, to waive formalities in
any Bid,to reiect any or all Bids with or without cause, and/or to accept the
Bid or any portion thereof that, in the AUTHORITY'S sole and absolute
judgment,will be in the best interest of the AUTHORITY.
Run Date Product Placement Rate Sched Cst Disc/Prem Color Pickup Tax Subtotal
08/04/2021 JV Times-Union JV Legals $15.18 per Inch $139.15 $0.00 $0.00 $0.00 $0.00 $139.15
PRE-PROPOSAL MEETING SIGN IN SHEET
RETIREMENT PLAN FIDUCIARY CONSULTING SERVICES
CCUA Bid No. 20/21-A15
Date: August 10, 2021
Name Company Email/Phone Number
Angelia Wilso Clay County Utility Authority awilsonr7a•clayutlity.org/ 904-213-2447
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PROPOSAL CLOSING MEETING SIGN IN SHEET
RETIREMENT PLAN FIDUCIARY CONSULTING SERVICES
CCUA Bid No. 20/21-A15
Date: September 9, 2021
Name Company Email/Phone Number
Angelia Wilson Clay County Utility Authority awdson(a�clavutilitv.orq/ 904-213-2447
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RFP# 2021/2022-A08 - Retirement Plan Fiduciary Consulting Services
Scoring Summary
Active Submissions
Drug Free Non-Disclosure Portfolio
Minimum Minimum Minimum Minimum Minimum Acknowledgement Litigation Disclosure Non-Collusion Agreement for Public Entities Public Records Background and Evaluation/Reportin Approach to Price Proposal/Fee
Total Qualification Qualification Qualification Qualification Qualification of Addenda Conflict of Interest Workplace Form Affidavit Confidential Crime Statement Compliance Qualifications g and Participant Delivery Services Structure
Compliance Form Materials Education
Supplier /100 pts Pass/Fail Pass/Fail Pass/Fail Pass/Fail Pass/Fail Pass/Fail Pass/Fail Pass/Fail Pass/Fail Pass/Fail Pass/Fail Pass/Fail Pass/Fail /20 pts /35 pts /20 pts /25 pts
SageView Advisory
Group-W.Palm 85.6 Pass Pass Pass Pass Pass Pass Pass Pass Pass Pass Pass Pass Pass 18 32.8 18.8 16
Beach,FL
Bolton Partners
Investment Consulting 72.8 Pass Pass Pass Pass Pass Pass Pass Pass Pass Pass Pass Pass Pass 11.6 23.4 13.8 24
Group,Inc.
NFP Retirement,Inc. 71.8 Pass Pass Pass Pass Pass Pass Pass Pass Pass Pass Pass Pass Pass 13.8 30 18.4 9.6
BCA Investment 70.2 Pass Pass Pass Pass Pass Pass Pass Pass Pass Pass Pass Pass Pass 13.8 22 12.2 22.2
Advisors
Retirement Plan 66 Pass Pass Pass Pass Pass Pass Pass Pass Pass Pass Pass Pass Pass 15.2 25.8 16 9
Advisors
Innovest Portfolio 62.4 Pass Pass Pass Pass Pass Pass Pass Pass Pass Pass Pass Pass Pass 12.6 25.8 13.4 10.6
Solutions,LLC
Generated on Jun 02,2022 4:18 PM EDT-Angelia Wilson
Page 1 of1
Jeff Wesselman
From: Angelia Wilson
Sent: Wednesday,June 29, 2022 4:11 PM
To: Jeff Wesselman
Subject: Fwd: Legal Updates for Procurement
Sent from my iPhone
Begin forwarded message:
From:Angelia Wilson<awilson@clayutility.org>
Date:June 24,2022 at 9:26:00 AM EDT
To:"Hayes,Jamie"<jamie.hayes@nfp.com>
Subject: RE: Legal Updates for Procurement
Good Morning Jamie,
I have received your email and I will refer this to our Attorney.
Thanks,
to Angelia C. Wilson M 904-484-8035
Procurement Manager P 904 213 2447
E awilson@clayutility.org
gyp. couy1)''.‘
Clay County Utility Authority
3176 Old Jennings Road
•
Middleburg, Florida 32068
��TYq�1H� www.clayutility.org
From: Hayes,Jamie <jamie.hayes@nfp.com>
Sent: Friday,June 24, 2022 8:47 AM
To:Angelia Wilson <awilson@clayutility.org>
Subject: Legal Updates for Procurement
This Message Is From an External Sender
This message came from outside your organization.
Hi Angelia,
1
Happy Friday! We know that legal updates are very important to your organization when engaging
partners. I thought you might want to be aware that Sageview has been sued recently over trade-secret
misappropriation, breach of confidentiality, and defamation (Sequoia Benefits& Ins. Servs.v. Sageview
Advisory Grp., No. 20-8089 WHA I Casetext Search +Citator). More importantly, plaintiff's counsel
reserved the right to name them as a defendant in a client's lawsuit
(McCoolvArdentHealthServicesComplaint.pdf(si-interactive.s3.amazonaws.com)). There was a more
recent lawsuit brought upon them that hit the wires this month that you might find material as well.
Best,
Jamie Hayes, CPFA, C(k)P°, AIF®
Senior Vice President
Retirement
1060 Maitland Center Commons I Suite 360 I Maitland, FL 32751
Direct:407.815.5617 I M:407-310-8507 I F:407.740.6113 I jamie.hayes(a�nfp.coml NFP.com
*02\9
NPp RS
P\1\5
• NFP
WELLCENTS CLICK
HAS ARRIVED! HERE e..
• FINANCIAL WELLNESS ASSESSMENT •
• GROUP EDUCATION WORKSHOPS •
• ONE ON ONE MEETINGS •
• CUSTOMIZED ACTION PLAN •
• EMPLOYER REPORTING
• EXTENSIVE RESOURCE CENTER •
Investment advisory services may be offered through NFP Retirement, Inc. or its subsidiary Fiduciary First,LLC,affiliated
companies of NFP Corp. (NFP).
This e-mail may contain information that is privileged, confidential or protected under state or federal
law. If you are not an intended recipient of this email, please delete it, notify the sender immediately,
and do not copy, use or disseminate any information in the e-mail. Any tax advice in this email may not
be used to avoid any penalties imposed under U.S. tax laws. E-mail sent to or from this e-mail address
may be monitored, reviewed and archived.
2