DATE: _2004

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DATE: _2004

  1. 1. Addendum #1 RFP 04-701 Consulting Services August 6, 2004 ________________________________________________________________________ Please note the following changes which have been made for clarification to this Invitation For Sealed Bid. This addendum must be listed included with your proposal package to be eligible for consideration of award. _______________________________________________________________________ Can you provide us with a list of your current managers? This will help us gauge the extent of work needed in the first year if in our opinion some of those managers need to be replaced with better choices. Large Cap (Domestic) Equity – Lotsoff Capital and State Street Small Cap (Domestic) Equity – Ark Asset Management and Westcap Investors International Equity – BGI Index, Templeton Foreign & Vanguard International Fixed Income – BGI US Debt Index and Seix Investment Advisors Real Estate – J.P. Morgan Real Estate Cash (Contribution Account) - Bank One Group Money Market Account 1. Why is the fund conducting a search for an investment consultant? It is the Trustees fiduciary responsibility to check the market to ensure the fund is receiving the best service at the best price. 2. How many consulting firms received RFPs in this process? A minimum of fifteen 3. Has a budget or maximum fee level for the investment consultant’s retainer fee been established? No 4. If so, what is the budgeted amount? Not applicable 5. The RFP contemplates quarterly meetings and a one-day educational seminar in January. Is the seminar held in conjunction with a quarterly meeting or is it held separately? Are there other meetings in a “normal” year that the MERP’s investment consultant would be expected to attend? The trustee education is separate from the quarterly presentations. In the event there is a manager search, the consultant would be expected to attend the interviews. 6. The RFP states that travel expenses will not be reimbursed. Does this include investment manager due diligence visits made by the consultant at the request of the MERP? The MERP has yet to ask its consultant to make a due diligence visit. It is expected due diligence visits is a normal function the consultant performs on a regular basis. Page 1 of 23
  2. 2. 7. The fund presently has 8% of assets invested in real estate. In what type of vehicle(s) are these investments held, i.e., direct property ownership, commingled funds, or limited partnerships? Please explain. We participate in the J.P. Morgan Commingled fund Page 2 of 23
  3. 3. INVITATION FOR SEALED PROPOSAL RFP 04-701 Description: Consulting Services Department: MERP NIGP Commodity Code(s): 918-49-00-000-0 Note: Faxing of Proposal Not Accepted Important Instruction – Read Carefully: If you have obtained these bid specifications from either of: City of Tulsa's Fax-on-Demand (918-596-1171) or City of Tulsa's Website : http://www.cityoftulsapurchasing.org/ you must notify the buyer Patricia Cummings of your intent to bid by e-mail at pcummings@ci.tulsa.ok.us in order to receive addenda. The buyer will always acknowledge your e-mail for your records. All addenda will be posted on fax-on-demand and the website. Page 3 of 23
  4. 4. TABLE OF CONTENTS Pay special attention to those pages with a reference to the following notes: Note #1: Signature of authorized agent required Note #2: Signature of an authorized agent and notarized required Table of Contents 2 Invitation for Sealed Proposal ( Note #1 ) 3 Interest Affidavit ( Note #2 ) 4 Bidder Affidavit ( Note #2 ) 5 Contractor Information Sheet 6 Price Summary 7 Specifications 8-10 Attachment I 11-18 Attachment II 19 Your bid response should follow the same format listed above plus any additional format requested in the body of the bid invitation. Page 4 of 23
  5. 5. INVITATION FOR SEALED PROPOSAL TO City of Tulsa 200 CIVIC CENTER, ROOM 109, TULSA, OKLAHOMA 74103 Bid number and date of bid opening must appear on the lower left outside corner of bid envelopes and all related containers. DATE OF OPENING: August 19, 2004 BID NUMBER: RFP 04-701 BID MUST BE IN THE CITY CLERK'S OFFICE AT THE ABOVE ADDRESS BY 5:00 P.M. THE DAY PRECEDING THE "DATE OF OPENING" SHOWN ABOVE. BIDS WILL BE OPENED AT 8:30 A.M. IN THE CITY COUNCIL ROOM ON THE DAY SPECIFIED UNDER "DATE OF OPENING." PUBLISHED IN THE TULSA DAILY COMMERCE AND LEGAL NEWS: ____July 21, 2004_____________ Bid must be accompanied by bidder’s bond, cashier’s check or certified check in the amount of:____NONE__________ _________________________________________________________________________________________________ PLEASE READ TERMS AND CONDITIONS ON THE NEXT PAGE BEFORE COMPLETING BID DOCUMENTS __________________________________________________________________________________ *************** THE FOLLOWING SECTION MUST BE COMPLETED BY BIDDER *************** Enclosed is a [ ] BID BOND ; [ ]CASHIER’S CHECK; [ ] Certified Check in the amount of $____-0-________________, which I agree the City of Tulsa may retain as liquidated damages in the event of my failure to comply with the terms of this bid. MUST BE SIGNED BY AUTHORIZED AGENT TO BE VALID FIRM NAME _____________________________________________________________ by ___________________________________________________ SIGNATURE OF AUTHORIZED AGENT STREET ________________________________________________________________ TITLE ________________________________________________ CITY STATE________________________________ZIP CODE______________PHONE NUMBER_________________________DATE_______________ Page 5 of 23
  6. 6. INTEREST AFFIDAVIT STATE OF ________ } } ss COUNTY OF _______ } ________________________________________, of lawful age, being first duly sworn, states that s(he) is the agent authorized by the bidder to submit the attached bid. Affiant further states that no officer or employee of the City of Tulsa either directly or indirectly, owns a twenty-five percent (25%) interest in the bidder's business or such a percentage which constitutes a controlling interest. Affiant further states that the following officers and/or employees of the City of Tulsa have some direct or indirect interest in the bidder's business: ________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________ By___________________________________ (Signature) ____________________________________ (Title) Subscribed and sworn to before me this ________day of ______________, 20_____. ________________________________ NOTARY PUBLIC SIGNATURE My Commission Expires: ______________________ The Interest Affidavit must be completed, signed by an authorized agent, and notarized. Page 6 of 23
  7. 7. BIDDER AFFIDAVIT - TITLE 74 O.S. (1974 SUPP.) 85.22-85.25 STATE OF ________________ COUNTY OF ____________________ _____________________, of lawful age, being first duly sworn on oath says Authorized Agent 1. (s)he is the duly authorized agent of _________________________________________, the bidder submitting the competitive bid which is attached to this statement, for the purpose of certifying the facts pertaining to the existence of collusion among bidders and between bidders and municipal officials or employees, as well as facts pertaining to the giving or offering of things of value to government personnel in return for special consideration in the letting of any contract pursuant to the bid to which this statement is attached. 2. (s)he is fully aware of the facts and circumstances surrounding the making of the bid to which this statement is attached and has been personally and directly involved in the proceedings leading to the submission of such bid; and 3. neither the bidder nor anyone subject to the bidder's direction or control has been a party; a. to any collusion among bidders in restraint of freedom of competition by agreement to bid at a fixed price or to refrain from bidding, b. to any collusion with any municipal official or employee as to quantity, quality or price in the prospective contract, or as to any other terms of such prospective contract, nor c. in any discussions between bidders and any municipal official concerning exchange of money or other thing of value for special consideration in the letting of a contract. ____________________________________________________________________ SIGNATURE OF AUTHORIZED AGENT ____________________________________________________________________________________ Subscribed and sworn to before me this _________day of ______________, 20______. _____________________________________________ __________________________ Signature of Notary Public MY COMMISSION EXPIRES The Bidder Affidavit must be completed, signed by an authorized agent, and notarized. Page 7 of 23
  8. 8. Project No. or Description _______________________________ ______________________________ Full Name of Bidder _______________________________ Legal Identity _______________________________ (Corporation, Partnership, Individual, etc.) Address _______________________________ _______________________________ Telephone No. _______________________________ FAX No. _______________________________ Taxpayer Identification Number _______________________________ Contact Person _______________________________ Phone No. _______________________________ Fax No. _______________________________ E-mail address _____________________________ Webpage Address _____________________________ Page 8 of 23
  9. 9. RFP 04-701 MUNICIPAL EMPLOYEES' RETIREMENT PLAN ("MERP") PERFORMANCE EVALUATION AND CONSULTING SERVICES The Municipal Employees' Retirement Plan Board (herein called "the Board") is requesting proposals from qualified firms for investment consulting services in connection with its defined benefit plan. The object of the consulting firm will be to assist the Board of Trustees, in developing and carrying out investment policies that are designed to ensure sufficient assets are available to meet current and future benefit obligations. You are invited to submit a proposal to the City of Tulsa, Municipal Employees' Retirement Plan Board, Oklahoma, in accordance with the terms, conditions, and instructions as set forth in this Request for Proposal. No commissions or brokerage fees will be paid by the Board in the selection or employment of a consultant. PROPOSAL REQUIREMENTS 1. The firm and its personnel who will be servicing the account must have a minimum of five (5) years practical experience in performance evaluation and consulting. The firm must also have five (5) years practical experience in preparing RFP's and evaluating custodial and investment manager searches. 2. Each proposal package must be sealed and include fifteen (15) copies of the completed proposal. All proposals must be received by 5:00 p.m. on August 18, 2004, and should be addressed as follows: Deputy City Clerk Attn: Ms. Dana Burks 200 Civic Center City Hall, Room 109 Tulsa, Oklahoma 74103 3. Late proposals will be returned unopened. 4. Your response must include: < a copy of your standard contract, < the latest Financial Report of Your Firm < the completed Interest Affidavit, < the completed Bidder Affidavit, < the completed "MERP" Questionnaire, Attachment #1 < the completed Pricing Page, Attachment #2, If these items are not included with the returned response, your proposal will not be accepted for review. PAGE 9
  10. 10. 5. All proposals submitted shall be made on behalf of a company licensed to do business in the State of Oklahoma. An authorized officer or agent of the organization shall sign all proposals. 6. All terms and conditions within the proposal must remain in effect until at least January 1, 2005 to allow sufficient review, negotiation and approval time by the Board. 7. In an effort to clarify any issues in this Request for Proposal the MERP will respond only to questions that are presented in writing via U.S. or electronic mail or by facsimile. Questions received after July 29, 2004 will not be answered. These questions will be consolidated into a single Q & A document and distributed to all proposers. Please submit questions to: Mailing Address: Patricia Cummings City of Tulsa 200 Civic Center, Room 802 Tulsa, OK 74103 Office: 918/596-7561 Facsimile: 918/699-3021 E-Mail Address pcummings@ci.tulsa.ok.us 8. The agreement will between the MERP Board and the vendor. The term of the agreement will be January 1, 2005 through December 31, 2005, with four (4) one-year renewal options. 9. Proposers are required to answer all questions contained within this request for proposal. Deviations, omissions, or substitutions may invalidate the proposal. The Board may request clarification of any portion of the proposal. It is each proposer’s responsibility to verify the proposal before submission, as requests for amendments to proposals will not be permitted. 10. The proposer agrees to indemnify, defend and save harmless the MERP and the City of Tulsa, its officers, employees and agents from and against all losses, costs and expenses, including attorney fees, claims, suits and judgments, whatsoever, in connection with injury to or death from any person or persons or loss or damage to property resulting from, any and all operations performed by the proposer, its officers, employees and agents under any of the terms of any agreement which may result from acceptance of a proposal. 11. It is understood that the information and any accompanying data in this proposal are for the purpose of obtaining proposals and do not necessarily constitute an order for placement for services. PAGE 10
  11. 11. 12. All expenses for mailing proposals are to be borne by the proposer. The proposals will become the property of the Board. Proposers may be asked to make a presentation before the Board if selected as a finalist and none of the costs associated with this presentation will be reimbursed by the MERP. 13. The Board reserves the right to make an on-site visit to confirm the proposer’s responses to this Request for Proposal. 14. All applicable laws and regulations of the United States of America, State of Oklahoma, and the Charter, Ordinances and Regulations of the City of Tulsa will apply to any resulting agreement. IMPORTANT The final approval of the selected provider will be subject to the final determination of the Municipal Employees’ Retirement Plan Board and will be contingent on the successful completion of a contract between the Board and the successful proposer. Contracts governed by the laws of the State of Oklahoma are strongly preferred. AWARD OF CONTRACT 1. Authority of the Board. The Board shall have the authority to award contracts within the purview of this chapter. 2. Contracts shall be awarded to the proposer meeting the specifications. In addition to price, the following factors shall be considered. a. the ability, capacity, and skill of the proposer to perform the contract or provide the service required; b. whether the proposer can perform the contract or provide the service promptly or within the time specified, without delay or interference; c. the character, integrity, reputation, judgement, experience, and efficiency of the proposer; d. the quality of performance of previous contracts or services; e. the previous and existing compliance by the proposer with laws and ordinances relating to the contract or service; f. the sufficiency of the financial resources and ability of the proposer to perform the contract or provide the service; g. the quality, availability and adaptability of the supplies or contractual services to the particular use required; h. the ability of the proposer to provide future maintenance and service PAGE 11
  12. 12. for the use of the subject of the contract; and, i. the number and scope of conditions attached to the proposal. 3. The Board reserves the right to refuse any and all proposals. BACKGROUND INFORMATION 1. The Board is charged with the investment of approximately $310 million in pension assets. The fund services approximately 2,700 active and 1,189 retired participants. The Fund's authorization is Exhibit "A" TRUST AGREEMENT FOR THE MUNICIPAL EMPLOYEES' RETIREMENT PLAN of Title 28 of the Ordinances of the City of Tulsa. 2. The Board is made up of seven (7) members appointed by the Mayor and meets monthly. The Fund has a staff of 2 which is supervised by the Manager of Insurance and Retirement Services. 3. The strategic asset allocation as of March 31, 2004 is as follows: Domestic Fixed Cash Real International Equity Income Equivalents Estate Equities TARGET 33-47% 32-42% 1-3% 6-10% 10-15% ALLOCATION ACTUAL 43% 33% 1% 8% 15% ALLOCATION 4. The actuarial report as of January 1, 2004 showed that the plan is 102% funded based on an assumed interest rate of 8%. 5. The Fund currently uses ten investment managers. One manager has both an international equity and a fixed income fund. 6. The current Performance Evaluation and Consulting Service fee arrangement is a flat rate of $57,800.00 per year. 7. A copy of the Board's current “Investment Policy Guidelines and Objectives Statement” is available on request. PAGE 12
  13. 13. SCOPE OF WORK The Board is seeking the services of an Investment Management Consultant for its $310 million pension fund to assist it on an on-going basis in the selection, monitoring and evaluation of its investment managers and programs. Services are to include, but are not limited to, the following: 1. CONSULTANT'S SERVICES - The continuing and ongoing consulting services relative to performance evaluation of the investment advisor(s) which are sought by the Board. a. Investment Objective and Policy Statements – Review the investment statement of policy, guidelines and goals for the MERP. This document details the priorities, investment alternatives and acceptable asset classes while providing specifications for investment quality, liquidity and risk. Time horizons and minimum performance objectives should also be reviewed. The consultant will conduct an annual review of the document and recommend relevant changes. b. Asset/Liability Evaluation - Consultant will annually relate the requirements of the fund (cash flows, contributions and disbursements based on annual actuarial valuation and assumptions) to the asset allocation and investment manager selection decisions. c. Portfolio Construction - Based on the agreed upon investment objectives, guidelines and policies, provide recommendations on the appropriate asset mix for the MERP. Some of the factors which will be considered are cash flow forecasts, estimates of asset class investment returns and inflation, potential changes in benefit structure and/or actuarial assumptions, risk and comparison to other similar pension funds. d. Investment Manager/Custodial Services and other related Searches and Selections - After expression by the Board of the need to initiate the search and selection process, Consultant shall develop and recommend suitable criteria to be utilized in selection of an investment manager. The criteria will include organizational and investment approach characteristics plus determination of type of manager needed, i.e. Equity Specialist, Balanced Manager, etc.. Consultant shall conduct the initial screening process including individual interviews. Consultant will present three to six finalists to the Board. Consultant will provide comprehensive and qualitative evaluation assistance in the final selection process. e. Training and Development - Consultant will conduct each January a full day training session for new and current Board members. The training session will be conducted locally and at the consultant’s expense. Included will be familiarization with current terms and investment methodology. Consultant will supply Board members with supplementary investment informational materials on a selective basis. Consultant will keep the Board abreast of important economic and PAGE 13
  14. 14. financial developments, to include any financial and/or fiduciary impact to the MERP. f. Performance Evaluation and Reporting - In-depth investment monitoring service which includes quarterly consulting visits focusing on such topics as defining performance. The consultant shall provide written quarterly investment reports including but not limited to, an analysis of investment by manager and asset class/subclass, identifying performance for quarter, year, three and five year periods, with any attributing factors regarding investment performance. The consultant shall also provide a narrative report detailing conclusions and any actions necessary to address any problems or developments. The reports will compare the investment performance of the MERP with a universe of public funds of comparable size with similar investment objectives and restrictions and also to appropriate national indices. Special reports may be required from time to time regarding events or developments that could or did materially affect the fund. g. Meetings – The consultant will attend quarterly investment meetings of the Board and any special meeting as may be requested by the Board and present required or relevant reports and information. Consultant shall personally present the quarterly investment reports to the Board. PERIOD OF CONTRACT It is vitally important that the Board be able to accurately budget the future costs of the Retirement Plan. Therefore, the Board is looking for preferably a five (5) year rate guarantee for Performance Evaluation and Consulting Services. The Board reserves the right to renew the contract for four (4) additional one-year periods following the initial contract period, renewable annually on consent of both parties involved, or to cancel with a thirty (30) day written notice. The initial contract shall be for the period January 1, 2005 through December 31, 2005. OTHER 1. Include as an addendum item a sample of your firm's standard reports. How soon are quarterly reports available after the end of each quarter? 2. Provide your annual fee schedule for 2005, 2006, 2007, 2008 and 2009 on the Pricing Page, Attachment #2. 3. All proposals received will be reviewed and evaluated by a committee appointed by the Board. The committee will recommend to the Board the proposals which most closely meet the requirements of the RFP and satisfy the requirements of the MERP. The final evaluation and selection will be made by the Board. The Board reserves the right to reject all proposals, or to negotiate separately with competing proposers. Finalists may be asked to make oral presentations to the Board or the selection committee of the Board. The consultant servicing the account will need to be present for the PAGE 14
  15. 15. interview. 4. The Board is not liable for any cost incurred by proposers prior to execution of a contract. PAGE 15
  16. 16. ATTACHMENT #1 MUNICIPAL EMPLOYEES' RETIREMENT PLAN ("MERP") QUESTIONNAIRE I. FIRM AND CONSULTANT 1. Provide your Company's address and telephone number and the name of the primary RFP contact person. 2. Give a brief history of your firm, including year of organization, current ownership and affiliations. Are ownership changes anticipated at this time? 3. Provide an organizational chart detailing the organizational structure as it relates to the parent, any subsidiaries, affiliates and/or joint ventures. 4. How many years your firm has provided consulting services to public pension plans? 5. How many public fund clients do you have? What are the total assets of this client set? 6. Is your firm a registered investment advisor with the SEC under the Investment Advisor's Act of 1940? If yes, provide a copy of the latest Form ADV Part II. 7. When was the last time your firm was audited by the SEC? What was the outcome of that audit? 8. Does your firm have a peer review program for consultants similar to that of auditors and actuaries? If so, please describe. 9. Please describe the level of coverage for errors and omissions insurance and any other fiduciary or professional liability insurance your firm carries. 10.Does your firm manage money or act as a broker dealer? Does your firm have a brokerage division or subsidiary that executes trades? Do you receive compensation directly or indirectly? What is the compensation received by the brokerage division or subsidiary for clients of the firm for each of the last five years? How do you prevent conflicts of interest? PAGE 16
  17. 17. 11.Detail any financial relationships which exist with affiliated or other organizations; e.g. brokerage firms, insurance companies, commercial banks, investment banking firms, money management firms, transition management firms, mutual fund companies, and any soft dollar relationships, etc. 12.For the most recent calendar year, provide the percent breakdown of revenues received from consulting services versus the different services provided by your firm. 13.Does the firm, its affiliates, or the ultimate parent of the firm accept soft dollars as a method of payment for services or referrals? If so, please provide detail. What are the fees? How do you prevent conflicts of interest? 14.Once a client’s consulting fees are paid in full for a given year, how are the additional commissions allocated? 15. Has any officer or principal of your organization been involved in litigation relating to consulting activities? If so, provide a brief explanation and indicate the current status of the proceedings. 16.Have there been any complaints filed against your firm with any State Regulatory Board, the Securities and Exchange Commission, the National Association of Securities Dealers, or any other investigating body? If so, provide a brief explanation and indicate current status. 17.Explain any potential for conflict your firm would have in servicing the MERP. 18.Describe any and all sources of direct or indirect fees, commissions or other remuneration for services other than investment consulting. 19.Describe your plans for managing the future growth of your firm. 20. List references for three public pension plans with assets equal to or over $200 million for whom you have provided primary consulting services. For each reference listed include name, address, telephone number and the name of the contact person. In addition, for each client referenced include the number of managers being monitored, fund diversification by asset class and the total number of dollars under management. PAGE 17
  18. 18. The Board may contact the references. PAGE 18
  19. 19. II. PERSONNEL 1. List the name and location of primary individual(s) who will be responsible for our account. Provide brief biographies including years in the industry and the years with your firm. Identify and explain the role of backup personnel. Provide a breakdown of all employees by department and/or function. How many clients are served by the individual(s) assigned to this account? 2. What policies are in effect to control the workload as it relates to the number of clients serviced by each manager? Are there limits on the number of clients assigned to consultants? If so, please provide the limit. 3. Does your firm act as a fiduciary when serving as a pension fund consultant? 4. Describe the turnover in key professional personnel in each of the last three years. Indicate the number of people lost in the Client relationship managers and key technical personnel categories. 5. Submit an organizational chart of your consulting unit. III. RELATED SERVICES 1. List all the standard services provided in a typical pension plan consulting and performance evaluation relationship. List special services that you have provided to meet other needs of your clients. 2. Briefly summarize your philosophy relating to the consultant's relationship with Board, staff and money managers. 3. Describe the services of your organization that distinguishes your firm from other consultants. 4. Indicate the approximate market value of your client's investments in various asset classes. 5. Describe your method of developing asset/liability modeling capability. 6. How many asset/liability studies did you perform in the last calendar year? How many asset allocation studies PAGE 19
  20. 20. (no interaction with the liabilities)? Describe the team that conducts the studies. 7. Describe your portfolio structure analysis. 8. Describe your transaction cost analysis. 9. Describe your investment style analysis. 10. Describe your experience and capabilities in conducting investment manager searches. How many searches were for clients with over $200 million in assets? How many different managers were recommended by you in each of the last two years in each asset category? 11. Describe your manager search process. IV. INVESTMENT POLICY 1. Describe your method for developing investment policy objectives for a diversified pension plan. 2. Comment on your process for analyzing a client's portfolio structure and for recommending modifications. 3. Describe the manner in which you assist Boards in monitoring investment policy, strategy and asset mix. V. ANALYTICS 1. Is your manager database proprietary or do you use an outside vendor? 2. Are managers assessed a fee to be included in the database? How do managers participate in the database? 3. Do you sell your investment manager database information? Do you receive any compensation directly or indirectly? How do you prevent conflicts of interest? 4. How many managers/advisors are tracked on your database? How many funds are tracked? How many years of usable data are in the database? Of the clients listed on the database please list the number of public fund clients tracked. Please specify the source of data and if simulated returns are included. PAGE 20
  21. 21. 5. Describe the investment manager information you have in your database. Describe your method of determining the style of managers. How do you monitor consistency of style? How often are managers in your database visited by your firm, reviewed, and the database updated? 6. Describe your approach to due diligence for evaluating money managers. 7. Do you provide a written summary of managers and total portfolio performance? 8. What asset categories are tracked in your performance measurement system? 9. Describe how performance is computed. Describe in detail the source and the size of the universe? What are the sizes of the funds which are to be compared? Specify the number of public funds over $200 million in assets. 10.Describe the flexibility available to customize reports. Does your system offer your clients on-line access to reports? Are there any interactive capabilities? 11.Briefly describe how a client would transition to your services. 12.Do you provide transaction cost analysis service? If so, describe your methodology. 13.Describe the methods and resources used for customizing and tracking benchmarks used to analyze and evaluate portfolio performance. 14.Does your firm have a website? If so, would the client be able to access for general investment information and research? Briefly describe the contents of the website. VI. REPORTING 1. Provide a list of all reports routinely provided a client. Include as an addendum item a sample of your firm's standard reports. 2. How soon are quarterly reports available after the end of each quarter? 3. Do you normally provide written narrative on managers’ performance, portfolio restructuring, investment guideline PAGE 21
  22. 22. discrepancies, style deviations or other areas? VII. PERIOD OF CONTRACT AND FEES It is vitally important that the Board be able to accurately budget the future costs of the Retirement Plan. Therefore, the Board is looking for a five year rate guarantee for Performance Evaluation and Consulting Services. The Board reserves the right to renew the contract for four (4) additional one-year periods following the initial contract period, renewable annually on consent of both parties involved, or to cancel with a thirty (30) day written notice. The initial contract shall be for the period January 1, 2005 through December 31, 2005, renewable through December 31, 2009. 1. Describe any and all of the direct or indirect fees, commissions or other remuneration for services. Note: No fees will be reimbursed for travel and out-of-pocket expenses. 2. Provide your fee schedule on the Pricing Page, Attachment #2 for: a) 2005 b) 2006 c) 2007 d) 2008 e) 2009 All proposals received from bidders will be reviewed and evaluated by a committee appointed by the Board of Trustees. The committee will recommend to the Board the proposals which most closely meet the requirements of the RFP and satisfy the requirements of the MERP. The final evaluation and selection will be made by the Board of Trustees. The Board reserves the right to reject all proposals, or to negotiate separately with competing bidders. Finalists may be asked to make oral presentations to the Board and/or the selection committee of the Board. The consultant servicing the account will need to be present for the interview. PAGE 22
  23. 23. ATTACHMENT 2 MUNICIPAL EMPLOYEES’ RETIREMENT PLAN (MERP) Performance Evaluation and Consulting Services Price Sheet Summary DATE: ____________________________________, 2004 VENDOR NAME: ________________________________ SIGNATURE: _________________________________ Annual Fee Schedule for: A. January 1, 2005 _______________ B. January 1, 2006 _______________ C. January 1, 2007 _______________ D. January 1, 2008 _______________ E. January 1, 2009 _______________ TOTAL 5-YEAR FEES: $__________________________ PAGE 23

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