Title
Resolution to enter into a contract with Gallagher Benefits Services Inc, Chicago, Illinois, for retirement plan consulting services for Lake County in an amount not to exceed $60,000 annually.
Staff Summary
* Lake County (County) offers a 457(b) tax-exempt savings benefit/deferred compensation plan to employees. All assets of the plan are employee contributions with no match or supplemental funding from the County. The County contracts with Nationwide as its vendor.
* Nationwide has informed the County that assets in the 457(b) have reached a point where the County is no longer eligible for automatic fund options provided by Nationwide from which employees may choose. Instead, the County must create an Investment Policy Statement (IPS), committing its plan governance to a written, disciplined investment-decision process as the first line of protection against potential fiduciary liability.
* A Request for Proposal (RFP) was extended to 33 vendors, sealed proposals were received from 11 vendors, and interviews were held with three firms.
* Based on the criteria set forth in the RFP, an interdepartmental evaluation committee, comprised of representatives from Human Resources, Finance and Administrative Services, Treasurer's Office, and the State's Attorney's Office, selected Gallagher Benefits Services Inc, Chicago, Illinois, as the most favorable proposal.
* The retirement plan consulting services will be paid for by Nationwide as part of the plan contributions and will be managed by the Human Resources Department.
* The initial term of the contract will be for a two-year period with three optional one year renewals in an amount not to exceed $60,000 annually.
Body
RESOLUTION
WHEREAS, in accordance with Section 5-102 of the Lake County Purchasing Ordinance, proposals were called for by publication for retirement plan consulting services for Lake County; and
WHEREAS, subsequent to said publication, requests for proposals were Extended to 33 vendors;...
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