HomeMy WebLinkAboutBENEFIT FINANCIAL SERVICES GROUP, LLC (BFSG)INSURANCE ON FILE A-2023-166
WORK MAY PROCEED
UNI I RMCEEXPIRES
CITY CLERK
DATE:
FIRST AMENDMENT TO AGREEMENT TO PROVIDE INDEPENDENT
0 • n not 11c - (PINVESTMENT ADVISORY SERVICES PERTAINING TO THE CITY'S
fA 457 DEFERRED COMPENSATION PLAN
`M THIS FIRST AMENDMENT to the above -referenced agreement is entered into on August 29,
2023, by and between Benefit Financial Services Group, LLC, a California Limited Liability
Corporation and SEC registered investment advisor and wholly -owned, indirect subsidiary of
co Focus Financial Partners ("BFSG" or "Consultant") and the City of Santa Ana, a charter city and
0
municipal corporation organized and existing under the Constitution and laws of the State of
o California ("City").
RECITALS
A. The parties entered into Agreement No. A-2019-037, dated February 19, 2019, by which
Consultant agreed to provide services regarding the monitoring of investments and providing
independent investment advice pertaining to the City's 457 Deferred Compensation Plan
("Plan") to assist the City's Plan Administrative and Investment Committee with oversight of
the Plan ("Agreement").
B. The Agreement remains in effect through December 31, 2024, following the City's exercise of
its option under the Agreement to extend the initial term of the Agreement for one (1)
additional two (2) year period. The Agreement is current and in -effect.
C. The parties now wish to amend and augment the Scope of Services set forth in the Agreement.
No other changes, including any extensions of the Agreement, are contemplated by this
Amendment.
The Parties therefore agree:
Section 1, Scope of Services, is hereby amended to include the following language:
Additionally, Consultant will offer financial planning and consulting services, as well as those
services described in Exhibit A-1, which is attached hereto and incorporated herein by
reference ("Outside Investment Services") directly to Plan Participants (or City Employees) at
no additional cost to the City. Plan Participants maintain the option to elect and/or request
such Outside Investment Services from Consultant, and any such agreements for Outside
Investment Services shall be entered into between the Plan Participant and Consultant only,
and the City shall not be interpreted or implied, in any manner, to be a party to said agreements
for Outside Investment Services. As a registered investment advisor, Consultant is an
independent fiduciary firm that is legally bound to exercise its fundamental obligation to act
and/or advise in the best interests of its clients.
2. Consultant agrees that it has not provided any of the Outside Investment Services detailed
above and will not begin any Outside Investment Services prior to the effective date provided
herein.
3. Except as modified by this Amendment, all terms and conditions of the Agreement shall remain
in full force and effect.
Page l of 2
City Council 16 — 3 8/29/2023
A-2023-166
SIGNATURE PAGE FOR FIRST AMENDMENT TO AGREEMENT TO PROVIDE
INDEPENDENT INVESTMENT ADVISORY SERVICES PERTAINING TO THE
CITY'S 457 DEFERRED COMPENSATION PLAN
IN WITNESS WHEREOF, the parties hereto have executed this First Amendment to the
Agreement on the date and year first written above.
♦ mmTrnm
APPROVED AS TO FORM
Sonia R. Carvalho
City Attorney
B
JONATHAN T. INEZ
Assistant City Attorney
FOR APPROVAL
KATHRYN DOWNS
Executive Director
Finance & Management Services Agency
CITY OF SANTA ANA
KRISTINE RIDGE
City Manager
CONSULTANT
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By.P&j 2vjcUX-
Title: V-F` 7rGcd{ �0.
Page 2 of 2
City Council 16 — 4 8/29/2023
CVUIQIT
Addressing the needs of retirement plan participants by giving
them the tools to take action to secure their financial future
Why ®fferPlanning Services?
Keeping costs low and having prudent
investment options can only get your
participants so far. Many participants
need help answering the basic
questions, like:
• Am I saving enough to retire when
I'm ready?
• Should I contribute to a Roth?
• Have I allocated my account
properly?
• What does my entire financial picture
look like?
That is why we developed Personal
Financial Strategies (PFS). To help
participants answer their personal
questions and provide them with an
action plan customized to their needs
and goals.
What The PFS Program Offers
Identify financial goals and
objectives
11 Assist with establishing a budget
rM Develop and understand full
financial picture
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Create a customized action
plan with recommendations
' on savings rate and portfolio
allocation
• Advice provided in a fiduciary capacity.
• Will not solicit assets to leavethe
retirement plan.
• Do not sell products or receive any
commissions.
• Program offered through our team of
Certified Financial Planners''
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