R11-0151 RESOLUTION NO. R1I- 0!6
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3 A RESOLUTION OF THE CITY COMMISSION OF THE CITY
4 OF BOYNTON BEACH, FLORIDA, APPROVING AND
5 AUTHORIZING THE CITY MANAGER TO EXECUTE AN
6 AGREEMENT WITH SAGEVIEW ADVISORY GROUP, INC., TO
7 PERFORM A NO -COST CONSULTING PROGRAM TO REVIEW
8 THE 457B PLATFORMS OF NATIONWIDE AND ICMA; AND
9 ; PROVIDING AN EFFECTIVE DATE.
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12 WHEREAS, Willis Retirement Services (SageView Advisory Group) is proposing
13 to review, at no cost to the City, the City's 457b plans and provide feedback on investments
14 offered to employees as well as the fees charged to participants and the City; and
15 WHEREAS, upon recommendation of staff, the City Commission has determined
16 that it is in the best interests of the residents of the City to enter into a no -cost Agreement
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with SageView Advisory Group, Inc., to perform a complimentary review of the current plan
costs and investments offered in the ICMA and Nationwide 457b platforms for employee
retirement savings plans.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF
THE CITY OF BOYNTON BEACH, FLORIDA, THAT:
Section 1. The foregoing "Whereas" clauses are hereby ratified and confirmed as
23 ' being true and correct and are hereby made a specific part of this Resolution upon adoption
24 hereof.
25 Section 2. The City Commission hereby approves and authorizes the City
26 Manager to enter into a no -cost Agreement with SageView Advisory Group, Inc., to perform
27 I a complimentary review of the current plan costs and investments offered in the ICMA and
28 Nationwide 457b platforms for employee retirement savings plans, a copy of the Agreement
29 is attached hereto as "Exhibit A."
SACA \RESO\Agreements \Reso - SageView Consulting (457 plan).doc
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Section 3. This Resolution shall become effective immediately upon passage.
A
PASSED AND ADOPTED this /5 day of February, 2011.
CITY OF BOYNTON BEACH, FLORIDA
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Vi"- 9Maygf -- ,Marlene Ross
my,:` sioner — William Orlove
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Ja et M. Prainito, MMC
ity Clerk
S: \CA \RESO\Agreements \Reso - SageView Consulting (457 plan) doc
Rit -015
This agreement ( "Agreement") is entered into this day of 2010, by and between SageView Advisory
Group, Inc., ( "SageView "), having its principal offices at 2010 Main Street, Suite 1220, Irvine, CA 92614, (hereinafter the
"Consultant ") and The City of Boynton Beach, having its principal offices at 100 E. Boynton Beach Blvd, Boynton Beach,
FL 33435 (hereinafter the "Client ") .
SCOPE OF SERVICES
• Review the 457b platforms of Nationwide & ICMA.
• Evaluate the investments offered under each provider
• Review plan costs associated with each provider
PROFESSIONAL FEES
a. SageView will perform these services at no cost to the City of Boynton Beach or the Plan.
EXPENSES
SageView shall bear the cost of all expenses associated with fulfilling its obligations hereunder,
EFFECTIVE DATE AND TERM OF AGREEMENT
This Agreement shall become effective upon execution and terminate after 6 months or upon completion of the project.
This agreement may be cancelled by either party with 30 days written notice.
BOOKS AND RECORDS
Client is entitled to copies of reports and /or documents relating to its account. However, SageView will not retain files
(other than contracts) for more than five years.
GOVERNING LAW
This Agreement shall be governed by and construed in accordance with the laws of the State of Florida applicable to
agreements executed and to be performed entirely within Florida, without regard to its conflicts of law provisions. While
performing services on site, SageView, and all of its employees, agree to abide by and comply with Client's safety and
security policies, as well as Client's code of conduct.
All services performed by SageView will be conducted by experienced workers, and will be performed in a diligent and
professional manner. All services will conform to the provisions of this agreement.
MISCELLANEOUS
This Agreement contains the entire understanding of the parties with respect to the subject matter contained herein,
superseding all prior agreements, understandings and negotiations with respect to such matters. This Agreement may
be modified or otherwise amended and the observance of any term of this Agreement may be waived, only if such
modification, amendment or waiver is in writing and signed by the party agreeing to the modification. This Agreement
shall be binding upon and inure to the benefit of the parties' respective successors. Neither party shall have any liability
for any failure or delay in performance of its obligations under this Agreement because of circumstances beyond its
reasonable control, including without limitation, acts of God, fires, floods, earthquakes, acts of war or terrorism, civil
disturbances, sabotage, accidents, unusually severe weather, governmental actions, power failures, computer /network
viruses that are not preventable through generally available retail products, catastrophic hardware failures or attacks on
its server.
CONFIDENTIAL INFORMATION
SageView will preserve as confidential all information pertaining to Client's accounts, and shall only disclose such
information after receiving Client's written permission to disclose. SageView will not use Client's account information for
any purpose other than services disclosed under this agreement.
EXECUTION
If the terms of this Agreement are acceptable to Client, and the above services are in accordance with your
understanding, please sign and return the Agreement to SageView Advisory Group. SageView will send you a fully
executed copy promptly.
SageView appreciates this opportunity to serve Client, under SageView's Consulting Program pursuant to this
agreement, and will strive to provide you quality service,
SageView Advisory Group, Inc. is a Registered Investment Advisor, registered with the Securities and Exchange
Commission. Client will receive an updated copy of the form ADV, Part II. Client has the ability to cancel this agreement
within 5 days of its execution.
IN WITNESS WHEREOF, the parties have hereunto executed this Agreement as of the date first written above.
By:
Randy Long
Chief Executive Officer
SageView Advisory Group, Inc,
Date;
ACCEPTED AND AGREED:
By: Date:
APPROVED AS TO FORM:
.. .. _ CITY ATTORNO
CITY CLERK'S OFFICE
MEMORANDUM
TO:
FROM:
DATE:
RE:
Sharyn Goebelt
Director, Human Resources
Janet M. Prainito
City Clerk
February 16, 2011
RI1 -015 SageView Advisory Group Inc. Consulting Program &
Agreement
Attached for your handling are 3 originals of the agreement mentioned above. Once
the documents have been executed, please return the originals to the City Clerk's Office
for final execution.
Attachments
CC: Central File
S:\CC'\WP\AFTER COMMISSION\Departmental Transmittals\2011\Sharyn Goebelt-R11-015.doc