Retirement Plan Consulting Proposal

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1 The City of Haines City, FL 620 E. Main St Haines City, FL Retirement Plan Consulting Proposal Presented: August 2014 Gregg Fine, PRP, AIF Area Vice President Gallagher Benefit Services, Inc NW 53rd Street Suite 600 Miami, FL Gallagher Benefit Services, Inc. GBS/NFP-CD(120272)(exp052015)

2 Executive Summary Thank you for your interest in Arthur J. Gallagher & Co. We are pleased to provide this proposal for Retirement Plan Consulting Services. The services outlined in this proposal are designed to assist The City of Haines City, FL meet its current and future goals and objectives regarding the City of Haines City Defined Contribution Plan. The array of retirement consulting services Gallagher offers, and discussed in more detail in the following proposal, is customized to your specific needs. In summary, Gallagher will provide the following services: Plan design and strategic planning consulting Provider evaluation, request for proposal (RFP) and selection services to help identify the provider that meets your plan s requirements and needs Filtering through the nearly endless choices in retirement programs can be overwhelming both for your organization and for your employees. It takes a big-picture view of the future, a deep understanding of the retirement plan environment, and the right perspective. For employers and employees alike, the goal should be overall financial wellness. That s the key to a well-planned retirement strategy for your organization and your employees. Arthur J. Gallagher & Co. brings experience and depth of resources to your organization so you can help your employees and executives plan for retirement. Gallagher consultants provide the expertise you need to address all aspects of employee retirement plans, investments, legislation, compliance, cost control, reporting requirements, ethics and more. A well-planned fiduciary management process and a hands-on, consultative approach can mitigate your risk as a plan sponsor, prepare your workforce for retirement and improve confidence across your organization. Today and in the future, you need to expect more from the consultant you select. 2

3 Company Overview Value Proposition The ability to deliver comprehensively structured compensation and employee benefits solutions to clients is Gallagher s signature in the marketplace. Often, those clients also cite their experience of that delivery the way we do business together. Services include program design and delivery, administration, and ongoing analysis and evaluation that keep your programs calibrated with your expectations. Our areas of expertise are Executive Benefits, Health & Welfare, Healthcare Analytics, Human Resources & Compensation, Institutional Investment & Fiduciary Advisors, Multinational Benefits & Human Resources, Retirement Plans and Voluntary Benefits. At Gallagher, we want to know what makes your organization unlike anyone else s. Your account team listens intently to learn about your business, and delves deeply into all the details that matter when balancing employee satisfaction with your bottom line. This single-minded focus on excellence characterized by innovation and creativity is the driving force behind every Gallagher customized employee benefits program. Support comes from every direction. Besides your core Gallagher team, you ll have access to the specialized knowledge that innovative custom solutions require. Our professionals have years of retirement plan experience, and thoroughly understand the complex financial, legal and corporate culture issues that weigh on your benefits decisions. History Arthur J. Gallagher & Co. opened its doors for business in 1927 and is still growing strong because of a practiced ability to help clients think ahead. Founded by its namesake who became the leading producer in Chicago s largest insurance brokerage, Gallagher is now one of the world s largest insurance brokerage and risk management services firms. We have more than 14,500 employees and operations in 24 countries, and extend our client-service capabilities to over 140 countries through a global network of correspondent brokers and consultants. Gallagher s Retirement Consulting Team provides consulting and service expertise to more than 2,100 plans representing $44 billion in assets under care 1. The average retirement client tenure is in excess of 9 years. Gallagher s Retirement Team is the largest 403(b) consulting firm, the 3rd largest 401(k) consulting firm, the 3rd largest institutional retirement plan consulting firm, and the largest non-qualified plan consulting firm in the United States. 2 Mission Gallagher s mission is to: Build the best benefits services practice with brokers and consultants who understand the value of building relationships and trust, and creating experiences and results that inspire our clients confidence Provide superior, cost-effective benefit products and services that meet the ever-changing needs of employers, while striving for the highest professional excellence in the delivery of those solutions Measurably help organizations manage and grow their businesses through our benefit services expertise and counsel Gallagher will accomplish this mission with the kind of leadership that maintains our philosophy and continues to strengthen our company culture. We will honor the moral and ethical standards that are inherent to building trust in all 1 As of December 31, PLANSPONSOR magazine, September

4 relationships, and clients confidence in our ability to create and maintain a Gallagher team that is the very best at what we do. Our Expertise As your partner who is part financial expert, part strategist, part analyst and part communicator, Gallagher can help you satisfy your fiduciary obligations as a plan sponsor and fully understand your liabilities. The goal of retirement plans and programs should be overall financial wellness for your organization and its employees. Gallagher will help create a well-planned retirement strategy for your organization based on a big-picture view of the future, a deep understanding of the retirement plan environment and an informed perspective. Our consultants address all aspects of employee retirement plans, investments, legislation, compliance, cost control, reporting requirements, ethics and other factors. You will have access to Gallagher s national resources and the personal touch of on-the-ground teams who understand local cultures and demographics. We ll provide comprehensive plan and investment consulting solutions that help secure your employees financial health. And since we re not provider-aligned, guidance will come from consultants you know, and research and market insights that are customized for your industry or niche. We will help you improve your plan and manage your vendor relationships. With our well-planned fiduciary management process and hands-on, consultative approach, Gallagher can mitigate your risk as a plan sponsor, prepare your workforce for retirement and improve confidence across your organization. 4

5 CEFEX Certification Gallagher's Retirement Plan Consulting Practice holds a CEFEX Certification of Investment Support Services, which is an independent recognition of conformity to a Global Standard for firms which support investment fiduciaries. This certification from the Centre for Fiduciary Excellence, LLC (CEFEX) gives confidence to our clients that the management system supporting our deliverables and practices conforms generally to the Standard: Prudent Practices for Investment Support Providers. The Standard is intended for firms which deliver stewardship in retirement plan governance. As a global assessment and certification organization, CEFEX provides an independent assessment and recognition of a firm s conformity to a defined Standard of Practice. CEFEX conducts assessments using the requirements of the International Organization for Standardization s (ISO) audit standard. It confirms that the certified firm demonstrates adherence to the industry's best practices, and is positioned to earn the public's trust. The Standard for which Gallagher is certified aligns with the fiduciary responsibilities detailed in the Standards: Prudent Practices for Investment Advisors and Prudent Practices for Investment Stewards which are substantiated by legislation, case law, and/or regulatory opinion letters from the Employee Retirement Income Security Act (ERISA), Uniform Prudent Investor Act (UPIA), Uniform Prudent Management of Institutional Funds Act (UPMIFA) and the Uniform Management of Public Employee Retirement Systems Act (MPERS) in the United States. Gallagher has demonstrated its conformity to the practices required to: Consult with monitored clients only on fiduciary risk mitigation, management and monitoring of their procedural and substantive fiduciary processes and practices pertaining to their retirement plans. Provide education and guidance on fiduciary obligations, responsibilities and practices. Assist clients in the establishment, monitoring, and recording the activities of plan committees. Support fiduciary activities of clients pertaining to every aspect of their retirement plan including: Selection and benchmarking of service providers, Due diligence of investment providers, Implementation of liability protections that operate in the form of Safe Harbors, Analysis and benchmarking of fees, compensation, services, affiliations and conflicts of interest, Management of service providers to ensure fulfillment of contract terms, participant communication and education, and opportunities for improvement, Preparation of investment performance reports, Analysis of investment performance, and Creation and maintenance of Investment Policy Statements. 5

6 Retirement Plan Provider Evaluation and Selection Process At Gallagher, we understand the complexity of retirement plans both defined contribution and defined benefit. We know that every administrative firm has strengths and weaknesses. The demands of the marketplace require these companies to continually innovate. Gallagher can match a provider to your needs from low cost bundled solutions to consultative unbundled arrangements. So regardless of the size or complexity of your retirement plan, we have the capability to help you determine what you need and how to get you there. Gallagher utilizes a multiple phase process that provides for a true apples to apples comparison of the services being offered by the universe of providers. This process has shown success with many of our clients in lowering administrative and investment fees, opening our clients eyes as to what the marketplace has to offer, negotiating new service agreements, as well as helping to educate our clients on what they should be asking from their current or new provider. Phase One: Discovery Before starting a vendor evaluation or negotiation project, it is essential to determine your organization s unique goals and constraints pertaining to your retirement plan. Your Gallagher consulting team will assist you in identifying these important characteristics, which are essential to selecting the appropriate retirement plan provider. Your Consulting Team will focus on the following categories: Recordkeeping, Administration and Compliance Services Investment Platform and Alternatives Communication and Education Services/Capabilities Plan Fees and Expenses including Hard Dollar and Soft Dollar Costs Phase Two: Search the Universe After having worked to identify your key objectives, your Gallagher consulting team will conduct an extensive review of available vendors. Using our national vendor resources, your team will set appropriate benchmarks for fees and services, which assists in identifying those vendors who can best meet your requirements. The vendors that are unable to meet your goals and objectives are eliminated from the evaluation/search process. Phase Three: RFP Process After thoroughly analyzing the providers available, your Gallagher consulting team will identify those providers who can best meet your requirements. Upon identifying appropriate vendors, your consulting team will develop a Request for Proposal (RFP). This RFP will reflect your plan s policies, plan specifics, transaction volumes, payroll and technology integration, plan sponsor and participant service standards, investment guidelines, as well as other plan specific requirements. After mutual agreement regarding the RFP contents, your consulting team will distribute the RFP to the retirement plan providers. We will manage the information collection and analysis process, serve as contact person for the vendors, and develop a detailed matrix of responses. Phase Four: Market Study of Selected Vendors The Gallagher Consulting Team will gather all of the RFP responses, identify the providers best suited for your plan, and compile a formal presentation that evaluates the providers capabilities. Through this process, your consulting team will identify critical similarities and differences in vendors, and develop a fee, service and investment comparison. 6

7 Phase Five: Provider Presentations After reviewing the selected providers capabilities based on the aforementioned categories, your Gallagher consulting team and your Retirement Committee will determine providers to deliver formal presentations to further explain and demonstrate their capabilities. Your consulting team will attend these presentations at one on-site meeting, and question the vendors utilizing their knowledge of industry standards in each area critical to your retirement plan. Each provider will be considered, and after all presentations, your consulting team will review with the Retirement Committee the presentations and assist in selecting the provider that will best suit the unique needs of your plan. Phase Six: Selection of Provider & Preparation of Management Letter Upon completion of the provider presentations; your Gallagher consulting team will prepare a report for your Retirement Committee members to rate the providers in the following areas: Recordkeeping/Administration/Cost Investment Options/Performance/Cost Employee Communication and Education This review process consists of an extensive evaluation in each of the above areas. Based on the report and your recommendations, a retirement plan provider will be selected. Vendor Management (For an Additional Fee) Your Gallagher Consulting Team is an extension of your benefits staff. We are willing to provide vendor management services that include ongoing communication with your provider. Review all service and performance related agreements with the provider Work to ensure that all tasks are being performed satisfactorily Initiate special requests and follow-up as necessary Provide a comprehensive forensic fee analysis of the provider s funds and services Review provider reports and correspondence Perform a Conflict of Interest Report Execute a provider benchmarking assessment based on current best practices in the market. While this is not a complete RFP for a new provider, it is an effective way to ensure that any new product features and service enhancements offered by the provider are being offered to your plan and participants. 7

8 Fee Arrangements The compensation paid to Gallagher will be as follows: Implementation of Defined Contribution Plan and Defined Contribution Plan Provider Evaluation Process: Cost $15,000. Payment of $9000 due upon execution. The remaining balance of $6000 due upon completion. Note: Fees outlined above may be offset by vendor paid commissions where your consulting team at Gallagher is appointed as broker of record and receives vendor paid commissions as the preferred payment method. All commissions are fully disclosed. Gallagher customizes our compensation arrangements to meet the unique needs of each client and the nature of the services they have requested, but our approach to compensation never changes. We make these assurances to all of our clients: Compensation may be derived from hard dollar fees, mutual funds or insurance company payments, or a combination of these sources. The choice is made by each client based on philosophical and budgetary considerations. The method of compensation does not change our approach to our work; our objectivity is assured as we answer only to our clients. Compensation will be a fair reflection of the services we are asked to provide. Compensation will be inclusive and agreed upon in advance; there will be no unexpected fees. Gallagher will provide a complete disclosure of its compensation. The Gallagher Retirement Practice does not accept any contingent or additional compensation. If the Gallagher Retirement Consulting Team participates in provider conferences, we pay our own way. 8

9 Scope of Services 1 Services Cost Associated Tasks Strategic Planning Included Plan Review Provider Search & Selection Included Develop search objectives and provider universe Create and deliver RFP to selected providers Manage information collection from providers Prepare & deliver comparative analysis of provider responses Facilitate provider presentations Provide guidance with the final provider at one onsite meeting Ensure a smooth transition Specify Introduction of Defined Contribution Plan Defined Contribution Plan Provider Evaluation Process Vendor Management Optional On-going management of selected vendor On-going fee and service negotiations *** Please allow three weeks for the completion of the RFP process. 1 It is understood and agreed that any such services provided by Gallagher does not guarantee that the actions taken will safeguard the Client from liability and that any such services provided by Gallagher shall not constitute the practice of law. Gallagher is not authorized to practice law. Accordingly, the Client should consult with its own legal advisers regarding compliance with applicable law, including without limitation Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code. 9

10 Disclosures This document attempts to provide only broad general guidelines and information that can be used to help you shape your employee retirement benefit plan. All information and opinions will be for general informational purposes only and should not be considered an individualized recommendation or personalized investment advice. The type of securities mentioned may not be suitable for everyone. Each investor needs to review a security transaction for his or her own particular situation. This information does not assess the suitability, or give any assurance about the potential value, of any particular investment. All information is provided for informational and educational purposes only and is not intended to provide legal, investment, tax or accounting advice and should not be relied upon in that regard. Your financial and tax situation may be unique and therefore you should independently consult your attorney and accountant regarding any legal and tax implications. Gallagher Benefit Services, Inc., a wholly owned subsidiary of Arthur J. Gallagher & Co., is a non-investment firm that provides employee benefit and retirement plan consulting services to employers. Securities and Investment Advisory Services may be offered through NFP Securities, Inc., Member FINRA/SIPC. Investment advisory services and corresponding named fiduciary services may also be offered through Gallagher Fiduciary Advisors, LLC, a Registered Investment Adviser. Gallagher Fiduciary Advisors, LLC is a single-member, limited-liability company, with Gallagher Benefit Services, Inc. as its single member. Not all individuals of Gallagher are registered to offer securities or investment advisory services through NFP Securities, Inc. NFP Securities, Inc. is not affiliated with Gallagher Benefit Services, Inc. or Gallagher Fiduciary Advisors, LLC. Neither Gallagher Benefit Services, NFP Securities, Inc., or their affiliates provide accounting, legal, or tax advice. 10

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