HomeMy WebLinkAboutPublic Agency Retirement Services-2006-01 C
RETIREMENT ENHANCEMENT PLAN (REP)
CONSULTANT AGREEMENT
The Consultant Agreement (hereinafter referred to as "Agreement") is effective this
_day of January , 200,0 between Public Agency Retirement Services (referred to
hereinafter as the "Consultant") and the City of Grand Terrace (referred to hereinafter as the"City").
WHEREAS, the City desires to retain Consultant to provide professional consulting services;
and
WHEREAS, the Consultant has the knowledge, experience, expertise and ability to provide
these consulting services; and
WHEREAS, the parties desire to enter into an agreement concerning the provision of these •
consulting services;
NOW, THEREFORE, in consideration of the promises and the mutual covenants contained
herein,the parties agree as follows:
Services
Consultant shall provide experienced professionals to advise the City on matters relating to
the implementation of a retirement enhancement plan. A net present value calculation shall
be performed by the Consultant pursuant to the parameters selected by the City. The
calculation will provide a preliminary estimate of the potential cost of a supplemental
pension plan design based on the different options and features selected by the City. The
Consultant shall rely upon the data provided by the City in providing the services under this
agreement.
The services of the Consultant are provided with the understanding that the Consultant does
not engage in the practice of law, accounting, or actuarial science.
A written report will be submitted at the conclusion of the work. All services shall be
completed 30 days after receipt of all information required by the Consultant.
II. Compensation,Billing,Terms and Procedures
Consultant will be paid professional fees for the consulting services it provides based on the
number of net present value calculations requested by the City. The Consultant will be paid
professional fees for the following schedule.
1st Net Present Value Calculation $500
Each Additional Calculation $250
Consultant shall bill the City at the end of each month for all work performed and expenses
incurred during such month. Consultant shall maintain accurate books and records on work
performed for City, and shall submit detailed invoices for fees. City shall pay Consultant's
fees and expenses within thirty(30) days of receipt of invoice.
If the Consultant is engaged to implement a supplementary retirement plan, these fees shall
be credited towards the initial set-up cost.
III. Confidentiality
Consultant agrees that all information and material provided to Consultant by City during the
course of this engagement will be treated as confidential. Consultant shall not, at any time,
provide to anyone or use such confidential information, whether written or oral, without the
consent of City.
IN WITNESS, WHEREOF, the parties have executed this Agreement effective on the date
and year first set forth above.
Public Agency Retirement City of Grand Terrace
Services
By � fitir By _.
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Date /P-3/0 6 Date )— l I -D6