Contract 2019-15A AGREEMENT FOR INVESTMENT PERFORMANCE MONITORING
AND ADVISORY SERVICES
Effective (73/4// , this agreement ("Agreement") entered into this 31°247 between BURGESS
CHAMBERS AND ASSOCIATES, INC., (hereinafter called "Consultant"), a Florida corporation
authorized to do business in the State of Florida, located at 315 E Robinson Street, Suite 690,Orlando,Florida
32801, and CITY OF CLERMONT (hereinafter called "Client"), collectively Consultant and Client
hereinafter referred to as the Parties.
WITNESSETH:
WHEREAS,Consultant has demonstrated expertise in the field of investment monitoring and in
advising governmental and corporate organizations retirement plans in the development of
prudent investment policies and procedures; and
WHEREAS,the Client seeks the advice and expertise of the Consultant,and
WHEREAS,the Parties desire to enter into this Agreement for consulting services to keep the
plans in compliance with required applicable rules and regulations.
A. SERVICES OF CONSULTANT
Consultant shall provide the following services to Client as shown below:
1. Develop an Investment Policy Statement (IPS), including the due diligence and
evaluation criteria of investment products; and
2. Review current investment products available for employee investments,their
characteristics,costs and expenses, and prepare watch lists and recommendations as
appropriate; and
3. Prepare benchmarking services(RFP/RFQ/RFI)to establish market rates; and
4. Assist in communications and negotiations with current and potential service
providers and act under the direction of the Client in revising contractual
arrangements with investment providers; and
5. Measurement by objective/performance analysis with written reports and oral
presentations as may be required; and
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6. Consult and report on all investment products' compliance with the plan documents
and investment policy on a quarterly basis; and
7. Review of expenses on a quarterly basis; and
8. Review of investment products/platform on a quarterly basis; and
9. Assist in negotiations with service providers as needed.
B. RESPONSIBILITIES OF CLIENT
Client agrees to provide or cause its accountants,trustees, investment managers,and legal
advisors to provide information regarding income, investment performance,and other
pertinent matters relating to the City of Clermont Deferred Compensation Plans as
requested by Consultant from time to time. Client,through its authorized representative,
also agrees to communicate the Plan's needs and goals,and to keep Consultant informed of
changes in the City of Clermont 457(b)Deferred Compensation and 401(a)Defined
Contribution Plan's situation,needs and goals.
C. CONFIDENTIALITY
The parties acknowledge that some of the City of Clermont 457(b)Deferred Compensation
and 401(a) Defined Contribution Plan's information,obtained and communicated between
the Consultant and third-party service providers may be regarded as confidential,
proprietary, or protected trade secrets, and the Consultant shall protect such information
from unauthorized disclosure.
D. BASIS OF ADVICE
Client acknowledges that Consultant obtains information from a wide variety of public and
private sources. The advice provided by Consultant to Client is based upon its analysis of
such information. Notwithstanding the foregoing sentence, Consultant acknowledges
Consultant has been hired by the Client as a result of Consultant's representation of
expertise in the subject matter herein and as such Client may rely on Consultant's advice.
E. REPRESENTATIONS OF CONSULTANT
1. Consultant is not the Plan Administrator for the City of Clermont 457(b) Deferred
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Compensation and 401(a)Defined Contribution Plan's or it's money manager, nor is
Consultant in any way compensated by nor does Consultant have any affiliation
whatsoever with any service providers or money manager; and
2. Consultant acknowledges that it is a fiduciary of the Plans as defined by the
Employee Retirement Income Security Act of 1974.
F. FEES TO CONSULTANT
In consideration of the routine services rendered by Consultant,Client shall direct payment of
fees to the Consultant an annual fee of$10,000,payable quarterly in arrears.
Fees for non-routine services shall be approved by the Client in advance of the service being
rendered and shall be paid upon completion of the services.
Fees for routine services shall be determined and paid quarterly, in arrears and deducted
from participants'accounts at the plan level.Fees for non-routine services,including RFPs,
shall be assessed upon successful completion of the project. Fees for non-routine services
will be deducted from participants' accounts.
Upon execution of this agreement, Consultant shall engage in all necessary preparatory
measures including contact with and commencement of negotiations with service
providers.
G. TERMINATION
Client shall have the right to termination of this Agreement within five(5)business days after
the signing of this Agreement. Client shall give Consultant written notice of termination.
After the initial five (5) day period, Client may terminate this Agreement at any time in
writing, and charges for services completed will be prorated based on the total fees as set
forth in paragraph F.
Consultant shall have the right to termination of this Agreement at any time in writing,and
charges for services completed will be prorated based on the total fees as set forth in
paragraph F.
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H. REQUIRED DISCLOSURES
Consultant is an investment advisor registered with the Securities and Exchange Commission
under the Investment Advisors Act of 1940. Consultant shall deliver information providing
disclosures regarding the Consultant's background and business practices along with Part II of
Consultant's Form ADV filed with the S.E.C. Client acknowledges that it has received the
Consultant's most recent ADV, Part II. Consultant shall provide a copy of the required
disclosure on an annual basis.
MISCELLANEOUS
1. This Agreement shall be applicable only to the services individually prepared for
Client. It shall not relate to any advice given by any person or persons not
specifically designated by Consultant in writing to perform such services.
2. Neither party hereto may assign, convey, or otherwise transfer any of its rights,
obligations, or interest herein without the prior express written consent of the other
party.
3. This Agreement represents the complete agreement of the parties with regard to the
subject matter and supersedes any prior understanding or agreement,oral or written.
4. This Agreement may be amended or revised only by an instrument in writing signed
by Client and Consultant.
5. The validity of this Agreement and of any of its terms or provisions,as well as the
rights and duties of the parties hereunder, shall be governed by the laws of the
Florida.
6. This Agreement may be executed in several counterparts,each of which shall be
deemed an original.
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IN WITNESS WHEREOF, this Agreement has been signed in duplicate, and BURGESS CHAMBERS
AND ASSOCIATES, INC has caused its corporate name to be signed to said duplicates by the proper officers
thereunto duly authorized on the day and in the year first above written.
BURGESS CHAMBERS AND
ASSOCIATES, INC.
Signature:
Name: /,), 5 .(1141 iers
Title: ISA ,/G l'la
CITY OF CLERMONT
Signature: j ;— , //A/ !./
Name:�— C,, I L- R SR
Title:
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