Title
Contract Extension with Hyas Group for Investment Consulting for 401(A)/457 Plans and Post Employment Health Plan (PEHP) (Ordinance S-45014)
Description
This report requests City Council approval to extend Contract 137267 with Hyas Group, LLC for a six-month period and $77,000 in additional payment authority for consulting services over the term of the extension. Further request authorization for the City Controller to disburse all funds related to this item.
Report
Summary
A six-month contract extension is requested to allow for continuing investment consulting services without a lapse in service to allow time for a new procurement process.
Procurement Information
A Request for Proposals (RFP) was issued on Feb. 27, 2018, and a protest was filed upon announcement of award. A new RFP process has begun, but is not expected to be concluded until November, after the contract's end date of Aug. 31, 2018. In accordance with Administrative Regulation 3.10, a Determination Memo was approved to extend the contract with Hyas Group, LLC to allow adequate time for the new procurement process.
Contract Term
The contract extension term will be for six months beginning Sept. 1, 2018, through Feb. 28, 2019 with no options to extend.
Financial Impact
The consulting service fees are paid from the City of Phoenix Employees’ Deferred Compensation Plan Trust (DCP). The Trust funding source is retained revenue from the DCP investment earnings and are restricted funds.
Concurrence/Previous Council Action
City Council approved the original Contract 137267 on Aug. 28, 2013.
Department
Responsible Department
This item is submitted by Acting Deputy City Manager Toni Maccarone and the Human Resources Department.