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TO: |
Board of Trustees |
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THROUGH: |
Jay Fox, Executive Director |
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FROM: |
Kimberly Shanklin, Chief People Officer |
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PRESENTER(S): |
Ann Green-Barton, Director of Total Rewards |
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TITLE:
Atitle
Contract: UTA Retirement Plan Investment Management Services (Cambridge Associates, LLC)
end
AGENDA ITEM TYPE:
Procurement Contract/Change Order
RECOMMENDATION:
Approve and authorize the Executive Director to execute the contract and associated disbursements with Cambridge Associates for UTA retirement plan investment services in the amount of $2,600,000.00 over five years. This contract contains 5 additional option years; however the execution of option years will require future board approval.
BACKGROUND:
This contract purchases investment services for UTA’s retirement plan through Cambridge Associates.
DISCUSSION:
The UTA Pension Committee conducted an RFP in October 2023 for a firm to provide investment services for UTA’s retirement plan. As a result of this process, the Pension Committee selected Cambridge Associates as the vendor to continue providing investment services for UTA’s retirement plan.
This contract is for an initial five-year period from January 2024 through December 2028, with the option to extend the initial term for up to five additional one-year periods. The structure of the contract allows UTA to continue with Cambridge Associates as the vendor beyond the initial five-year period if UTA believes the terms, cost, and services are competitive. Staff will seek additional board approval for any option years beyond the initial five-year base contract. The contract value was calculated per contract terms and prior year experience.
Experience with Cambridge Associates has been positive overall from a customer service standpoint and rates have been competitive.
CONTRACT SUMMARY:
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Contractor Name: |
Cambridge Associates, LLC |
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Contract Number: |
23-03789CG |
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Base Contract Effective Dates: |
January 1, 2024 - December 31, 2028 |
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Extended Contract Dates: |
Option years dependent on future Board approval |
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Existing Contract Value: |
NA |
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Amendment Amount: |
NA |
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New/Total Contract Value: |
$2,600,000.00 |
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Procurement Method: |
Request for Proposal (RFP) |
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Budget Authority: |
Included in retirement plan fund |
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ALTERNATIVES:
Go to RFP to select another investment firm or complete work in-house, which could affect the retirement plan’s investment opportunities.
FISCAL IMPACT:
These costs are included in the retirement plan fund.
ATTACHMENTS:
#23-03789CG Pension Investment Services