Page 20 - SepDefComp

September 23, 2021

TO: Deferred Compensation Advisory Committee

FROM: Jay Castellano, Employee Benefits

SUBJECT: Investment Consultant Request for Proposals

RECOMMENDATION

On behalf of the Ad Hoc Selection Committee for the Investment Consultant Request for
Proposals (RFP), accept the proposal from Innovest to provide investment consulting
services to the Deferred Compensation Advisory Committee for the period of January 1,
2022, through December 31, 2024, with the option for a one-time 24-month extension, and
to direct staff to finalize and execute the agreements accordingly.

BACKGROUND

In its meeting of November 5, 2020, the DCAC appointed an ad hoc subcommittee that
would serve as the selection committee for Investment Consultant RFP. The final selection
board consisted of Lisa Okada, Bridget Love, Tiffany Htwe and Victoria Mejia.

After contracting with Alliant Retirement Consulting (Sarah Kiebler) as the RFP facilitator
and subject-matter expert, an RFP kick-off was held for the selection committee on May 3,
2021. The kick-off allowed the selection committee to gain a mutual understanding of the
process and the evaluation/selection criteria, and it reviewed and finalized the RFP
document.

The RFP was released on Friday, May 7. The response deadline was Friday, May 28. The
selection committee met a second time on June 2 to review the proposals.

The Investment Consultant RFP was brought before the DCAC at its meeting of August 26,
2021. For that meeting, the selection committee brought its observations and findings for
the full DCAC’s consideration and discussion. A
specific selection recommendation was not
presented. After discussion, the DCAC voted 3-3
(ayes: Perry, Htwe, Raw; nays: Okada, Love,