Non-Competitive_Oversight_Committee_Justification_Form.docx

The document is a Non-Competitive Oversight Committee Justification Form related to the Pinellas County Board of County Commissioners (PCBOCC), specifically for a Deferred Compensation Plan Consultant procurement. The solicitation seeks a qualified investment consultant to provide financial investment services for the County's 457(b) Deferred Compensation and Health Savings Account investment plans. The initial contract term will be effective July 1, 2026, with a five-year duration and an option to extend for two additional twelve-month renewal terms. The proposal submission deadline is April 10, 2025 at 3:00 pm, with preliminary questions due by March 26, 2025.

The current plan involves four providers: Corebridge Financial, Empower Retirement, Missionsquare, and Nationwide, with combined assets of $208,475,213 as of 12/31/24, and an Optum Bank Health Savings Account with 344 enrolled employees. The Health Savings Account currently has approximately $818,250 in contributions. Qualified consultants must be registered investment consultants with at least five years of experience in public sector defined contribution plans, operating on a fee-based model. The county strongly prefers consultants who can provide comprehensive services without accepting commissions and who can potentially serve in a 3(21) or 3(38) investment advisory capacity. One vendor, Gallagher Benefit Services Inc., has proposed a $0 fee across all contract years. The solicitation includes mandatory compliance documents requiring certification that vendors are not owned or controlled by specified countries and do not engage in unauthorized labor practices.