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CAPFINANCIAL PARTNERS, LLC - INVESTMENT ADVISORSA CONTRACT AWARD SHEET INSTRCUTIONAL GUIDE TO ASSIST YOU WITH THE INFORMATION CONTACINED HEREIN IS AVAILABLE IN THE PURCHASING SECTION OF OUR WEBPAGE AT: www.hialeahfl.gov CITY OF HIALEAH CONTRACT AWARD PURCHASING DEPARTMENT CITY OF HIALEAH CONTRACT: INVESTMENT ADVISORS DESCRIPTION: INVESTMENT ADVISORS TO THE CITY’S GENERAL EMPLOYEES RETIREMENT SYSTEM BOARD OF TRUSTEES CONTRACT PERIOD: 10/01/2022-09/30/2023 SECTION #1 – VENDOR AWARD Name: CAPFINANCIAL PARTNERS, LLC Name: Contact: GREG ROHRBACH Contact: Phone: 919-870-6822 Phone: Fax: Fax: E-mail: E-mail: Name: Name: Contact: Contact: Phone: Phone: Fax: Fax: E-mail: E-mail: SECTION #2 – AWARD/BACKGROUND INFORMATION/APPLICABLE ORDINANCES/NOTES CITY COUNCIL APPROVED ON: 11/08/2022, ITEM E AMENDED AMOUNT: RESOLUTION NO: INSURANCE REQUIREMENTS: ANNUAL CONTRACT AMOUNT: $143,000.00 PERFORMANCE BOND: APPLICABLE ORDINANCES: Notes: SECTION #3 – REQUESTING DEPARTMENT CITY OF HIALEAH, DEPARTMENT OF RETIREMENT Contract Administrator: ELSA JARAMILLLO-VELEZ, ESQ. Phone: 305-883-8050 SECTION #4 – PROCURING AGENCY CITY OF HIALEAH, DEPARTMENT OF RETIREMENT Contract Administrator: ELSA JARAMILLLO-VELEZ, ESQ. Phone: 305-883-8050 Prepared by: MARILIN GUTIERREZ r ( lT EM#_~-­ NOV 0 8 2022 COUNCIL AGENDA ITEM REQUEST FORM supporting documents are due the Monday of the week prior to the City Council Meeting. Date of Request: 10/12/2022 Requesting City Department: Retirement Requested Council Meeting Date: / 11/8/2022 Action Requested from the rf Issue a purchase order City Council: D Increase a purchase order D Award a bid D Bid No. D Reject a bid D Bid No . D Special Events Permit D Street Closure D Other: Scope of service(s) or product(s): Investment Advisors Ve ndor: Ca pFinancial Partn er s, LL C. ,.fkf\VlXV\lVJ°t 'l?o0vvJ Expenditure Amount: $143,000.00 / Funding Source (i.e., account funding the expenditure): Purchasing Process: 001 .4210.513340 -Professional Services 0 J°mpetitive Bidding ii An ex/tion to competitive bidding applies: t{ Profes sional services in the nature of consultants, accountants and attorneys 0 Sole source provider 0 Emergency based on objective facts 0 Credit facilities 0 Competitive bidding is not required because the City is utilizing a bid that has been awarded or under contract by state, county or other governmental agencies. 0 Titl e of state, county or oth e r governm e ntal agencies contract: D Piggy -back contract expiration date: ~~~~~~~~~~~~~~~~ 0 Waive Competitive Bidding D Reason(s) it is not advantageous to the City to utilize competitive bidding: Signatures: ctor of Finance Management ( DocuSign Envelope ID : CB4690F1-140C-4FC6-9274-1 ED67FE26E85 • . .,,,./,,,,,,.·-·;~ .. ~~~/~,.·· r..,./,,< . " ... ··" ,..~' .·_;,.. , ... ·_ ..... -~ .. ·. ·, ·::··· ... . ....... ,· . ",:.:.·; , •' .: .~ .:: ... ,.· .. ,.,.· . • ~ .z .,..r· • ;',.-··.I ... , . ' . •' ~ ·" .. • , .. < .-:-.,(·:. ,-, .... : .... ~ #.,. : .. ·• ... · .... ·-·, .. ··, .. · ....... _~· .· ···.:,,· This Retirement Plan Advisory Services Agreement (the "Agreement") is effective Janu ary 1, 202 l by ancl between CITY OF Hl'ALEAH ("C lient"} and C APFIN:ANCl'A:L PARTNERS., LLC, d/b/a CAPTRU.ST finanda l Advisors, a North Carolinai limited liabiliLy company, ("CAP'f'R:UST"). C li ent, individually and as the plan sponsor, r.etalns CAPTRUST to provide the Se1=vices (as described below) in· its.capac ity as an Investment Ad:Yi ser. fim1 registerect:with the Securities andi Exehange Commission €the "SEC") under the lm:es tment Ad:vi ser s Act o.f 1940', as amended, (the "Advisers Act") for Client's C ity of Hialeah Employees ' Retir.emen t Syste m (the "Plan"). The par.ties agr.ee as follbws : Investmen;f AdV.iisoey Serv·kes l! .. :r .. s·erv.kes; l?tie~rdedl.. CA PTRUST will provide th e services selected by C li ent in Exhibit A attached (c ollectively, the "Services") with respect to the Pl a n. The Servic es shall be provided to C lient on the tenns and wnditions set out: in th is Agre1::ment . 1.2' .. Additifonafi S'el!\l,it:es .. T hi s Ag ree ment only gove rn s th e Services.and Fees (as defined bdow) dest>ribed< in this Agreem e nt, and' It s ha ll no~ affoct or be a ppli ca ble to an.y other se rvi ces provided by CAPT RUS:r (or any of its affiliated compan ies) to . C li e nt or any relate d pe rson or entity p1Jl'Su a nt to an y sepa.rate agreement or understanding. CAP.T RUS T ma y !De employed ro provide separate services to.certain Se lf Di'fected: Brokerage Accounts where an independ e nt fiduciary (i.e ., Clie nt) and the Plan Partic ip ant ac.kmiwJcd'ge that they understimd they will be rec e ivin g indiviclualize d services a11d the Plan Parti ci pa nt en gages those services under a separate pricing schedule and agreement approved by CAPTIU.JST and that independent fidu c iary . ll'"ees' 2'.l t •. Ame.u.nt CAPTRUST shall no t be co mp ensated on the oasis of a s har.e of ca pita l gains upon or capital appreciation. of the fund s or an y portion of th e fo nd s of C li ent or th e Pl an. R<lth e r, the foes to be paid to CA PTRUST for th e Servi ces (th e "Fees") sha ll be determ in ed as fo llow s: Gencm l Advi sory Serv ices Fee: $143,000 pe r year. Any fees recei ved by CA PT RU ST (o r any of its affi liates) from th e in vestment companies selected oy C li ent for the Pl an 's acco un ts will red uce the a moun t oft he Fees otherwise due CA PTRUST, on a d0ll a r- for-dollar ba s is. Z.2' •. Fay,menf . Fees are ca lcul ated on a quarterly bas is (i .e., us in g one-quarter of the a nnua l• rate stated· abo ve ) and will. be pa yab le qua 1terly, in adva nce , at the· begi nni·ng o f eac h ca lendar quarter. Asset! based fees will be calcu lated on th e va lu e of p la-n assets as of th e last day of the imm edi ate ly preced,in g quarter. If this Agreement becom es effectiv e as of a day other tha n the first day of a calendar quaiter or if a termination of thi s Agreement is effecti ve on a day o th er tha n the k1st day of a calend ar qua rter, the Fees for that calendar quarter shall be prnnated (ca lc ul a ted on a per di e m bas is) a nd the app li cabl e amoun t pro mptly paid by C li eH t to CA PT Rl:.JST o r refu nd ed by C APTRUST to C li e nt, as th e ca se may be . DocuSign Envelope ID: CB4690F1-140C-4FC6-9274-1 ED67FE26E85 II .. . . :;;,?'.:.:?,).'.'.>· . ;,.-::; .. -:;.-,..,. ,,..-:.~.:. /.,.-,.,. /~/,. , . ,,. ,.,,:~~: ;_,,;~,:,r·,. :~@~f?I :~,~;>-:.~~·:. ;_--:,:~;~:::;:~; ~:::;.;:·;: ·~~~-·-"··· f----5.~~·;;:.,~;,. \ ;,: .. ;<--~ .. :~t:/\:{ ... Cl'i·ent authodzes CAPTRUST to collect tlie Fees in the following manner-: ~ Invoice Client Invoke Plan assets -Direct Cliavge tO· Participant Accounts Inv0ice Plan. assets -Di1:ect Fee Paid Other: Client's execution of this Agreement may authorize the custodian of the Plan's acc0unt(s) to debit such account(s) for the amount of CAPTRlJST's Fees. and, to remit chose amounts directly to CAPTRUST. 3;,:Jl~ CC:ttfentbll'1iani lnfomnaf.i'.0n•. Cl'ient wiH: provide m will: cause to be provided. to CA:PTRtJST all1 perl!inent information. i:egai;ding the Plan's investment objecti,ves , risk toler.ances, asset allocati0n , historical per.fonnance, income· and l'iquidity requirements, ancl .any otheT Felevant mattBrs , all as may from time to•tirne be· 1:easo1~abl:y 1:equcsted by CAPTRUST. Client a uth0v.i.zes CAPTRUST to· oli>tain· all infomnati€m fr0m the Plhn'!H>ther sei;vice wroviders and the Plan.'s tnust!;Je andladministrator as CA:PTR.l:JST may reasonabf,y requir.e. CA.P'FRUSTi ma.y rely on· air infoi:matiem pi:ovided to it pursuant to this Section without' further ve1•ificati0n-. If the Plan's meeds or. objectives change SO· that the infonmation pi;eviottsly pr.ovrded is no l0nger. aceur.ate er c0mplete, Client must pn:>mptfy provide the updated' information to CA PTRUST, in writing. l:t is unclerst0od aHd! agreed· tl'lat CA PTRUST shall not be responsible for any delay or fai .lure in providing· Services to the extent such del ay or failure is <.:a used or contributed' to by C li e nt's fa iifu re to timely provifle the ne cessary information to CAPTRUST. J;.21 •. Con;fil;c:Jienfia!titiy, CDhti'.g~tim11.. All personnel and finaAcial information provided by Client or any of its einployees (regardless tlft.he medium used} to C A PTRLJST, and a n·y and all data or information contained in or ex tracted: from an.y oil the f0regoi ng, is cleemed "Proprietary l·nformation.". Exce')'lt with Cl.font's pFior per.mission, CAPT R.tJST shall m>t use such Propri etary lnformati'on a nd s hall no t diself>Se any patt of tl:ie Proprietany Information to t:hird·parties. Not withstanding the preceding to the contrary, this non-di sclosure obligat ion shat.I not apply to, any of ~he Proprietary lnfomnation. which is: (i) ge nerally kn 0w n· to the public ; (ii) o btainable by CA PTRUST fr o m 0rher so urces (oth e r th an its affi liated entities) with0ut rest1: i eti~rn~ (iii) known by CAPTRUST priorto performing und e r thi:s Ag re ement; (iv) rcasonabl.y necessary to · di sc lose as part of the Services to be provide d by CAPTRUST; (v) reasonably necessa ry to disc lose in any proceeding in which C APTRUST is either e nforcin g its ri ghts und er thi s Agreem ent or defendin g aga inst c laims mad e, by C lient or the Plan; a ndior (vi) required by la w, go ve rnmental regulation , or co urt order;, or requested< by any governmental regulator, to be disclosed. T h is non -di sc lo s ur.e obligat:i0A1 s ha l1 . s urv-i ve for a period of three yea rs atler a te rmination of this Agreement. 3',3t Elle'Clironm CCommuni€atiic;m .. The parti es acknowledge that t he Cli e nt inflmnation described: in Section 3.1 am!· any mate 1;ial s, re p0rts, and otheF info1:111ation t0 be provided hy C APTRIUST to Client ana/on th e Plan in th e 0rdin a ry course of providin g th e· Servic es may be transmitted eleGtronically (includin g ema il· and Intern et or intrnn et websites). By s ig nin g thi s Agreement, eac h party e<!msents to the use of e lectronic communi catio n· and acknow ledges that th ~: delivery of information sent ove r th e I·ntern et is sQ metim es regarded as in sec ur e beca use unauthorized or uninte nd ed third patties could potentiall y access or inte rc e pt P.t\©E 2'0F JiO• DocuSign Envelope ID : CB4690F1-140C-4FC6-9274-1 ED67FE26E85 • ·%~~'"< ~I~~ TufJ I ,• ,..--' • r' ,• ' , :· ... ··: .. ~-; ... ~· ... ~ .. _,. . • ~ r,,. , ''Ji 4. ,, .-~ ,,J ' ..... ~· r .... ... ,> •• ,.. J ,. " . ·_ ... ' -·~ .. - " ,. ,f ·,< -·:·<" _.• _,• rJ •'" . ·~. ' _,.. ; .. -. .. ··. / such information. Each party s hall be required to implement and maintain commercially reasonable and eustomary administrative, physical, and. technical security precautions to protect the pri:vacy, and prevent any unauthorized use, access, d'estFuction, or disclosuFe , of any information commu111icated" by such means . 4~1 . Mutnall Ina'emn·i~«a'tiromi Oll,-.t:iig;itfon. Except to the extent attri@utablc to a Br.each (as defined below}' of the party othenv.ise to be indemni·fied: (a) CAPTRUST shall' indemnif:Y and hold har mle ss the Plan, the Plan 's trustees (other than non- fiduciaries ), and members of its pl'an committee (collectively, the "Plan Parties") and' Client (b) Client: and CAPTRUST agree that the provisions of Florida: S tatute 112.66(4) apply to this Agreement an <il further. agree , to extent pennitted, under Florida law , Client shalt indemnify and hol'd harmless CAP'fRUS'F, Nothing in this Agreement sha.11 be deemed or cons trued as a waiver of Cli e,nt 's sov.ereig n immunity beyond that waiver set forth . in florida la w, or as a co nsent by Client or the State of Flmida. ro be sued. Cl'ic nt's obligations under this Section 4 am, accordingly, limited. from and against any and: all thit'cl party claims, loss, damage, and expense ~iflcl u ding reas0nable· attorneys' fees, couFt costs, and other defe nse costs) that res ult from the ind emnifying part y's: (i) breach of this Agr.eeme11t; (ii) negligence or wiUful misconduct ; or. (i·ii) bl'.each of its fiduciary duty, under applicable law (co ll ective ly , a "Breach"}. For purposes of thi s Section : (a) All acts attributable to a. party s hall include· the acts of that party's officers, directors , members/mana gers, e mploy ees , and age nt s; (b) AIL acts of th e Plan Parties and third party service rwoviders to the Plan (other t han CAPTRUST} are att1:ibutable to C li ent; pr.ovided tha ~ sn Im ig as ct.le nt inclu ~l es cornpa r.able indemnification provis ·ion s iw its contra cts with its thi l'cl p arty service provid e r s, C li e nt s haH be obli gated to ind e mnify CAPTRUS T for a third party servi ce provider's aet on ly to the extent Cli e nt is indemnified for such act by that third party s ervic e provider; and (c) All, indemnifi cation i:ights s hall exte nd to the indem nified party's owners, officers, directors, man agers, emplo yees , a nd age nt s. T he ind emnification obl igations and ri ghts unEler this Section 4 s hall surv ive a terminatio n of thi s Agreement. 4'.2'.. l·ndemni!f.faaticm P'roced1ue·. If a party entitled to indem n itication pursu a nt to th e terms. of thi s Agre e ment (th e "lndemnitee"} recc.\ives any s ummon s or any other written official. or unofficial notice OF threat of liti ga tion or e laim which it is to be indemnified again st (the "Indemnified Matter"), it sha ll promptly notify th e ind e mnifyin g party (th e "lndemnitor"). S uch no t ic e mu st be in writ in g a nd inc lud e a r.easonab le iclentificati0n of the a lle ge d facts g ivin g ri se to th e lnd emnified Matte r or, if a pp li cab le, a copy 0f the com pl ai nt which has been !il ed again st th e Indenmitee. If liti g at ion is in stituted against an lnd emnitee with r es pect to an lnd ernnifi ed Matter, the 1·n€lem nitor s ha ll hav e the rigfn , within I 0 bu s iness da.y s alter th e !nde1nnitor's rece i'pt of no t ice of the Ind emnified Matter, to se l'ect counsel whicl~, will represent that lndenmitee in connectio n with th e l·ml e mni fi ed Matter , 17>rovided rhat suc h co un se l· is reasonably acceptab le to that lndemnitee. Eve n if s uch• coun se l is acc eptable· to it, the ltijde mnfree s hat I neve1"th e less ha ve tl'le ri ght to retain se parate co un{>c l at it s own ex pense which s ha ll represent its interest w ith res pect to th e Ind e mnifi e d Matter. If th e l1nd e mnitor timely se lects coun se l as 1:e qui1;ed above, the lnd em nito r may purs ue an y lit iga~ion to a final d'etermin ation by a c0urt of co mp etent jurisdiction , and express ly reser ves the ri g ht. at i~s so le di sc retion , to appea l from a ny adv erse judgment or order. . DocuSign Envelope ID : CB4690F1-140C-4FC6-9274-1 ED67FE26E85 • . . i .-:,.Pz~~_,.1-;,_f ~:r~'~:Ji;_..----; . ~;.~"":;>, >'~·'.,·· ...... , . ., .. "~·:":.:;' ... <: ,..,· .... -: .. --·, •• p I .. ·:<>·· -.. .,:•' .. · •' .. r. , ... -.. ·· ~ ' .<1~--... ~· ·"' . •' : .. • . :: ·::.::·>.~·~ ·.·.~~: '.:~>:: _ .. _ ,..... •;_.'" ,..J~·:· <-: ....... .. ,,.. __ , ... . • .. · If the lndemnitor fai Is to timely select counsel as required above, the· 1.ndemn itee sha l·I, upon written notice to the lndemnitot', have the right to select its own eounsel and to defend', setvle , and pay the lndemni;fied Matter on its own . In that case,. and pn>\!ided under the te1 1ms of this Agreement the lndemnitee was . entitled t0 indemnif.icati0n as to the claim, the lndemnitor shal.~. fJFOmptly after its tieceipt ofi the rndemnitee's. w1dtten demand'. for such. reimb>urse lndenmitee for the nmsonable costs of the fndenmitee's: defense of the lndenmi:fied · Matter, (ineluding its· reasonable attorneys•· fees} and; the judgment and/or setHement paid· by the lndemnitee . 4.~ .. Ind'emnmed Matife11 Setifl'.emenf .. Neithei: the lnflemnitor nor the lndemnite e sha ll have the i:ight to settle, compromise. or consent to any claim involving an Indemnified Matter without the other party's express wt•itten approval. Notwith standin g the preceding to the contvary , if t.he propo sed settle ment or compromise of an Indemnified Matter : (a). provides that the proposed relfof against lndemnite e consists.solely of monetary damages, which will be paid in full by the lndemnitor; (b) includes an unconditional , unqualified release of the lndernnitee from such claim(s} by the c laimant/plaintiff in a form and substance reasonably satisfactory to the lndernnitee; and (c) is one the Indemnitor is otherwise prepared to accep t; but is rejected by the lndemnitee, then that l'nd'emnitor shall only be liable for the amount of the settleme nt or compromise rejected by the · l·ndemnitee (along with all· costs and expenses incu:rredi up · to the date · of that rrejection;), and, thereafter, lndemnitee shall be solel:y r-esponsil;ile for all adtliti 0na l i-iti gat ion and/01; sett lement costs r:e latin g to· the Inde mnified Matter. 4!.LJ .. tnsu.:ratn€e"~ Continuously throughout the term of this Agreement: (i) CAPTRUST shall. main tain profossi@nal liability (enors ancl omissions} insurance with coverage of $5,000,000/$5,000,000; G i~)' each, pa1;ty shall! mainta.in commercial general liabil ity in s uran ce with cov erage of not less than $.J ,000;000, combined· sl ngl'e· limits; and (iii) CAPTRUST s haflo maintain Cyber Liabii :ity Insurance inclnaing Cl·ient as additional· ins ured, in an amount no le ss than $ l ,000 ,000.00. Upo n a party's r eqwest~ the othe r pany shaH pl'Omptly provide the requestin g party with appropriate dOLrnments evidencing the coverage required of it under thi s Agre e ment. Th e amount ai~d coverage of suc h insuran ce sha ll not be construed to limit a party's li ab ility, nor rel'ieve it of any other obligation under th is Ag reemen t. 1 'A•7i h~ /.·Tl .. . .... ii! , ... L ~ L.··1·· t ,,~al)j]!an_,,,)V//Llmll!a1l'J,O]il.1 th. ', Falt.1il ;I ·¥ 5\] •. T!Jmitedl WarrantiytiIDiisdai.m:el! .. CAVTR US T w11rrants that: (i) it is qua I ified to provide the Se1'vices; and (ii } all ' ofi the Services shall ' be perfo rm ed in goo d faith, in acco rdance with all app licable standard s in the indu s try and all. applicable law s and govern me ntal regul'ation s, and with the degree of. diligence, care , and skill: that a invudent perso n rendering s imila11 se rvie es w0u·ld exei:c ise und er simi la r circ11m stanc es, ancl 'iii·) C APTRUST acknowledges that it is a fiduciary of the Pl an· Sectim1 11 Z.6 56, Flor.idai StaN:1tes. Any infom1ation provided· by CAPTRUST which has been• obtain ed., com puted , formatted, or displ a yed by outside sources is bel.reved' to be acc urat e, but may not have b>een in ~l epe nde ntl'y verified by CAPTRUST and' cannot be · guaranteed. lnvestmenrs are subject to various marke t, political , ct1J1rene y, economic, and business risks aRd may not always be profitable . CAPTRUST ca nnot guara nt ee financial res ult s and any information provided by il re gardi ng past re1tormanc tt cannot g uarante e futur e resu11s . l'Oi me : edent peli'mi:tt'edl und'e·I' Fforid'ai law,. there ar.e· It()) otfl·e.,· warr.anties,. e~pll'ess, or· impliedi ~rmiluding, an1y,. impl:ie'dl wall'll'antiff. ofi' nrerefianfa·bility, orr mness, foll'· a pa·riticurar.· pu.11pose~1-r.efa~ing to· tile· Serr¥iCes., 5'.2). 'f.Oi til!nr e"Xfenf pellmitted1 ander· F·Po:r:i:da1 Fa•w,, eiteepti with. irespe·d to' lllmounts; p:a•)!ablf' oiy ro pas;@y pu:r.suaniti to, Its; ind~m'n>ity obli'g11tfo.ns; und'err· Sedio111 4\ or· due t01 firaud~. neitne·r · pa1rty,, umfer amy cfreu•mstances,. shall! be lfa,IJl'e· for· aniy' i'ndi.riect~ speeial~. canseq.trentifaft puni'tiv.e 0·1r exempfa1r.y tfamag,es:, ov·siimifa11 ~famag~s; ar.isfng, outl oti'or. r.etatiing to; this; Agrieemen1l or the-r.el'atifonsbi'p 0Hhe1 parties; underr tli is; Agpeenrent .. C lient acknowled ges that: (i} the Fees. charge d by C APTRHST reflect the agreed· upon a llecat ion of ri sks between the parti es as contemplated bythis Ag ree ment, in clud ing the limitation of li abi lity desc1:ib ed above; and Ei i) a modifi cation of thi s a ll 0cati0n. of l'i s ks· would a.ffeet the Fees. For avoida nce 0f doubt pur:poses, thi s Sect ion is no t inte nd ed to , nor sh all · it , limit the <Hno tmt of divect dama ges r:ec overa bl e from a party und er thi s Agree ment; but , rather , jus t the types of dama ges reeoverab le. !?AG E 4: (i)F 10• DocuSign Envelope ID: CB4690F1-140C-4FC6-9274-1 ED67FE26E85 .. ·"~ ... · ... . ,• ......... . ··: .~- . . ....... ·.·. ~ -· .. • . • r' D •--,a.-.11• a.u:p11es:e.r(;11alll0:ns: CAPTIRUST represents that it is a registered investment adviser under the Advisers Act and agrees to maintain such 1:egistration thrnu ghoutthe term of this Agreement. ln addition , CAPTRUST is aftJl!iated with CapFinancial' Securities, LLC, a member of FINRA and Sec~111 ities Investors Protection C0tip0ration. Each patty warrants that: (i} it is author kzed and empowered· to enter into t:his Agreement; (i-i} the person(s) s igning in a representati:ve capacity on its behalf is d'uly author-ize<l t©· sign tl1is Agreement; and (i·ii) this Agreement constitutes its valid and• binding obligation and is enforceab le aga·insl it in accorclance with its Le1ans, subject to bankruptcy, insolvency, and si milar la ws affecting genera ll y the enforcement ofi creditoi:'s ri gh ts and the discretion of a co rn t to grant specifi c perfomiance of contracts. C lient has determined and represents that: (i) th e retention of CA PTR UST as an investment advisor is permitted by the Plan documents and any r e lated. tmst; (ii } thi s Agreemen t is in.the best interests of. tl\e Plan and' its par~icipants; (iii) th e Plan d0cuments ckJ not prohibit payment of the Fees out of Plan assets; such payment is prudent and a llo wable und er E RISA ; and the Fees re q11i1Ted und er thi s Agreemen t are reasonabl e; and (i.v) the Pl an meets the qu alificati o n requirements for us i·ng cert a in in vest ment vehicles (e.g., co ll ective trust funds). Upon. CAPTRUST's requ est, Clie nt will provid e copies of t he Plan d ocum ents and such supporting documentation as may be reas onabl y required for C APTRU ST to verily these represel'ltat ion s. C lient or CAPTRUST may te rmin ate this Agree me nt, with or without cause, upon not less than 30 days' prior written notice g iv en to the other par1!y. Suc h termination will be effectiv e on th e date specified in th at notice; provided· it is at least 30 d'ay s after the other party's. rec eipt of such. Tenn in ation will no t affee~ C lient's re s ponsibi liti es und er thi s Agreement for Fees owed as a result of Se rvi ces re nd ered1 or cost5 in cui:red by C APTRUST through th e e ffec t iv e date of termination. On and alte:r. th e effectiv e date of ter.mination, CAP"fRUST willr have no furth er o bli gation to provid e any of the Se rvi ces or to oth erwise· advise C lient with re s pect to Cli ent's assets or th e Plan . 9'.Ji~ Riul'es; t!J;f' <C~nsfnn:tici>n>. T he fo ll owing rut·es s ha ll be fo llowe d in interpreting the provisions of this Ag ree me nt: (a ) All attached sch ed ul es and ex hibi ts, if any, arc inco rporated into thi s do cu ment by t his reference and are mad e a pa rt of thi s d'ocument. The term "Agreement" shall be deemed to includ e a ll sue h ex hibits a nd sc hedul es and any oth er doc uments ex press ly incorporated, by reference, into th is A greem e n~; (o )' All words and phrases in thi s Agreement s ha ll be con strued to include Lhe s ingular or plural numb er, a nd th e ma sculin e; feminine , or neu te r ge nd e r, both as the conbext requires; (c) The ca ptions a nd. headin gs in this Agreement are for co nv e ni e nc e onl y and in no way defin e, limit, or desc rib e th e sc ope or in tent of any provi s ions of thi s Ag reeme nt ; (d) All references to "Sections" are refe rences to section s of thi s Ag reement unless som e other reference is esta bli s hed ; (e) Th e term "inc lud e " or "in c lud in g" sha ll be dee med to mean "witho ut li mitation"; DocuSign Envelope ID: CB4690F1-140C-4FC6-9274-1 ED67FE26E85 • .. ~·/·~~<: ... · r·-~J::~~:: :t]-f1~ \~):Jt 0 {, .. '. •FJ··::::: ~· .. ~~~a3: ;~.:·f-.~~7 ~:~ii <::::·:·~ .. >: -·' ·~>··;·:::· ,.· ·~. .·,,,.. .~ ; .. : .... '.~ .• ... " r ... ' (f) This Agreement may be executed in. any numbe1' of eou nte rpm1 s with the same effect as if aH parties ha €l s igned the same document A 11 counterpmts sha 11• be construed together and shall constitute one Agreement; (g) Any stmutoi:y referenc::c in this Agreement shall include a reference to any s uccessor to such· statute and/or revision thereof; (h) This. Agreement sha ll. be c0nstrued as having be e n1 drafted by both parties, j@intly, and· not in favor of or against one paity or the other: (i) Whenever possible, each provision of this Agreement and every related document shall be interpreted· in s uch manner as to· be valid: under applicable law . If., for any reas~>n. a pi:ovision is found by a court. of competent j uri sdiction to be illegal , inval'id , or unenforceable, such shall not affect the validity of the remaining prnviskms prnvided that c10ing so does not advefsely affect, in. any material respect, the economic or legal suostance of the transactions contemplated: by this Agreement as to any pai:ty . In that case , in li eu of the illegal., invalid , or unenforceable provision, there s hall be automatically added, as a part of this Agreement, a prnvision as s imilav in. terms as necessary to • render the pvov is ion lega l, valid, and enfo rceabl e; U) "Cli ent" is tile' person identified in th e openfog paragraph. Un les s ex pressly prnvided otherwise in tl1is Agreement , refe re nce s to "Cl ie nt" s hall. also be Fefe re nce s to the Plan's "plan sponsor" andlor the Plan's "plan administi;ator" ('.as. bot h ai;e d'efined · under ERl;SA), as the context r,equ ire s; and (k) "ERISA" refei:s to the Emplo yee Retirement l.n eome Secu rit y Act of 1974, as a1nended from time to time, or any cmresponding provisions of succ eeding law . 9'.2 .. E'tttifa1e·AgJ1eem:enti~ Thi s Agreement const itutes ~he entire and ex clusive agreement. between the pm:ties on this subject matter ancl supersedes any and a ll prior agreemenrs, arra ngements, and understandings (whether written, oral, electronic, or otherwise) between the parti es. 9~3' .. Modif.fea.ti'.on. No modifica ti0 n of this Agreement shall be binding unless in writ in g, id entifi ed as a moditkation, and s igned by the party aga in st which it is sought to be enforced. .91.4\ .. Mg,Fttis,& Reme·cliesfWaive11~. With re spect to the rights and' remedi es provid ed by this Agreement: (a) they are cum ul'at iv e and are give n in addition to any other rights th e parties may hav e by law, ~tatute, ordinance, or @th crw ise ; (b) the use of any one right o r remedy by any pa rty shall · not preclude or wai ·ve its right to use any or a ll othe r remedies; and (c) no waiver of any right or remedy s hall. be enforceable un le ss it is in wri t in g, iden~ified as a: waiver, and signed by a ll oF the parties in interest that may be adv erse ly affected by s uch waiver . In 110 event s hall-a wa iv 0r, even: if in •v riting and proper.ly executed , operate as a. waiver of any otheF Fight or remedy or of the sa me ri ght or remedy o n a futur e occasion. 9i.5' .. Assi1g;nmenti. A party may not assign any of its ri g hts o r delegate any of its obligations under th.is Agreement (whether voluntarily or by ope ration of law) without th e other party's pri or written consent, which it may withhold in its so le di scretion . Any pu1 •p0Fted assignment or de legat ion by a party without the other paFty's prior written consen t is void and of no fo)Jtce or effect. In no event, how ever ,. shall any such assignment or delegation relieve the ass ig nor from it s duti es and obli gatimi s under thi s Ag re e men t. Notwit·hstandin g th e fo regoin g, eac h party has th e rig ht , without the co nse n t of the ot he r paFty , to ass ign thi s Agreement, o r delegate ob li gation s, to any Affiliate (as. that term is interpre ted under Rul e 1'2b-2 of the Secu1:iti es Exc ha nge Act of 1'934 , as amended) as part of an. interna l reorganizat ion. Cli e nt acknow ledges and agrees that transaction s that do not result in a change of actual co ntrol or manageme nt of CAPTRUST shall not be co ns idered an as s ignment pursuant to Rufo 202€a)( I )-1 und ei: the Advisers /\d. T hi s Ag reement s hall be bindin g upon and s hall inure to the be netit of the paities and their permitted succ esso rs and ass igns. 9~6., ltel'affonshi'p· of J?arHes' Eac h party shall at a ll tim es be an indepe ndent co ntracto r unli.l e1• this Agreement. Nothin g in this Agre e ment s hall be deemed or construed lo constitut·e or create a pa rtnership, association , P~\GIE 6 Or l'O DocuSign Envelope ID: CB4690F1-140C-4FC6-9274-1 ED67FE26E85 II ' I f''~~~s ....... . '. ·'..r"'" ... ... ,. ,1 .·,;1 · .-... ,.· .. ·. , .. , .• ·:.,.. ~"·,. _ .. r' ........... · .... · . ··~··; .. ·-<: •' . ,,.. .. , -· . " ... - · .. _, ..... ··:... . ·',.. . ·.,··' .. .. ,, ... ... .. . .. . .. · .. ·· ,,·· .. ... joint venture , or agency between the part ies. Each party will execute and deliver all additional documents an di do all other ac ts as may be rea so nabl•y necessary to carry out the provis ions a nd intent of,' this Ag11eement . 9'.'fi .. Attorney.sr Fees, In addition to any other available remedy, in an .y ac t ion or proceedi1~g brought to enforce any provi sion of thi s Ag1 1eement, or where any Ji>rnvision of th is Agreement is validly asse11ed as a defense in such• action or proceeding, the successful· pmty in such action or proceeding shall be entitled to 1:ecover rea sonable attorneys' fees in cun-ed by it in s uch action or prncee ding from the unsuccessfol pa11y . 9\8\. G0;ve11ni.ng,La.w .. Thi s Agreement s hall be deemed executed and completed in Flor ida. Except to the extent preempted by the Advisers Act (or any rule, regu lation\ or order adopted by th e SEC th ereunder)' ot: ERISA (or any rule, regulation, or order adopted by ~h e Department• of Labor thereunder}, this Agre ement and' all claims or causes of a€tion (w heth er in contract, tort, or statute) ari s ing out: of or relaLing to thi s. Agreement, the relationship of the parti es under t his Agi-eement, or the negotiation , execution, or per,formance of tlri s Agreement shall be go vern ed by th e laws of f'lorida (including its 'tatutes of limitations ), without giv in g effect to its conflict of laws principl es. 9l9l.jurisd~ctiian:. 1 n any court action seek in g injun ctive re li ef (in which case, s uch act ion shal l· be strictly limited to an acti o n for injun eti.ve re li ef onl y); in an y court actio n seekin g to challen ge the enforceabil'ity of the binding arbitration provisions of th is Agreement; or in any eo urr action filed after a cou1t of competent jurisdiction has declared such a rbitration provi s ion s to be unenforceable. the courts of Fl0rida shall have ex clusive jurisdiction over s uch le ga l ac tion s, venue to be in Miml'li-Dade County, Florida. By their signatures be lo w, eac h party co nse nts to suc h ex clus iv e, persona l j urisdiction and venue and wa iv es a ny objection the reto . 9 ·.10~. Notfoes'.. Excep t where anoth er form of not ice is spec i lkall y pe rmitt e d in th is Ag reement, to, be effect iv e, a notcice required under thi s Agreement mu st be in •vri t in g, addressed to th e appropriate address noted in this document: o r as otherwi se noted in writing in accordance with thi s pro vis ion, an d mw:;t eit her be: (a) pe rsonal I y se rv ed Gdeemed recei ved o n receipt or refusa l of d'e live r y); (b) delivered by a nationally recogni zed overni g ht ex pi:e ss de liv ery se rvice (deemed ret:e iv ed the ·next ~us in ess day); (c). depos ite d in. the United States Mail. re g istered or certifi ed. mai l, pos tage prepaid, return rece ipt requested (d.eerne d rece ived th e third busi ness da.y after pos tin g); or (d) se nt by rnn firm ecl email: rran s mi ss io1~ durin g no rm al business hours (d ee med· rec e iv ed o n co nfirm ed rece ipt of tran s mi ss io n) . Disdosu.1ies. 1int1 .. B1iod11u:re/Pri.Via€y Pal:i'.€y-. B y s ign ing be low, C li e nt acknowled ges re<.:cipt of lh e CA PTRUST Fo rm AD V, Part 2 (th e "Disclosure Brochure"), which conta in s C APTRUST's Privacy Policy and is intended t o d isc lose information a bout CAPTRU ST's-qualification s and bu s iness practic es and an y confli cts of interest. (Please refer lo the Dis clo s ure Brochure for th e entir e Pr iv acy Po li cy . C li e nts may call (800) 967-9948 with an y qLLCstions.) The Di sc los ure Bro chure is not intend ed to mod ify or ex pand the teia11s of thi s Agreement. In th e event of a co nflict between th e term s of this Ag reement an d the te rm s of Lhe Disc losure Brochuf<e, the te rm s· of this Agreement s hal'I contro l. Amon g other thin gs, CA PTRUST's Privacy Po l.ic y requires t hat C APTRUST o btain C li en t's permi ss ion prior to includin g C li e nt's co mp a ny name /logo o n CAPTRUST's Re presentative C li ent Li st. By s ig nin g thi s Agreement, C li en t agrees t o permit C.A PTRUST to in c lud e it s compan y name/logo in e ith e r a pri nt o r e lectronic vers ion of its "Re pr esentat ive Cl i en ~ List" a nd other C APTRU ST prinl mark etin g mate rial s. C li e nt und ers tand s th at the li sfrn g of thi s in forma tion is· not inte nd ed to · be C lient's "testimonial" a nd will not be re presented by C APTRUST as a refere nce or end o rse me nt of th e investm e nt adv isory, con s ultin g, or c li e nt se rvices pro vid ed by CAPT R UST. 1'0~2 .. ERIS'A\ §2:550\408b-1!Uisei'.foslll r:e. C li e nt ancl CA PTRUST make th e fo ll ow ing disc los ur es: C li ent re prese nts that it is the ''respo ns ible p lan fiduc iary" for th e se lecti on a nd mo nito rin g of ser vi Ge providers and inve s tment manage rs for the Plan in accordance with the re qu ire me.n ts of ERI SA a nd t he PA@E 701' l·O CAP'TRllJ S.T I· 4 208: SllX FORKS ROAD SllJL'FE !1©0· RALEl'GH. N C' 9 l!9•.87~l1.6·822' I· 8©©J.2'1:6'.0'64!5 DocuSign Envelope ID: CB4690F1-140C-4FC6-9274-1 ED67FE26E85 , .. · , .... ;};.\/ ;<~~···~:·.::.: ,,~ Ii . ,..· ... . . ..• ~· ,. •' .. ,.. ljf, -.. ~~-~~:,:-~~ ~~:::.:: ......... ·· . . ..: ... ,. ···~ > -'·.::~.-:~'.~ "_,,. ~' -~-:.··~· . :·::·::<'.~::=~:· .. ·· . , . ~~J''';'.:~ :.< ............ ... .. . ~ . -· " ~ ~· .. · ... ' .·', :.,..···. ~· ... ·:..;· .. 11~ ]2'~ governing Plan documents. CAPTRUST is entitl'ed to, rely upon this statement until notified in wriiting to the contrary. This Agr-cement also constitutes a disclosure statement unde1; ERISA Regulation §2550.408b-2. CAPT.Rl:.JST will: disclose to Cli.ent any change to· the information in this Agreement required· to, be disclosed by CAP'l'RUST. under ERi.SA Regu.lation §2550'.4081:>-2~c)( li)(iv) as soon as practicabl'e, but n0> later. than sixty (60} days. after. the elate CAPTRUSl' is informed· of the change. If timely disclosure is f)reduded : due to extraordinary circumstances beyond CAPrRUST's contrnl , the disclosure wi 11 be made as soon as practicable. CAPTRUST will disclose to C li e nt any change to the information pertainin g to the investment funds Fequir:ed to be disclosed by CAPT RUST under ERISA Re g ulation §2550.408b-2(c)0)(iv) as soon as practicable , but not less than annually. If timely di sc losure is J'lrecludedi due to extraordinary cii:cumstanees beyond CAPTRUST's control , the disclosure will be made as soon as· pr.actieable. In accorcl'an ce with ER ISA Re gulation §2550.408b-2(c)( I )(vi){A:). CAPTRUST will, as requ ested by Client or the plan administrator in writing, timely di sclose all< infovmation rel'rrted to this Agreement and any compensation o r fees rec eived' in co nnection wi t h this Ag reement that is required· fol' the Plan to comply with the reportin g and · disclosure ntquirements of Title I of ERlSA and the reg ulati ons, fonns, and schedules issued thereunder. Eac h disclosure wil11 be furnished reasonably in advance of the date on whid-1. the reqttesting fiduciary states that it must comply with the applili:able reporting or di sclo sure requirements under Title I 0f ERfSA, unl ess such disclosure is precluded due to extraot'dinary circumstances. beyond CA PTR UST's comm I, in whid1. case the information will be disclosed. as so1;m as !i)racticab le . If CAP.TRUST makes an unintention a l' e rror or omission in disclosing the ir,1formation re quir.ed under ERISA Re gulation §2550•.408b -2(c)( !)(iv). or (vi)( A), CAPTRUST will disclose to Cl"ient the corrected iRformation as soon as practicab le , but no later. than 30 days from the date CAPTRUST le a rns 0f swc h error or omission. If an d when CAPTRUST is to rece ive any Indirect Compensation (as clefined under ERI SA ReguJati0 n §2550.408b-2(c)(l)(viii)(B)(2)) from the investment companies selected by C lient fo r the Plan~s. accounts, CA PTRU ST will promptly send Cl ie nt written notice of the amount, payer, services, and manner of reeeipt for such Indirect Co mµensahon in· a n Indir ect Fee Advi s ory IUisc losure. (As. provided in this Agreement, Indirect Co mp e nsa l.ion will be credited, dollar-for-doMar, aga ins t th e fees otherwi se due CAPTRUST from C li ent .) CAPT RU ST will a lso notify C lient within the time frames . prescribed by the E RI S-A Re gulation s of any cl'langes thnt will affect the receipt of the l1~direc t Compensation a s well as the Indirect Compensatio n it self. CAPTRtJ ST will disclose to C li enr any c0m pensavion received or a llo cated to CAPTRUST by its affiliates and/011 s ub c~rntract0rs (if .:my) as required under IF.RISA Regu lation §2 SS0.408b-2 (c)(l)(iv)(C)(3). CAPTRUST is affi liat ed with Cap Finan cial. Sec urities, LL C and Freedom One Retirement Services, LLC. D~.1!..,11" E'. t• J;, tr .. B•f!l: .1r uu1.r1c ti:;lil\ ·11;.y "-li:nRes • l!Jil! Se ct ion 287. I 13, Florid a Statutes, provides that a person or afti liate who has bee n placed on the conv i·cted ve nd or Ii.st following a conviction for a public entity c1:ime may not s ubmi t a bid on a contract to pr0vide any goods or services to a public entity, many not s ubmit a h itl. on a contrac~ with a. public ent it y for the co nstruction or rep a ir of a public buildin g or pub I ic work , may not s ubmit bid s on leases of re a l p1•operty. to a. pub:lic entity, ma y not be awarded or perform work as a con trac ted, s uppli c1r, subco n tractor, or consul~ant ttHd er a contact with any pub lie e ntity, and many no t transact business with · any public entity in excess. of t he tlwe shold amount provided in Section 2 87 .017, Florida Statutes, for CATEGORY TWO for a period of 36 111 0nths. form the date of being placed on the co nvicted vendor list. Publil€' Re·cmrds Pursuant to Flor id a Statutes § 11 9.07 0 I , CAPTRU ST wi ll comply with pub li c record s law s, sp ec ifically to: (i) Keep and maintain public reco rd s required by the Plan to perform the service . P~\OIE 8· C)F to1 8@(!)l.2 U6i.(!)M5i DocuSign Envelope ID : CB4690F1-140C-4FC6-9274-1 ED67FE26E85 .. ~ ~·:.~.·.:~ ~~ . . .. ,· .. .>' -~ ; '. , ... ·: , .... ~ .. . . ~·· ·.r: ,.• • •' . ,.. ... • •• > ¥:;'.:r: .. :·~: ........ .. ~· , . ..... ; ' ,· , . ' .·· ,.- ... . ··: .~:: ~ .... ... , ' .. ~ ;, .... , . , ,• , .• • ,/r : • . ,.. . . . ,. ... . J,·' (ii) Upon request from the Plan or its public records custodian, prnV'ide the Plan with a copy of the requested records or allow the records to be inspe cted OF copied with in a: feasonab le time at a cost that does not exceed' th e cost provided in this chapter or as otherwise provided by Jaw. (iii) Ensure that public record s that are exe mpt or confidential and exemp~ from public records disclosure requiremen~s are n~1t disclosed except as a uthovi;zed by law fo1• the dura~i~m of the eontr.act term and following compl'etion of the contract if CAPTRlJST does· not transfer the records to· the pubi:i e agency. (iv). Upon completion of the contract, tvansfo1·, at n0 cost, t0 Plan all public records in possession of CAPTRUST or keep and maintain public rernrds 1:equired by the Plan to per.form Lhe service. If CAPTRlJST transfers all public record s to Plan upon completion of the contract, CAPTRUST shall-destroy any duplicate publlc !'ecords that. are ex.empt or confidential and exempt from public recofds disc lo su re re qui1:ements . If CAPTRUST ktteps and maintain s public records, upon com ple tion of the contract, CAPTRUST slwll· meet all apri lic ab le re~uirements for retaining public records. All records sto~e d electroni1::a lly mu st be provided to Fund, upon request from Plan or it s public record s custodian, in a format that is compatible with the infonnation technology systems of Plan. IF CAPTRlJST H'AS QUESTIONS REGARDING THli: APPLICATION OJ? CHAPTER 119, FLORIDA STATUTES, TO ITS DUTY TO PROVIDE PIJBLICf{ECOR'DS HELATING TO THIS CONTRACT, CONTACT THE CUSTODIAN OF PUBLIC RECORDS: NAM·E: GRlSELL AIWO ADDRESS: 501 PALM AVENUE, 3rd FLOOR, HIALEAH, FL33010 EMAIL: GAedo@hialeahll.gov TELEPHONE: 305.883,.5872 FAX: 305.883.6999 /Signature page follows./ PAGIE 9 OF IO' DocuSign Envelope ID: CB4690F1-140C-4FC6-9274-1 ED67FE26E85 ... /' . _,. ,• ... ,· ' ,. • I ..... '·,, .. ../"_·· .. >" ..... • .···: .. ' .~ .. ~ . ·" . ~.. ' IN WITNESS WHEREOF, each party has duly executed and delivered this Agreement effecti.ve as of the date indicated above . CITY OF HIALE}"9 _....--Jt By: ~ NameiTitle:K~..,.._...U~.1 ~l~~J-~...__-\ __ ,'\-_~\\-~-r _1 ft'-~~~----.-, -- Address: 50 I Palm Ave, Hi'aleah, F~01lr-'V' CAPHNANCJAL PARTNERS , LLC , a NorthCai:ol'ina limited liabil'itycompan y [ DocuSigned by: By :~~---- Greg Rohrbach senior Manager I compliance Name/Title: ----------------- Address: 4208 Six Fo rk s Road -Ste. 17 00 , Raleigh, NC 27609 [This Agreeme111 shall nor be b inding on a party until sig ne d by all parties, as indicated by each party's signature a bow:} PAGE l.O 0F. 10 CA.P'lfRllJS'T 4208; SliX. FORKS: RO'AD SUI'f:E li70©' RALEl'GHi NC 9t~'.87©.6822' I 8©©i.2'1i~»..064!5· 10/12/22, 4 :27 PM Detail by En tity Name D1v1~10N uj L DJLPD1u~'JJD~f IJ ,....-.-'::I:----.~-UJJ uj}kJJJ/ iiJf.Jtlt u/ FJoridiJ w.eJJ.J)Jg DeRartment o f S tate I Division of CorQo rations I Search Records I Search by Entity Name I Detail by Entity Name Foreign Limited Liability Company CAPFINANCIAL PARTNERS, LLC Filing Information Document Number FEl/EIN Number Date Filed State Status Princii;ial Address 4208 SIX FORKS ROAD 1700 RALEIGH, NC 27609 Changed: 01 /04/2019 Mailing Address 4208 SIX FORKS ROAD 1700 RALEIGH , NC 27609 Changed : 01/04/2019 M 10000002249 26-0058143 05/18/2010 NC ACTIVE Registered Agent Name & Address CORPORATION SERVICE COMPANY 1201 HAYS STREET TALLAHASSEE, FL 32301 -2525 Name Changed : 10/1 2/2011 Address Changed : 10/12/2011 Authorized Person(~) Detail Name & Address Titl e M ember MILLER, FIELDING 4208 SIX FORKS ROAD 1700 RALE IGH, N C 2 7609 DIV I S IO N OF CORPORATI ONS https ://sear ch .s unbiz.org/lnquiry/CorporationSearch/SearchResultoe tail ?inquirytype =E ntityName&directi onType=lnitial&searc hN ameOrder=CA PFINA .. 1/2 10/12/22, 4 :27 PM Title Member Hoyle , William S. 4208 SIX FORKS ROAD 1700 RALEIGH, NC 27609 Title Member Buchanan, Denise 4208 SIX FORKS ROAD 1700 RALEIGH , NC 27609 Title Authorized Representative Earls , Mary 4208 SIX FORKS ROAD 1700 RALEIGH, NC 27609 Annual Rei:iorts Report Year 2020 2021 2022 Document Images Filed Date 05/04/2020 03 /15/2021 04/2 1/2022 04 /21 /2022 --AN NUA L REPORT 03/15/2021 --ANNUAL REPORT 05/04/2020 --AN N UAL REPORT 01 /04/20 19 --ANNUAL REPORT 04/30/20 18 --ANNUAL REPORT 04 /27/20 17 --AN NUAL REPORT 04/26/20 16 --AN NUAL REPORT 03/04/2015 --AN N UAL REPORT 04/05/2 0 14 --AN NUA L REPORT 03/08/20 13 --AN NUA L REPQRT 03/05/2012 --ANNUAL REPORT 10/"12/2011 --Reg,_t,gent Chang!1 02/23/2011 --ANNUAL REPORT 05/18/2010 --Foreign Limited View image in PDF format View image in PDF format View image in PDF format View image in PDF format View image in PDF format View image in PDF fo rmat V iew image in PDF format View image in PDF format View image in PDF fo rmat Vi ew image in PDF format View image in PDF format View image in PDF format View image in PDF fo rm at View image in PDF forma t Detail by Entity Name I I I I I I I I I I I I I I https ://sea rc h .sunbiz .org/l nqu iry/Corporation Search/SearchRe s ul!Detail?inq ui rytype =E nti ty Name&directionType =l ni ti a l&searchN ameOrder=CAPFINA.. 212 10/12/22, 4 :28 PM Hialeah, FL Code of Ordinances Sec. 70 -136. -Employment of other services. The board of trustees may employ such clerical and technical services as are required for the proper ( Jperation of the retirement system . The compensation for such services shall be paid out of the ex pense fund. (Ord. No. 874, § 8, 6-28-1955; Code 1960, § 24-22; Ord. No. 91-08, § 1, 1-22-1991; Ord. No. 95-28, § 1, 4-11- 1995) about :bla nk 1/1 10/12/22, 4 :29 PM Hialeah, FL Code of Ordinances Sec. 70-1 35. -Officers; payments; actuary. r (a) The board of trustees shall elect from its members a chairman and vice -chairman and shall designate a person to act as secretary of the retirement system . (b) The retirement director shall be treasurer of the retirement system and the custodian of its funds . All payments from the funds of the retirement system shall be made only upon evidence of a motion adopted by the board authorizing such payments. All vouchers and checks shall be signed by two members of the board as designated by the board. (c) The city attorney or his designee shall be the legal advisor to the board and shall represent the board in any and all matters pertaining to this retirement system, except in such cases as the board of trustees may deem it advisable to employ other legal service. (d) The board may appo i nt an actuary who shall be the technical advisor to the board on matters regarding the operation of the retirement sy st em and who shall p erform such other duties as are required in connection therewith. (Ord . No . 874, § 8, 6-28 -1955; Code 1960, § 24-22; Ord . No . 91-08 , § 1, 1-22 -1991; O r d . No . 95-28 , § 1, 4-11- 1995; Ord . No . 2018-140, § 1, 12-11-2018) a b o ut: bl a nk 1/1 r . Retirement Board Agenda .. December 15, 2020 Item 1 Reports to the Board: A) Boyd Watterson B) Taplin, Canida & Habacht C) BlackRock D) EnTrust Capital E) CapTrust MOTION by Mr. Ferrera seconded by Mr. Rosengaus,_as follows: "To approve hard dollar fee of $143,000 annually to CapTrust. ;, MOTION carried a 5-0-2 vote with B. Williams, Beautelus, Rosengaus, Ferrera, and R. Williams voting "Yes". Item 2 Application for Normal Retirement, pursuant to Section 70-238, cases of: A) Zenen Diaz (Police)* B) Otniel Figueroa (Public Works) C) Kenneth Soler (Parks & Recreation) D) Luis Martinez (Public Works) E) Minying Ho (Information Technology) *DROP MOTION by Mr. Ferrera seconded by Mr. Rosengaus, as follows: "To approve Normal Retirement of Item 2A, Zenen Diaz, Police, 28, Otniel Figueroa, Public Works, 2C, Kennneth Soler, Parks and Recreation, 20, Luis Martinez, Public Works, and 2E, Minying Ho, Information Technology." · 2 '· ( City of Hialeah Executh;e Summary Fee !~crease Proposal City of Hialeah -Fee History & Proposal CAPTRUST has worked with the City of Hialeah Retirement Plan since 1998 when assets of the Plan were $110M. Through strong markets, timely rebalancing,_and good manager selection, the Plan experienced very strong investment returns leading to an ending value (as of 11/30) of $775M . Since inception, the Plan has also annualized a return higher than the actuarial rate net of fees. The City of Hialeah also ranks very well against its peers, as shown in Appendix A, and consistently ranks in the top third overtime and has beaten 75% of its peers since inception. CAPTRUST proposes a fee increase as it has been over 8 years since the agreement has been updated. Over the years, a fee equivalent to 2 basis points on total assets has been implemented. This agreement has historically been hard dollar however, there is also the ability for the fee to be based on assets so the fee would only increase when the Plan's assets increased . CAPTRUST Investment Consulting Services QTD FosmlYTD' I-Yr 3-Yr 5-Y1 7-Yr 10-Yr 51nca .......... - • Assist in developing and periodic review of Investment Policy statement 13.mi. 3.7&S ~ 6.2lls 6.lft 7.lJ'K 8.4ft 7.~ • Conduct Investment Manager due diligence on traditional and alternative asset classes ... ~ 51 32 3.30S 38 Jli 4.13 36 "ST 6.ln. 41 34 6.0:S 44 'SJ 7.02S 4S 32 8.47S 32 2 .. 7.&:a 15 • Monitor performance of investment managers to provide the board the ability to determine the progress toward investment objectives • Monthly Investment meetings and market updates • Rebalance recommendations Fee History 2003 -the City of Hialeah approved a $75,000 fee on $400M in assets (1.9 basis points) 2012 -the City of Hialeah approved a $110,000 fee on $525M in assets (2.0 basis points) 2020 Proposal-CAPTRUST proposes a hard dollar $143,000 fee on $775M (or 1.8 basis points). This fee can also be variable at 2 basis points and adjust naturally over time. City of Hialeah Perfo'rmance .; !i ii ~~iii"ai•ii-~ .. F1~~~~·~-~-~-.~'f iir~~1 .: ! ·"¥:a .\ 001 General Fund Account 001.4210.513340 INVESTMENT ADVISOR Percent A propriated 145,000.00 145,000.00 Fiscal Year: 2023 !Expended 0.00 Trial Balance - Encumbered Balance l;ast iDate 0.00 145 ,000.00 10/112022 (----------------------------------------------------------------------------------------------- Total for (2) Operating Expenses 145,ooo.oo 145,000.00 0.00 145,000.00 Total expenses 4210 (Fund 001) RE Total !Expenses for iF und 001 001 General Fund 145,000.00 145,000.00 145,000.00 145,000.00 Fund Totals $145,000.00 Revenue/Expenses Balance: 00 I Ge ne ral Fund Tri a l Balance - 0.00 145,000.00 0.00 !1.45,000.00 xpenses $0.00 $0.00 $145,000.00 $0 .00 Expenses Printed : I 0/3 1/2022 Page: 2