BURGESS CHAMBERS & ASSOCIATES, INC. - INVESTMENT ADVISORS - RETIREMENT PLANA 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: RETAIN PROFESSIONAL SERVICES FOR INVESTMENT ADVISORS TO THE ELECTED OFFICIAL
RETIREMENT PLAN.
DESCRIPTION: INVESTMENT ADVISORS TO THE ELECTED OFFICIAL RETIREMENT PLAN.
CONTRACT PERIOD: 1/01/2023 – 12/31/2027
SECTION #1 – VENDOR AWARD
Name: BURGESS CHAMBERS & ASSOCIATES, INC. Name:
Contact: BURGESS B. CHAMBERS Contact:
Phone: 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: 1/10/2023, ITEM I AMENDED AMOUNT:
RESOLUTION NO: INSURANCE REQUIREMENTS:
ANNUAL CONTRACT AMOUNT: $37,800.00 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
ITEM# I
ll\N 1 0 2023
COUNCIL AGENDA ITEM REQUEST FORM
This form, letter from the department head addressed to the Mayor and City Council, as well as
supporting documents are due the Monday of the week prior to the City Council Meeting .
Date of Request:
Requesting City Department:
Requested Council Meeting
Date:
Action Requested from the
City Council :
Scope of service(s) or
product(s):
V endor:
1/4/2023
Retirement
/ 1/10/2023
tf Issue a purchase order
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:
The Retire ment Office i s respectfully requesting approv al to retain the
professio nal se rvices of Burgess Ch ambe rs & Assoc i ates, In c. as
Inves tm e nt Advi so r to The Elected Officia l Retire m e nt Oversig ht
Committee. The firm is th e curre nt investment advi sor for the City of
Hial ea h's Elected Official Retirement Plan . The fee is ba sed on quarterly
statem ents and r eports.
Burgess Ch ambers & Associates
Expenditure Amount :
Funding Source (i .e., account
funding the expenditure):
Purchasing Process :
$37,800.00
602 .8500.513311 -Profess ional Services
0 Competitive Bidding
~An exception to competitive bidding applies:
/Professional services in the nature
consultants, accountants and attorneys
0 Sol e source provid e r
0 Emergency based on object ive facts
0 Credit facilities
of
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 st ate, county or ot he r gove rnm e ntal
age nci es contrac t :
0 Piggy-b ack contract expirat i on
date :
~~~~~~~~~~~~~~~
0 Waive Competitive Bidding
O Re aso n(s) it is not ad v anta geo u s to t h e City t o
utilize competitive bidd i ng:
r
Signatures:
I . . o\J et1rement Director
Elsa Jara~ces o'.~~!,~ ~ 3
Rutli Rubi, Executive Director of Finance Ma agement
Esteban Bova, Jr ., Mayor
r AGREEMENT FOR INVESTMENT PERFORMANCE MONITORING
AND ADVISORY SERVICES
Effective ~~ , 2008, this agreement entered into this _l_ day of 1<.Jo~
between BURGESS CHAMBERS AND ASSOCIATES, INC., (hereinafter calkd
"Monitor"), and the OVERSIGHT COMMITTEE OF CITY OF HIALEAH ELECTED
OFFICIALS RETIREMENT ACCOUNT, (hereinafter called "Client").
WITNESS ETH:
WHEREAS, Monitor is in the business of providing investment performance
monitoring and advisory services; and
WHEREAS, Client desires Monitor to provide investment performance monitoring
and advisory services with respect to the Plan;
NOW, THEREFORE , in consideration of the premises and mutual promises herein
contained, the parties agree as follows:
A. SERVICES OF MONITOR
Monitor shall provide the following services to Client as shown below:
1. Investment Policy and Guideline development and Review
2 Asset Allocation Consulting.
3 . Investment Manager Search.
4. Measurement by Objective/Performance Analysis with written
reports and oral presentations to the Board on a Quarterly basis.
5. Monitor and report on all investment managers' compliance with the
plan documents and investment policy on a quarterly basis.
6. Monitor and report on execution of trades and transaction costs on a
quarterly basis
B. RESPONSIBILITIES OF CLIENT
Client agrees to provide or cause its accountants, trustees, investment
managers, and _legal advisors to provide information regarding income,
investment performance, and other pertinent matters relating to the Plan as
requested by Monitor from time to time. Client, through its authorized
representative, also agrees to communicate the Plan's needs and goals to
Monitor and to keep Monitor informed of changes in Client's situation, needs
and goals. Monitor shall not be required to verify any information obtained
from Client, Client's or Plan's accountants, actuaries, trustees, investment
managers and legal advisers and is expressly authorized to rely thereon.
C. CONFIDENTIALITY
All information and advice furnished by either party to the other, including
their agents and employees, shall be treated as confidential and not
disclosed to third parties except as agreed upon in writing or required by law.
Monitor is herein given absolute authority by Client to disclose, provide
copies of, and communicate information obtained from Client or developed
by Monitor to Client's money manager and Client's attorney.
D. BASIS OF ADVICE
Client acknowledges that Monitor obtains information from a wide variety of
publicly available sources and certain private sources. The advice provided
by Monitor to Client is based upon its analysis of such information.
E. REPRESENTATIONS OF MONITOR
Monitor hereby represents that:
1. Monitor is not the client's money manager nor is Monitor in any way
compensated by nor does Monitor have any affiliation whatsoever
with any Plan money manager; and
2. Monitor acknowledges that it is a fiduciary of the Plan as defin ed by
the Employee Retirement Income Security Act of 197 4.
2
F. LEGAL, ACCOUNTING AND ACTUARIAL SERVICES
It is understood and agreed that Monitor and its employees will not render
any legal , accounting, or actuarial advice. Monitor is not engaged in the
business of rendering such services and Client acknowledges that Monitor
will provide no such services with respect to the Plan.
G. FEES TO MONITOR
In consideration of the routine services rendered by Monitor, Client shall pay
to the Monitor an annual fee based on the following percentages of the
Fund's assets (at market): 0.25% fee of the Fund's total assets value . Fees
shall be determined and paid quarterly, in arrears.
Fees for non routine services shall be approved by the Trustee in advance of
the service being rendered and shall be paid upon completion of the
services.
H. TERMINATION
Client shall have the right to termination of this Agreement and full refund of
any fee paid for five (5) business days after the signing of this Agreement.
Client shall give Monitor written notice of termination. After the in itial five (5)
day period, Client may terminate this Agreement at any time in writing, and
charges for services completed will be prorated based on the total fees as
set forth in paragraph G.
I. REQUIRED DISCLOSURES
Monitor is an investment adviser registered with the Securities and Exchange
Commission under the Investment Advisors Act of 1940 . Monitor shall
deliver information providing disclosures regarding the Monitor's background
and business practices along with Part II of Monitor's Form ADV filed with the
3
r
J.
S.E.C. Client acknowledges that it has received the Monitor's most recent
ADV, Part II. Monitor shall provide a copy of the required disclosure on an
annual basis .
MISCELLANEOUS
1. This Agreement shall be applicable only to the services individually
prepared for Client. It shall not relate to any advice given by any
person or persons not specifically designated by Monitor in writing to
perform such services. Monitor agrees that Monitor is a fiduciary to
the plan in connection with the performance of services rendered
hereunder.
2. Neither party hereto may assign , convey, or otherwise transfer any of
its rights, obligations, or interest herein without the prior express
written consent of the other party .
3 . This Agreement represents the complete agreement of the parties
with regard to the subject matter and supersedes any prior
understanding or agreement, oral or written.
4. This Agreement may be amended or revised only by an instrument in
writing signed by Client and Monitor.
5 . The validity of this Agreement and of any of its terms or provisions, as
well as the rights and duties of the parties hereunder, shall be
governed by the laws of the Florida.
6. This Agreement may be executed in several counterparts, each of
which shall be deemed an original.
K. PUBLIC ENTITY CRIMES BILL
Section 287.133, Florida Statutes, provides that a person or affi liate
who has been placed on the convicted vendor list following a
conviction for a public entity crime may not submit a bid on a contract
to provide any goods or services to a public entity, may not submit a
bid on a contract with a public entity for the construction or repair of a
public building or public work, may not submit bids on leases of real
4
property to a public entity, may not be awarded or perform work as a
contractor, supplier, subcontractor, or consultant under a contract with
any public entity, and may not transact business with any public entity
in excess of the threshold amount provided in Section 287.017,
Florida Statues, for CATEGORY TWO for a period of 36 months from
the date of being placed on the convicted vendor list.
IN WITNESS WHEREOF, the Client has signed duplicates hereof, and BURGESS
CHAMBERS AND ASSOCIATES, INC has caused its corporate name to be signed to said
duplicates by its proper officers thereunto duly authorized on the day and in the year first
above written.
WITNESS:
By:
ATTEST:
o~ By: j\. ~
___,.7R_a-fa-e~I....._. __,_r..,_n_a_d_o_
City Clerk
BURGESS CHAMBERS AND
::~_so---~~-1-N_c_. ~~~-·~ i~ Chambers, President
OVERSIGHT COMMITTEE City of Hialeah
Elected Officials Retirement Account
By:~~ Alel\reQa ..
City of Hialeah
Treasurer and designee of
Oversight Committee
Approved as to form and
legal sufficiency:
•
5
CITY OF HIALEAH ELECTED OFFICIAL'S RETIREMENT ACCOUNT
CONSULTING SERVICES AGREEMENT
Addendum
This document serves as an addendum to the Consulting Services Agreement, dated
February 1, 2008 between Burgess Chambers and Associates, Inc. ("Monitor "), an d the
Oversight Committee of City of Hialeah Elected Official's Retirement Account ("Client").
Client agrees to pay Monitor an annual fee based on the following percentages of the
fund's assets (at market): 0.20% fee of the Fund's total asset value, w ith a minimum annual fee
of $20,000, paid in arrears and effective January 1, 2023.
The term of the Agreement is for five years, with the option to renew by the Committee
for five years at the end of each term.
IN WITNESS WHEREOF, the Client and Monitor agree to this addendum on the date
written below.
BURGESS CHAMBERS AND
ASSOCIATES, INC.
ATTEST:
By~ \( I ~\JoJ-d-, '
THE OVERSIGHT COMMITTEE OF
CITY OF HIALEAH ELECTED
ELECTED OFFICIAL'S RETIREMENT
ACCOUNT
ATTEST:
By: Ok ~ 11-7-µJ-.L
As Trustee
Horta, Stacy
{ From:
Sent:
To:
Cc:
Subject:
Follow Up Flag:
Flag Status:
Karla Engard < KEngard@BurgessChambers.com >
Monday, October 3, 2022 11 :39 AM
Horta, Stacy
Aedo, Grisel!; Frank Wan; Karla Engard
Projected fees
Follow up
Flagged
WARNING: This email originated outside of the City of Hialeah. Do not click on any links or attachments unless you
recognize the sender and know the content is safe.
Stacy,
Sorry it took me so long to
Here are the es timates fo
fluctuate.
. Of course these are M arket Valu e estimates and could
4th Qtr 2022-$ 8600.00
9500.00 pt 2023
·-----------·
9700.00 2nd qtr 2023
10,000 3td qtr
DC plan s:
14, 700 4th qtr 2022
15,400 pt qtr 2023
15,800 2nd qtr 2023
16, 300 3td qtr 2023.
Please let m e know if you nee d anything e lse .
Karla
From: Frank W a n <FWan@BurgessChambers .com >
Sent: W e dnes d ay, Septembe r 14, 2022 2:11 PM
To: Karla Engard <KEngard@BurgessChambers.com >
Subject: Fwd: FY 2022
Hi Karla. Can you pl ease take a look and give he r an esti m ate?
Se nt from my iPhon e
Begin forwarded message :
1
Horta, Stacy
(From:
Sent:
To:
Cc :
Subject:
Follow Up Flag:
Flag Status:
Good morning Stacy,
Suarez, Luis A.
Wednesday, January 4, 202 3 8:28 AM
Jaramillo-Velez, El sa; Bravo, Lorena
Retirement Staff; Monreal, lsmare (COH ); Jove, David
RE: Signature on Ret i rement Contracts
Follow up
Co mpleted
Can you please resend the letter with the updated dates and letterhead.
Thanks
Luis A. Suarez
Purchas in g M anage r
Purch as in g Di v ision
City of Hi alea h
501 Pa l m Ave nu e, Hi aleah, FL 33010
305.883 .5988
From: Jaramillo-Velez, Elsa <ejv13196@hialeahfl.gov>
Sent: Tuesday, Janu a ry 3, 2023 4 :28 PM
To: Br avo, Lorena <LBravo@h ia le ahfl .gov>
Cc: Retire m e nt St aff <Retire m e ntStaff@hi a lea hfl.gov>; Monrea l, l sm a r e (COH) <imon rea l @h ia lea hfl .gov>; Su arez, Lui s A.
<LASu a r ez@ hi alea hfl .g ov>; Jo v e, David <DJov e@ hi alea hfl.gov>
Subject: RE: Signature on Retirem e nt Contracts
Ok tha nk-w e will h ave the Ch air sig n for this p a rticu lar Committee as th e othe r s are diffe re nt @
Lu is /Stacy -let's procee d to h av e the ite m at t h e next Coun ci l m eeting.
Sincerely,
Elsa J aramillo-Velez, Esq.
H uman Resources D irect or
3 05-883 -8050
City of Hialeah
Department of Human Reso urces
50 1 Palm Avenue
H ialeah, FL 330 10
E JV 13 196 @.Hialeahfl.gov
From : Br avo, Lore na <LBr av o@hia lea hfl.gov >
Sent: Tues d ay, Janu a ry 3, 2023 3 :5 1 PM
To : Ja r a mil lo -V e lez, El sa <e jv 13196@ hi alea h fl .g ov>
Cc : Re tire m e nt Staff <RetirementStaff@ hi alea hfl.gov >; Monrea l, l sm a r e (C OH) <im onrea l @h ia l ea hfl.gov>; Su ar ez, Lui s A.
<LASuarez@hialeahfl.gov>; Jove, David <DJove@hia le ahfl .gov>
Subject: RE: Signature on Retirement Contracts
( The Chair sings.
From: Jaramillo-Velez, Elsa <e jv13196@hialeahfl.gov>
Sent: Tuesday, January 3, 2023 3 :07 PM
To: Bravo, Lorena <LBravo@hialeahfl .gov>
Cc: Retirement Staff <RetirementStaff@hialeahfl.gov>; Monreal, lsmare (COH) <imonrea l@ hialeahfl.gov>; Suarez, Luis A.
<LASuarez@hialeahfl.gov>; Jove, David <DJove@hialeahfl.gov>
Subject: RE : Signature on Retirement Contracts
So the Mayor and the Chair to sign?
Sincerely,
E ls a Jaramillo-Velez, Esq.
Human Resources Director
305-883-8050
City of Hialeah
Department of Human Resources
501 Palm Avenue
H ialeah, FL 33010
E JVl 3 196@.Hialeahfl.gov
From: Bravo, Lore na <LBravo@hialeahfl.gov>
Sent: Tuesday, January 3, 2023 2:54 PM
To: Ja r a millo-Vele z, El sa <ej v 13196@ hi alea hfl .go v>
Cc: Retirement Staff <Retire m e ntSt aff@ hi a lea hfl.go v >; Monrea l, l sm ar e (COH) <im o n rea l @ hi a lea hfl.go v>; Suarez, Lui s A.
<LASu arez@ hi alea hfl .gov>; Jove, David <DJove@hialeahfl .g ov>
Subject: RE : Signature on Retirement Contracts
Section 2 in Res olution 2019-151 provides the authority of the committee. In esse nc e, they hav e bee n delegate d the
authority to ad minister the pl an exce pt for d ec isions involving ex p e nditures . After the committee h as voted on a non -
exp e nditure item, if a signature is required, on ce law has approve d, the chai r ca n sign. If a ny d ec i sion involves an
ex penditure, th e committee makes an affirmative reco mme nd ation to co un ci l/may or; once ap proved (d e pen ding on
threshold), the chair can sign. The committee should adopt necessary policies to guide thei r de cision ma king (i.e . travel
reimburse m e nt policy, investment/portfolio manage me nt policy, etc.).
From: Ja r amillo-Ve lez, Elsa <e jv13196@hi alea hfl.gov>
Sent: Tuesda y, January 3, 2023 11:17 AM
To: Br av o, Loren a <LBr av o@hia l ea hfl .go v >
Cc: Retirem e nt Staff <Reti rementStaff@ hi alea hfl.gov>; Monreal, lsm are (COH) <im onrea l @hi a leahfl.gov >; Suarez, Lui s A .
<LASua re z@hia leahfl .go v >
Subject: RE : Signature on Retirement Contracts
Lore na,
I am following up on this matte r as w e w ant to have the pending item in next w eek's City Co un cil agenda.
Sincerely ,
2
Elsa Jaramillo-Velez, Esq.
Human Resources Director r 305-883-8050
City of Hialeah
Department of Human Resources
501 Palm Avenue
Hialeah, FL 33010
E JV 13 l 96 (@Hialeahfl.go v
From: Jaramillo-Velez, Elsa
Sent: Friday, December 16, 2022 9:46 AM
To: Bravo, Lorena <LBravo@hialeahfl.gov>
Cc: Retirement Staff <RetirementStaff@hialeahfl.gov>
Subject: Signature on Retirement Contracts
Hello Lorena ,
Please let us know when you think we will have the legal opinion on the Retirement/Oversight Committee contract
executions ... We have a pending PO that we would like to take to Council in January but want to make sure the correct
person is the one to sign. Thanks!
Sincerely,
Elsa Jaramillo-Velez, Esq.
Human Resources Director
305-883-8050
City of Hialeah
Department of Human Resources
501 Palm Ave nue
Hialeah, FL 3 3 0 l 0
EJV l 3 l 96 @,Hia leahfl.gov
3
10/12/22, 4 :03 PM Detail by Entity Name
r
De12artment of State I Division of Cor12orations I Search Records I Search by Entity Name I
Detail by Entity Name
Florida Profit Corporation
BURGESS CHAMBERS AND ASSOCIATES , IN C.
Filing Information
Document Number
FEl/EIN Number
Date Filed
Effective Date
State
Status
Princii:ial Address
315 E Robinson Street
STE 690
Orlando , FL 32801
C hanged : 02/13/2013
Mailing Address
315 E. Robinson St
Suite 690
Orlando , FL 328 01
C hanged: 02/13/201 3
K19654
59 -28786 19
03/28/1988
03 /2 4/1988
FL
ACTIVE
Registered Agent Name & Address
CHAMBERS , BURGESS
315 E Robinson St
SUITE 690
O rl ando, FL 32801
Name Changed : 03/15/1993
Address Changed : 02/13/2013
Officer/Director Detail
Name & Address
Title Pres id e nt
CHAMBERS, B URGESS
DIVISION OF CORPORATION S
https ://search .s un biz. org/lnquiry/CorporationSearch/SearchResultDeta il?inquirytype =E ntityNa me &direction Type=! nitial&searc hNa meO rd er=B U RGES . . . 1 /3
10/12/22, 4 :03 PM
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02107/2012 -ANNUAL REPORT View image in PDF format
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02/27/2006 -ANNUAL REPORT --·-v;;;-~-;;g-;;l~PD.Ff~~~~t ···-·1
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602 Elected Officials Retirement Fund
Account Percent
602.8500 .5 133 1 1 O %
PROFESSIONAL SERVICES -OTHERS
Tota l fo r (2) Operatin g Ex p e nses
Tota l expenses 8500 (Fund 602)
GG-General Government
Total Expenses for Fund 602
Appropriated
0.00
0.00
Fiscal Year: 2023
Expended
0.00
F und Tota ls
602
E lected Offi c ia ls Re tire m e nt Fund $0.00 $0.00
Rev enu e/E xpen ses Bal a nc e : $0.00
602 E lected Officia ls Re tire m e nt F und
T ri a l Balance -Expenses
Tria l Ba lan ce -
Encumbered Balance Last Date
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00 Exp en ses
$0.00 $0.00
Pri nt ed: 1/5/2023 Page : 2