457 Investment Advisor

The City of Lawrence, Kansas, is seeking proposals from qualified and experienced firms to provide investment advisory and consulting services for the City’s 457(b) and 401(a) retirement plans. As of July 18, 2025, the City’s 457(b) plan includes approximately 655 participant accounts and total assets of $57.6 million.The selected firm will serve as an independent advisor and will not assume any fiduciary responsibility for asset management. Instead, the consultant will advise the City on all aspects of the Plans' investment design, regulatory compliance, vendor oversight, and participant engagement. The City intends to establish a long-term partnership with a single consultant, subject to annual contract renewal based on budget availability.The selected firm will be expected to perform the following services, including but not limited to:Conduct ongoing review, analysis, and recommendations regarding Plan design and structure;Evaluate and recommend investment education programs for Plan participants;Monitor and provide guidance on industry and plan sponsor trends, including behavioral finance developments and innovative investment products;Provide timely updates and advice on applicable regulatory changes affecting the Plans;Advise on best practices in public-sector retirement plan administration and investment strategy;Review and make recommendations concerning the number, types, and asset classes of investment options offered under the Plans;Assist in the selection and prudent ongoing monitoring of investment options;Recommend appropriate default investment options in the absence of participant direction;Establish and periodically review appropriate benchmarks and peer group comparisons for investment performance evaluation;Provide implementation and exit strategies for investment options;Review and advise on the content and delivery of participant investment-related disclosures;Conduct performance evaluations of the City’s custodial and recordkeeping providers and assist with provider searches, if necessary;Assist with contract negotiations and review draft contracts and amendments for City approval prior to execution;Evaluate and advise on the inclusion of new investment products suitable for qualified retirement plans;Serve as a liaison between the City and other Plan service providers, as requested;Support the City in assessing, improving, and benchmarking the performance and fees of Plan vendors;Collaborate with City staff and Plan providers to support participant education and retirement readiness initiatives.Additional Requirement(s):The selected consultant will be expected to attend meetings—either in person or virtually—at the request of the City. Contract Term and Start DateThe City anticipates services to commence on or around January 1, 2026. While it is the City’s intent to form an ongoing relationship with the selected firm, contracts will be awarded for a one-year term and may be renewed annually based on satisfactory performance and budgetary approval.