23-0620_SHUSTER ADVISORY GROUP, LLC_E16_Agenda ReportCity of San Juan Capistrano
Agenda Report
TO: Honorable Mayor and Members of the City Council
FROM: Benjamin Siegel, City Manager
SUBMITTED BY: Shelley Velez, Human Resources and Risk Manager
DATE: June 20, 2023
SUBJECT: Amended Professional Services Agreement with Shuster Advisory
Group, LLC for Defined Contribution Consulting and Investment
Fiduciary Services
RECOMMENDATIONS:
Approve and authorize the City Manager to execute an amendment to the Professional
Services Agreement with Shuster Advisory Group, LLC, for defined contribution plan
consulting and investment fiduciary services (Attachment 1).
EXECUTIVE SUMMARY:
On February 3, 2021, the City entered into a Professional Services Agreement with
Shuster Advisory Group, LLC, for defined contribution plan consulting and investment
fiduciary services (Attachment 2). The annual fee of $25,000 associated with Shuster
Advisory Group’s services has not increased since the initial Agreement was approved
by the City Council. At this time, Shuster Advisory Services, LLC, is seeking a fee increase
of 10%, which totals $2,500 for Fiscal Year 2023-24. Staff recommends approval of the
increase.
DISCUSSION/ANALYSIS:
Not applicable.
FISCAL IMPACT:
There is no direct fiscal impact to the City, as the fee for Shuster’s services is paid by plan
assets.
6/20/2023
E16
City Council Agenda Report
June 20, 2023
Page 2 of 2
ENVIRONMENTAL IMPACT:
Not applicable.
PRIOR CITY COUNCIL REVIEW:
Not applicable.
COMMISSION/COMMITTEE/BOARD REVIEW AND RECOMMENDATIONS:
Not applicable.
NOTIFICATION:
Mark Shuster, Managing Member, Shuster Advisory Group
ATTACHMENT(S):
Attachment 1 : Proposed First Amendment to Professional Services Agreement
Attachment 2: Professional Services Agreement
disputes or claims) shall be governed by and construed in accordance with the laws
of the same jurisdiction as is the original Agreement.
3.Except for the changes specifically set forth herein, all other terms
and conditions of the original Agreement as amended by Amendment No. 1 shall
remain in full force and effect.
IN WITNESS WHEREOF, the parties have caused this Amendment No. 1 to
be executed on the respective dates set forth below.
City of San Juan Capistrano
Benjamin Siegel
Name
City Manager
Title
Date
Consultant c�•si:1/u-Mark Shuster
Name ,J1B&AFW1:Jc44J ...
Managing Member
Title
6/13/2023
Date
ATTEST:
By: ____________________________
Maria Morris
City Clerk
APPROVED AS TO FORM:
By:____________________________
Jeffrey Ballinger
City Attorney
ATTACHMENT 2