23-0701_SHUSTER ADVISORY GROUP, LLC_1st Amd to Professional Services AgreementFIRST AMENDMENT
TO PROFESSIONAL SERVICES AGREEMENT BETWEEN
CITY OF SAN JUAN CAPISTRANO AND
SHUSTER ADVISORY GROUP, LLC
This First Amendment to Professional Services Agreement ("Amendment No.
1 ") is dated and effective July 1, 2023, and between the City of San Juan Capistrano,
a public agency organized and operating under the laws of the State of California
("City"), and Shuster Advisory Group, LLC ("Consultant"), a California Limited Liability
Company. City and Consultant are sometimes individually referred to as "Party" and
collectively as "Parties."
RECITALS
A. The City and Consultant entered into a Professional Services
Agreement on February 3, 2021 (the original Agreement).
B_ The original Agreement provided for Consultant to perform certain
fiduciary and non -fiduciary services for the City's retirement plans.
C. The original Agreement provided for Consultant to be
compensated via payment for these services.
D. The compensation for these services is further defined via Exhibit
B — Fee Schedule of the original Agreement
E. The Parties desire to enter into the Amendment No. 1 to recognize
a change to the compensation received for the services provided.
NOW, THEREFORE, in consideration of the mutual covenants and conditions
set forth herein and incorporating the above recitals, City and Consultant agree as
follows:
1. Effective as of July 1, 2023, Exhibit B — Fee Schedule, Paragraph 5. Is
removed and replaced with:
5. The annual fee for services shall be as follows:
Beginning with the effective date of this Amendment No. 1, the annual
fee for service shall be $27,500 payable monthly ($2,291.66 per month).
Fees will be deducted from Plan assets and will be paid to Consultant
by the record -keeper.
At Consultant's discretion the billing period described above may be
adjusted to quarterly.
2. This Amendment and any dispute or claim arising out of or in
connection with it, its subject matter or its formation (including non -contractual
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
enjamir Sie
City Manager
Title
Date
ATTEST:
By. - - - -
Maria Morris
City Clerk
APPROVED AS TO FORM
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Jeff y Ballinger
City Attorney
Consultant _�:��,,� ,b„
Name
Managing Memher
Title
6/13/2023
Date