City staff presented a proposal to move the city’s retirement plan investment management from in‑house administration to a discretionary third‑party manager. The recommendation came after investment committees for the various plans reviewed options and recommended IntelliSense Investment Solutions Inc., which serves as an adviser for the city’s MET defined‑contribution plan.

Staff described the scope as covering multiple plans, including the MET plan (which operates like a 401(k) for most employees), defined‑benefit plans for police and fire (legacy plans closed to new hires after February 2011), and an other post‑employment benefits trust for retiree health liabilities. Under the proposed arrangement, IntelliSense would take discretionary authority to manage investments within policies overseen by the city’s investment committee.

Officials said IntelliSense is familiar with the city’s plan structures and has provided advisory services since 2018 for the MET plan. For the MET plan staff noted an advisor fee historically of $40,000 per year; IntelliSense has offered to match the fee structure for the police and fire plans, staff said. City staff said plan fees would be covered from city budget sources and, where allowable, from plan assets in accordance with plan rules and fiduciary guidance.

The committee moved to direct staff to negotiate agreements and recommended city council waive the selection process and approve agreements with IntelliSense; the formal vote language and result are recorded in the Votes at a glance summary.