First Amendment to Agreement 1
FIRST AMENDMENT
SAAS LICENSING AGREEMENT
BY AND BETWEEN
SIGNAL HILL, CA and GOVINVEST, INC.
This First Amendment to the SaaS Licensing Agreement dated June 29th, 2023, by and between the Signal Hill, CA hereinafter referred to as “CUSTOMER,” and GovInvest, Inc., a Delaware corporation, hereinafter referred to as “COMPANY,” is entered into on December 8
th, 2023.
WHERE AS, the parties now desire to amend certain provisions of the Master Service Agreement in order to adjust the term and scope of services.
NOW THEREFORE, the parties hereto mutually agree to adjust the Master Service Agreement as follows:
Scope of Work:
1. 12 months of access to the GovInvest’s Managed Services, detailed in Exhibit A.
2. Term: 12 Months from Effective Date; December 8
th, 2023.
3. The CUSTOMER agrees to pay the service fee of $10,000, detailed in Exhibit A.
4. It is understood this First Amendment is bound and subject to all the provisions in the SaaS Licensing Agreement, and those remain in full force and effect through the end of the term in the original SaaS Licensing Agreement.
Except as specifically modified herein, the SaaS Licensing Agreement dated June 29th, 2023, and all provisions contained therein, shall remain in full force and effect. In the event of a conflict between the provisions of this First Amendment and the original SaaS Licensing Agreement, the provisions of this First Amendment shall govern.
IN WITNESS WHEREOF, the parties hereto have entered into this First Amendment as of the first date written above.
GOVINVEST, INC.
By: _______________________________________ Date: _______________________ Name: _____________________________________
Title: ______________________________________
SIGNAL HILL, CA
By: _______________________________________ Date: _______________________ Name: _____________________________________
Title: ______________________________________
First Amendment to Agreement 2
EXHIBIT A: SCOPE OF WORK
Project Overview:
The Annual Pension Funding Update Project, spearheaded by GovInvest, is designed to provide the City of Signal Hill with a thorough and actionable analysis of its pension plan(s). This project encompasses a detailed assessment of current funding status and future cost projections, crucial for strategic financial planning. Alongside this, GovInvest commits to ongoing discussions and strategy sessions tailored to Signal Hill's specific needs. This comprehensive approach extends to continuous intelligence gathering from CalPERS and other pertinent sources, keeping Signal Hill abreast of any critical changes or advancements in pension funding. Additionally, GovInvest offers educational sessions, enhancing the understanding and expertise of the Signal Hill’s staff and board members on various pension-related topics.
Project Scope:
Annual Pension Funding Update
GovInvest shall provide an annual pension funding update to the Agency’s staff, committees, and/or board. This update will include a comprehensive assessment of the current status of the Agency’s pension plan(s), encompassing a detailed analysis of funding progress, future pension cost projections, and fiscal impact assessments. Special attention will be paid to smoothing techniques and level dollar payments as strategies for mitigating fiscal volatility and ensuring sustainable pension contributions. The update shall incorporate the latest experiences and trends from CalPERS, identifying opportunities to reduce costs while adhering to best practices.
These practices will be presented clearly to facilitate informed decision-making. To ensure thorough understanding and collaboration, GovInvest will conduct meetings with relevant stakeholders and provide comprehensive work products, including detailed reports and actionable recommendations.
Deliverables: Quarterly meeting with senior consultant. CalPERS plan/s review, complete with funding update and stress tests.
Review, Discussion, and Strategy Recommendations
GovInvest shall engage in ongoing discussions with the Agency to review the annual pension funding update.
During these discussions, the provider will recommend and discuss strategies aligned with the current budget outlook. These strategies may encompass various aspects of pension funding, including additional discretionary payments, restructuring UAL Payment Schedule considering both the long-term financial stability of the pension plan and the Agency’s budget and adequacy of reserves (§115 Trust or otherwise).
Deliverables: Quarterly meeting with senior consultant. Draft Pension funding policy with potential fiscal impacts.
Ongoing Intelligence Gathering
GovInvest shall continuously monitor and gather intelligence from various sources, including but not limited to CalPERS (California Public Employees' Retirement System) Board, staff, and other relevant industry sources.
This information shall be used to inform and update the Agency on developments in the pension funding landscape, changes in regulatory requirements, and any emerging best practices.
Deliverables: Quarterly meeting with senior consultant. Updated stress tests on potential investment changes.
Education Sessions
Upon request, GovInvest shall conduct education sessions for the Agency's staff, committees, and/or board members. These sessions may cover a wide range of topics related to pension funding, including actuarial principles, investment strategies, and regulatory compliance. The format and frequency of these sessions will be First Amendment to Agreement 3
determined in collaboration with the Agency to ensure they meet the specific needs and objectives of the Agency.
Deliverables: Quarterly meeting with senior consultant. Annual educational presentation/s for staff and city council.
Optional Add-on: Funding Policy Analysis and Development in conjunction with §115/Reserve minimum and maximums and other funding triggers.
Proposed Fee Schedule:
The proposed fee schedule reflects GovInvest's commitment to delivering exceptional value through its Pension Advisory Services, priced at an annual fee of $10,000. This investment provides Signal Hill with not just a one-time report but a holistic package of services including ongoing consultancy, strategic recommendations, and educational support. The fee aligns with the comprehensive nature of the services provided, ensuring Signal Hill receives up-to-date, expert guidance in navigating the complexities of pension funding. The continuous engagement model allows for realtime adjustments to strategies based on the latest industry developments, thereby maximizing Signal Hill’s potential for cost mitigation and long-term financial stability.
Service Annual Fee
Pension Advisory Services $10,000
Conclusion:
Engaging with GovInvest for the Annual Pension Funding Update Project presents a strategic opportunity for Signal Hill to enhance its pension management practices. This collaboration will empower Signal Hill with a deeper understanding of its pension liabilities, informed by industry expertise and continuous intelligence. The education sessions further cement this value by building internal capacity for pensionrelated decision-making. The optional add-on of Funding Policy Analysis and Development offers an additional layer of strategic planning, further solidifying Signal Hill's financial future. Overall, this project is a comprehensive solution designed to align with Signal Hill's fiscal goals, delivering both immediate insights and long-term benefits.