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RFP: FIDUCIARY COUNSEL LEGAL SERVICES

The Los Angeles County Employees Retirement Association (LACERA) invites proposals from experienced attorneys and law firms in response to this Request for Proposals (RFP) to provide fiduciary counsel legal services to support LACERA’s governing Board of Retirement and Board of Investments, staff, and the organization as a whole.

Scope of Services

LACERA seeks to hire outside counsel to provide independent legal advice and services related to the full range of issues of fiduciary duties concerning LACERA’s operations and governance, including duties arising in connection with the interpretation and application of relevant provisions of the California Constitution, CERL, PEPRA, the Brown Act, the Public Records Act, Political Reform Act, and other applicable law. Working as appropriate in coordination with the Boards, Board Chairs, and LACERA’s Legal Division, the responsibilities of fiduciary counsel will include the following:

  • A. Provide oral and written legal advice to the Board of Retirement, Board of Investments, and/or staff regarding fiduciary duties.
  • B. Analyze and evaluate fiduciary matters facing the organization and its Boards.
  • C. Keep the Boards up-to-date on the laws and legal developments regarding fiduciary duties, and provide training annually or with such other frequency as requested.
  • D. Assist in other fiduciary matters, including litigation, as requested.

The duties and responsibilities of fiduciary counsel are further explained in the Boards’ Fiduciary Counsel Policy, a copy of which is attached to this RFP. Core skills include comprehensive knowledge and understanding of relevant fiduciary law, excellent oral and written communication skills, sound judgment, the ability to work well with and maintain the confidence of the Board of Retirement, the Board of Investments, and staff, and the ability to deliver services in a timely and cost effective manner.

Candidates must have at least ten (10) years providing fiduciary advice to public or private organizations. Experience in advising other CERL systems and/or other public pension systems is strongly desirable.

Submission Requirements

Submissions must be delivered in PDF format via email to srice@lacera.com by the due date stated above in the RFP Calendar. In addition, respondents must send three (3) hard copies of their submissions for delivery by the due date stated in the RFP Calendar addressed to:

LACERA
Attention: Steven P. Rice
Chief Counsel
300 North Lake Avenue, Suite 620
Pasadena, CA 91101

See “Notice Regarding the California Public Records Act and Brown Act” in this RFP for information regarding redactions and disclosure.

Deadline For RFP Response

The completed proposal must be delivered by July 24, 2020. Any proposal delivered after the proposal deadline will not be considered.

Questions Relating To This RFP

Respondents are encouraged to communicate any questions regarding this RFP by the deadline stated above in the RFP Calendar. Questions should be sent in writing via email only to Steven P. Rice, Chief Counsel, at srice@lacera.com. Questions and answers will be posted at LACERA.com by the date stated in the RFP Calendar.

Tentative Timetable

The following is a tentative schedule for this search. The evaluation and staff recommendation phases are subject to modification by LACERA.

Task Date
LACERA RFP Issued June 2, 2020
Written Questions and Requests for Clarification Due July 10, 2020
Responses to Questions Posted July 15, 2020
Proposals Due July 24, 2020
Finalist Interviews August 2020 to be determined
Estimated Final Selection and Approval by the Boards September 2020 to be determined

RFP Materials

RFP: Fiduciary Counsel Legal Services