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CITY COMMISSION AGENDA ITEM |
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Department: |
Human Resources |
Commission Meeting Date: July 11, 2018 |
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Staff Contact: |
Lori Carnahan |
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Recommendations/Options/Action Requested: |
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Authorize City Manager to negotiate an agreement with Nationwide, to provide administrative, recordkeeping and investment services with respect to the City’s 457 Deferred Compensation Plan. |
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Executive Summary: |
A formal Request for Proposal (RFP) was issued on December 15, 2016 for administrative, recordkeeping and investment services with respect to the 457 Deferred Compensation Plan (457 Plan). Five companies were invited for an on-site interview: Transamerica, Nationwide, Mass Mutual, ICMA-RC and The Standard.
As more fully described in the attached memo, in the interests of better meeting the City’s fiduciary duties and providing more comprehensive participant services, HR Staff recommends the City terminate its existing provider arrangement with Transamerica and establish a new arrangement with Nationwide.
Staff requests approval to initiate termination of the current Plan provider arrangement with Transamerica and establishment of a new provider arrangement with Nationwide. If approved, staff will provide notice of termination to Transamerica, commence contract negotiations with Nationwide and initiate conversion activities with respect to a transfer of Plan assets to occur on or about 90 days from a final contract.
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Strategic Plan Critical Success Factor |
Effective Governance/Professional Administration Innovative Infrastructure and Asset Management Core Services Sound Fiscal Stewardship |
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Fiscal Impact (Amount/Source): |
Fees are charged to participant accounts and therefore the fiscal impact to the City is $0. |
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Attachments: |
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Reviewed By: (for CMO use only) |
☐TM ☐DS ☒CT ☐BM |