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Resolution approving various contracts related to the consolidation of the City's Deferred Compensation program
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WHEREAS, in January 2025, the City began a process to review and consolidate our current deferred compensation plan providers; and
WHEREAS, previously, the City offered three different plans for employees to consider for deferred compensation retirement savings, which staff indicated made it difficult to market and educate employees and administer at the plan level, and the City had limited leverage to reduce fees; and
WHEREAS, with assistance from a consultant, staff formed a 457 Plan Advisory Committee ("Committee"), which consists of employees from all levels of the organization and represents departments from all throughout the City to conduct an RFP and review the vendor proposals to make the best decision for the City and employees; and
WHEREAS, the Committee received a total of seven vendor responses, and narrowed it to the best suited top three providers; and
WHEREAS, the Committee conducted a robust process which included vendor interviews, references and a thorough cost and service analysis; and
WHEREAS, the Committee came to the consensus that Nationwide is the best plan for the employees; and
WHEREAS, by consolidating to a single plan, it will allow City employees to realize a significant cost savings in investment fees; and
WHEREAS, Nationwide offers valuable customer service and educational tools to assist City employees in their retirement readiness and financial goals; and
WHEREAS, Nationwide is offering .0425% if we utilize their onsite participant education and retirement planning services or 0.035% if the City does not; and
WHEREAS, Nationwide will only serve as the record keeper and the City will no longer use proprietary investment options; instead the City will contract with Retirement Plan Advisors (RPA) to choose and monitory publicly available mutual funds at institutional fee levels as well as provide fidu...
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