Title
Amending the International City Management Association Retirement Corporation ("RC") Administrative Services Agreements Plans 108827, 109056, and 300646 (B)
Explanation
The plans are the City's 401(a) money purchase plan (108827), 401(a) plan (108827), and the City's 457 plan (109956). The amended agreements will eliminate the annual $18.00 maintenance fee that is currently charged to each employee on each of the above plans in which they participate. These amendments will save City employees $16,668 per year. The elimination of the annual $18.00 maintenance fee is contingent upon the City's continued use of EZLink for enrollment and contribution procession over the 5-year term of the Agreements, and upon the City not obtaining plan administration and investment advisory services for the plans from anyone other than the existing plan administrators and/or assignees during the term of the Agreements. Currently the City has two vendors providing plan administration and investment advisory services for its deferred compensation plans. The two vendors are The International City Management Association Retirement Corporation ("RC") and National Deferred Compensation, Inc.
Fiscal Impact
None
Recommendation:
Authorize the City Manager to execute the amendments.