Executive/Council Action Form (ECAF)
ITEM TITLE:
Title
Motion 21-214, authorizing approval of the agreement for deferred compensation plan administration with Nationwide Retirement Services for the county’s 457 retirement plan
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DEPARTMENT: Finance
ORIGINATOR: Bramby Tollen
EXECUTIVE RECOMMENDATION: Approve
PURPOSE: To execute an agreement with Nationwide Retirement Services to provide employees and retirees with retirement services for the County’s 457 Deferred Compensation Plan.
BACKGROUND: The County issued RFP 26-20BC last year for an Administrator for the County’s 457 Compensation Plan. Four (4) submittals were received and evaluated. The evaluation committee ranked Nationwide Retirement Services as the highest scoring respondent. The County has worked with Nationwide Retirement Services in the past. The previous contract was awarded to Nationwide in 2008 based on RFP-03-07. The County has felt that the services received from Nationwide were sufficient. Additionally, Nationwide has offered to significantly reduce the fees charged to plan participants in the new RFP. The cost will decrease immediately from 9 basis point to 4.5 basis points and will decrease further to 4 basis points when the plan’s assets increase in value to over $300 million.
FISCAL IMPLICATIONS:
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EXPEND: FUND, AGY, ORG, ACTY, OBJ, AU |
CURRENT YR |
2ND YR |
1ST 6 YRS |
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TOTAL |
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REVENUE: FUND, AGY, ORG, REV, SOURCE |
CURRENT YR |
2ND YR |
1ST 6 YRS |
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TOTAL |
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DEPARTMENT FISCAL IMPACT NOTES: No cost to County. All fees paid by plan participants.
CONTRACT INFORMATION:
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ORIGINAL |
X |
CONTRACT# |
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AMOUNT |
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AMENDMENT |
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CONTRACT# |
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AMOUNT |
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Contract Period
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ORIGINAL |
START |
January 1, 2021 |
END |
December 31, 2023 |
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AMENDMENT |
START |
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END |
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OTHER DEPARTMENTAL REVIEW/COMMENTS: Approved to form by George Marsh per email dated 5/10/21 to Nathan Kennedy