Executive/Council Action Form (ECAF)
ITEM TITLE:
Title
Motion 25-479, authorizing the County Executive to sign Empower’s Deconversion Transfer Request
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DEPARTMENT: Finance
ORIGINATOR: Nathan Kennedy
EXECUTIVE RECOMMENDATION: Approved by Ken Klein 10/10/25
PURPOSE: To authorize Executive to sign Empower’s Deconversion Transfer Request to transfer plan participants funds from Empower to Nationwide Financial
BACKGROUND: Currently the County has two legacy partnerships to administer Snohomish County Deferred Compensation Plan in addition to Nationwide Financial. Maintaining those two legacy partnerships (Empower formerly GreatWest and MissionSquare formerly ICMA) creates an administrative burden that is unnecessary when the County has the current partnership with Nationwide Financial. This action will formally terminate the partnership with Empower and transfer the plan’s participants that are with Empower over to Nationwide Financial to be managed there. Snohomish County Code 3.34.030 requires Council approval for this action to be authorized.
FISCAL IMPLICATIONS:
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EXPEND: FUND, AGY, ORG, ACTY, OBJ, AU |
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1ST 6 YRS |
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DEPARTMENT FISCAL IMPACT NOTES: No effect.
CONTRACT INFORMATION:
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AMENDMENT |
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OTHER DEPARTMENTAL REVIEW/COMMENTS: Reviewed/approved by: Finance (Nathan Kennedy 10/9/25)