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Item 19 - Agreement with Empower Annuity Insurance Company for the Employee Deferred Compensation Plan
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09/19/2023 Regular
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Item 19 - Agreement with Empower Annuity Insurance Company for the Employee Deferred Compensation Plan
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10/24/2023 11:43:40 AM
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City Clerk
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Agenda Packet
Agency
Finance & Management Services
Item #
19
Date
9/19/2023
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40 <br />8.4.8 Website Availability. The website will include the Plan Sponsor’s logo and be <br />available 24 hours a day, 7 days a week, except for routine maintenance of the system which, when <br />necessary, will generally take place on Sunday between the hours of 2:01 am and 2:01 pm Eastern Time. <br />However, the system may also be limited or unavailable during periods of peak demand, market volatility, <br />systems upgrades, or maintenance, or for other reasons. <br />8.4.9 Enhancements. Empower may periodically update or add new content, features, <br />services, tools or other functionality to the Participant website or other Empower Software as part of its <br />ongoing enhancement of the Services offered to Plan Sponsor or its Participants. Such additions will be <br />offered at no additional cost unless expressly agreed by Plan Sponsor or Participan ts (as applicable). <br />9 PARTICIPANT COMMUNICATION AND EDUCATION <br />9.1 Participant Education. Empower will provide support for employee enrollment and <br />education meetings, and will provide employee education and communications materials, including <br />education and planning tools through the internet: <br />9.1.1 Empower will provide 28 educational or enrollment meetings in year one, to be <br />used as Directed by Plan Sponsor; and 28 educational or enrollment meetings will be provided annually <br />thereafter to be used as Directed by Plan Sponsor. Any additional educational or enrollment meetings will <br />be provided for a fee of $500 per day. <br />9.1.2 An assigned representative will provide communication and marketing services <br />exclusively to the Plan. Such representative will be responsible for all group meetings as Directed by Plan <br />Sponsor. <br />9.2 Communication Materials. Empower will provide Participant educational and <br />communication materials regarding financial investing and retirement options. These materials may <br />include, but are not limited to, newsletters, brochures, and other materials as mutually agreed upon . The <br />materials will be customized with a specific brand designed for the Plan, including enrollment kit, Participant <br />website and educational flyers. <br />9.3 Group Presentations. Empower representatives will conduct group presentations at <br />which some or all of the following will be communicated: (i) summary of the key pr ovisions of the Plan; (ii) <br />summary of authorized Investment Options; (iii) discussion of Services including VRU inquiry, retirement <br />planning, and investment seminars; and (iv) instructions on how to sign up for the Plan. <br />9.4 Individual Counseling Sessions. Upon request, Empower representatives will conduct <br />prescheduled individual counseling sessions, utilizing a Participant paycheck analysis, an asset allocation <br />model and retirement counseling services, as Directed by Plan Sponsor. <br />9.5 Plan Sponsor Committee Meetings. Upon request, an Empower representative will <br />attend periodic Plan Sponsor committee meetings and will be prepared to provide information regarding <br />the Plan and its activities. <br />9.6 Communications and Education Plan Meetings. Empower will prepare a <br />communications and education plan for review by Plan Sponsor. Such Plan will be finalized in a mutually <br />agreeable manner.
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