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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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10/24/2023 11:35:25 AM
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City Clerk
Doc Type
Agenda Packet
Agency
Finance & Management Services
Item #
19
Date
9/19/2023
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73 <br />Managed Account Participant’s portfolio. <br />2.1.4 A Managed Account Participant may cancel his or her participation in the Managed <br />Account Service by calling Adviser’s representative or through the website. Upon a Managed Account <br />Participant terminating participation in the Managed Account Service, the Managed Account Participant is <br />solely responsible for the investment of his or her Plan account. <br />2.1.5 Data requirements for Enrolling Participants. <br />2.1.5.1 Subject to the information below, if Adviser does not have required <br />indicative data for an Enrolling Participant, the Enrolling Participant will not be enrolled into the Managed <br />Account Service. <br />2.1.5.2 Plan Sponsor may provide Adviser with default data for use in processing <br />enrollments for Enrolling Participants, and in advising Participant accounts. If Plan Sponsor provides <br />Direction to use default data, such as income assumptions, Plan Sponsor agrees that use of such default <br />data is consistent with Adviser’s execution of its fiduciary responsibility in providing investment advice to <br />Participants. <br />2.1.5.3 Gender Assumption. If gender information is missing on any Participant, <br />Plan Sponsor Directs Adviser to default gender assumption to female, unless Plan Sponsor oth erwise <br />Directs Adviser, for purposes of processing Managed Account Service enrollment. <br />2.1.5.4 Date of Birth. If a Participant's date of birth is beyond the mortality tables <br />used by the independent financial expert, or the Participant’s date of birth provided to Adviser is invalid, the <br />Participant will not be eligible to be enrolled into the Service. <br />2.2 Online Advice Service. Adviser shall provide access to the Online Advice Service to <br />Participants. For the Online Advice Service, Adviser shall provide no n-discretionary advisory services, <br />consisting of investment recommendations created by Subadviser based upon the Investment Options <br />available in the Plan, to Online Advice Participants. Online Advice Participants shall be responsible for <br />implementing the investment recommendations. Beyond the initial recommendation, Adviser is not <br />responsible for providing additional investment recommendations or the management of an Online Advice <br />Participant’s account. The Online Advice Service is only available through websites supported by Empower <br />and Subadviser. Managed Account Participants are not eligible for the Online Advice Service while <br />participating in the Managed Account Service. <br />3. COMMUNICATION AND ONGOING MAINTENANCE <br />3.1 Enrollment. Plan Sponsor agrees that Adviser will conduct, (at no additional charge to <br />Plan Sponsor), an education/enrollment campaign as part of the rollout of the Services to all eligible <br />Participants and an annual campaign thereafter. The campaign materials will be provided to each <br />Participant and may include, but are not limited to a descriptive brochure, descriptive letter from Plan
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