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Item 16 - Amend Agreement for Plan and Investment Advisory Services Pertaining to the 457 Deferred Compensation Plan
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Item 16 - Amend Agreement for Plan and Investment Advisory Services Pertaining to the 457 Deferred Compensation Plan
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10/25/2023 12:58:37 PM
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10/25/2023 12:41:40 PM
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City Clerk
Doc Type
Agenda Packet
Agency
Finance & Management Services
Item #
16
Date
8/29/2023
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Finance and Management Services <br />www.santa-ana.org/finance <br />Item # 16 <br />City of Santa Ana <br />20 Civic Center Plaza, Santa Ana, CA 92701 <br />Staff Report <br />August 29, 2023 <br />TOPIC: Amend Agreement for Plan and Investment Advisory Services Pertaining to the <br />457 Deferred Compensation Plan <br />AGENDA TITLE <br />Amend Agreement with Benefit Financial Services Group, LLC (BFSG) for Plan and <br />Investment Advisory Services Pertaining to the 457 Deferred Compensation Plan to Add <br />Participant Planning and Consulting Services at No Additional Cost <br />RECOMMENDED ACTION <br />Authorize the City Manager to execute the first amendment to the agreement with Benefit <br />Financial Services Group, LLC to provide Participant Planning and Consulting Services <br />at no additional cost, subject to non -substantive changes approved by the City Manager <br />and City Attorney. <br />DISCUSSION <br />On November 21, 2018, at the conclusion of a competitive bidding process, the City <br />Council awarded a three-year agreement, with the provision for two-year contract <br />extensions, to BFSG to provide plan and investment advisory services pertaining to the <br />457 Deferred Compensation Plan. The City has exercised the contract extensions and <br />the current contract expires on December 31, 2024. City staff anticipates releasing an <br />RFP for similar services before the existing agreement expires. <br />The City of Santa Ana offers full-time employees a 457 Deferred Compensation Plan <br />("plan" or "457 plan"), which was established in 1973, with the adoption of City <br />Resolution 7-21, along with a corresponding US Internal Revenue Service approval. <br />The 457 Deferred Compensation Plan is a voluntary supplemental retirement savings <br />program that allows employees to make contributions on a pre-tax basis. Each calendar <br />year, employees can choose to contribute to the Plan up to an amount established by <br />the Internal Revenue Service. The City does not contribute any funds on the employees' <br />behalf. <br />BFSG has proven to be reliable and highly knowledgeable in assisting with 457 plan <br />administration. As of March 31, 2023, the Plan holds $132.5 million in Plan Assets for <br />1,350 participants. BFSG has provided assistance in plan administration, investment <br />advisory, and communication services during the term of the contract. BFSG is <br />
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