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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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08/29/2023 Special
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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
Creation date
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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Amend Agreement with Benefit Financial Services Group <br />August 29, 2023 <br />Page 2 <br />prepared to offer Financial Planning and Consulting services to plan participants at no <br />additional cost. If the recommendation is approved, plan participants would have the <br />option to elect to obtain such services from BFSG. As a registered investment advisor, <br />BFSG is an independent fiduciary firm that is legally bound to have a fundamental <br />obligation to act in the best interests of their clients and to provide investment advice in <br />their client's best interest. These additional services, if elected by plan participants, <br />could be an added benefit when planning for retirement and investment decisions. For <br />these reasons, staff recommends amending the agreement with BFSG to add <br />Participant Planning and Consulting Services. <br />FISCAL IMPACT <br />There is no fiscal impact associated with this action. <br />EXHIBIT(S) <br />1. First Amendment to Agreement <br />2. BFSG Financial Planning and Consulting Agreement <br />Submitted By: Kathryn Downs, FMSA Executive Director <br />Approved By: Kristine Ridge, City Manager <br />
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