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<br /> <br /> <br /> Agreement with ICMA-RD <br /> For Deferred Comp Services <br /> December 6, 2010 <br /> Page 2 <br /> <br /> <br /> participant's current costs, and ability to offer personalized educational and financial services. After <br /> extensive review, the four top rated firms were interviewed including Great-West Life, ICMA-RC, <br /> Nationwide, and The Hartford. Of these, ICMA-RC and Great-West were asked to return for final <br /> interviews. ICMA-RC has been selected as the recommended vendor for recordkeeping, <br /> administration, and retirement financial planning services. <br /> <br /> ICMA-RC, established since 1972, provides retirement plans, products and services to state and local <br /> government employers and their employees. ICMA-RC offers significant overall improvements <br /> including a reduction in expense fees for participants and administrative costs. The City's Plan will <br /> not be charged for legal, loan servicing, or domestic relations order processing. The City will have its <br /> own custom website designed. Included within the pricing are individualized financial planning <br /> services; all participants will automatically receive a financial needs assessment plan at no additional <br /> charge, greater account balances qualify for goal specific or comprehensive financial plans. <br /> <br /> Upon Council authorization, a comprehensive transition plan will take place for the 457 Plan over the <br /> next 120 days. The conversions will consist of comprehensive communications, multi-site meetings, <br /> and individual participant and retiree appointments to insure employees are informed and updated on <br /> all the new plan improvements and enhancements. <br /> <br /> <br /> FISCAL IMPACT <br /> <br /> There is no fiscal impact associated with this action. <br /> <br /> <br /> <br /> <br /> Francisco Gutierrez <br /> Executive Director <br /> Finance & Management Services Agency V <br /> <br /> FG/ed/tmr <br /> <br /> Exhibit: 1. Agreement <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> 25A-2 <br />