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REQUEST FOR <br />COUNCIL ACTION <br />CITY COUNCIL MEETING DATE: <br />19, 2017 <br />TITLE: <br />AUTHORIZATION TO ISSUE REQUEST FOR <br />PROPOSAL FOR RECORDKEEPING & <br />INVESTMENT ADVISORY SERVICES FOR <br />THE 457 DEFERRED COMPENSATION <br />PLAN AND ADOPT THE AMENDMENTS TO <br />THE CURRENT AGREEMENTS <br />(STRATEGIC PLAN NO. 7,4) <br />MANAGER <br />RECOMMENDED ACTION <br />CLERK OF COUNCIL USE ONLY: <br />APPROVED <br />❑ As Recommended <br />❑ As Amended <br />❑ Ordinance on 16'Reading <br />❑ Ordinance on 2ndReading <br />❑ Implementing Resolution <br />❑ Set Public Hearing For <br />CONTINUED TO <br />FILE NUMBER <br />1. Authorize staff to issue two Requests for Proposals: 1) for Recordkeeping and <br />Communication Services and 2) for Investment Advisory Services pertaining to the 457 <br />Deferred Compensation Plan. <br />2. Authorize the City Manager and Clerk of the Council to execute an extension with Great -West <br />Financial to maintain services during the Requests for Proposals for recordkeeping and <br />communication services pertaining to the 457 deferred compensation plan for a nine-month <br />period beginning January 1, 2018 through September 30, 2018, subject to non -substantive <br />changes approved by the City Manager and City Attorney. <br />3. Authorize the City Manager and Clerk of the Council to execute an amendment with Benefit <br />Financial Services Group (BFSG), for plan and investment advisory services pertaining to the <br />457 deferred compensation plan for a one-year period beginning January 1, 2018 through <br />December 31, 2018 for an amount not to exceed $20,000, subject to non -substantive <br />changes approved by the City Manager and City Attorney. <br />DISCUSSION <br />Currently, the 457 Deferred Compensation Plan is administered through the Finance & <br />Management Services Agency and as of November 30, 2017, maintains plan assets <br />approximating $111.8 million with 1,169 participants. Great West Financial ("Great -West'), the <br />Plan Sponsor, operating under its subsidiary Empower, has been engaged to provide <br />administrative, recordkeeping and communication services for the plan with Benefit Financial <br />Services Group ("BFSG") providing the investment advisory services. <br />25D-1 <br />