457(b) Deferred Compensation Plan, Recordkeeping and Administration Services

The Vendor is required to provide recordkeeping, administrative, education, and compliance services for the 457(b) deferred compensation plan, with an independent provider of plan consulting and investment fiduciary services.
- Requirement:
• Comprehensive plan recordkeeping and administrative services, including:
o Consolidating the city’s plans
o Maintaining records associated with a participant’s account, including but not limited to deferrals, investment performance, administrative costs, salary deferral authorizations, addresses, beneficiary designations, and any other information necessary for the proper administration and accounting of a participant’s account
o Producing plan-level reporting on all aspects of the plans
o Creating and maintaining compliant 457(b) plan documents, including amendments as requested by the city and restatements as required by the IRS
• Participant services, including:
o Individual account services to city employees, including salary deferral, investment election, beneficiary changes, transfers, and account balance information
o Hosting a toll-free telephone number with 24/7 voice response and internet capabilities
o Offering access to a live customer service call center representative to answer questions and address problems within normal city working hours
o Hosting a fully transactional participant web portal with web-based financial and retirement planning tools
• Periodic plan reviews and plan health reports bi-annually
• Onsite participant services from licensed investment professionals
• In-person financial planning and retirement counseling
o 8 full days of on-site in-person meetings, as well as virtual availability
• A description on how you will help us maintain our plan’s investment menu.