CLARK COUNTY BOARD OF COMMISSIONERS
AGENDA ITEM
|
Petitioner: |
Jessica Colvin, Chief Financial Officer Thomas A. Minwegen, General Manager Mason Van Houweling, Chief Executive Officer Jason Douglas, Fire Chief |
Recommendation:
title
Approve an Amendment to the contract with Empower Retirement, LLC for RFP No. 605654-20 for Deferred Compensation 457 Plan; and authorize the Chief Financial Officer or her designee to sign the Amendment; or take other action as appropriate. (Also sitting as Clark Count Water Reclamation District Board of Trustees, University Medical Center of Southern Nevada Board of Hospital Trustees and Mount Charleston Fire Protection District Board of Fire Commissioners) (For possible action)
body
FISCAL IMPACT:
|
Fund #: |
N/A |
Fund Name: |
N/A |
|
Fund Center: |
N/A |
Funded PGM/Grant: |
N/A |
|
Amount: |
No fiscal impact |
|
Description: |
Deferred Compensation 457 Plan |
|
Additional Comments: |
This is a no cost contract; all costs are paid through employee premiums. Amendment No. 2 has no fiscal impact. |
BACKGROUND:
On June 20, 2023, the Board of County Commissioners (Board) approved the award of RFP No. 605654-20 for Deferred Compensation 457 Plan to Empower Retirement, LLC (LBE) for recordkeeping/administration, communication/education, onsite education, investment advisory, investment management and custodial trustee services.
The following are the pertinent provisions of the Contract:
• The term of the Contract was from July 1, 2023 through June 30, 2030, and included the option
to renew for 3, one-year periods and included a 3-month extension. There are 3 renewal options
remaining.
• Included the County's option to terminate for cause, convenience or default and suspend the
Contract with advanced written notice.
Amendment No. 1 provided for the inclusion of additional investment advisory and management services.
Approval of Amendment No. 2 will add a 401(a) savings plan for Water Reclamation District and a Float Disclosure to the master agreement. The attached Amendment No. 1 document details the modifications involved.
The Business License Department has determined that a Clark County Business License is not required for this effort.