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File #: 22-1835   
Status: Agenda Ready
File created: 12/13/2022 In control: Clark County Board of Commissioners
On agenda: 1/3/2023 Final action:
Title: Ratify and approve an Amendment to the Contract with Empower Retirement, LLC, for RFP No. 602890-13, 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 County Water Reclamation District Board of Trustees, University Medical Center of Southern Nevada Board of Trustees and Mount Charleston Fire Protection District Board of Fire Commissioners) (For possible action)
Attachments: 1. Staff Report, 2. P602890-13 Disclosures, 3. P602890-13 Amendment

CLARK COUNTY BOARD OF COMMISSIONERS

AGENDA ITEM

 

Petitioner:

Les Lee Shell, Deputy County Manager Jessica Colvin, Chief Financial Officer Thomas A Minwegen, General Manager Mason Van Houweling, Chief Executive Officer Jorge Gonzalez, Fire Chief 

Recommendation: 

title

Ratify and approve an Amendment to the Contract with Empower Retirement, LLC, for RFP No. 602890-13, 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 County Water Reclamation District Board of Trustees, University Medical Center of Southern Nevada Board of 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:

This is a no cost contract

Description:

Deferred Compensation 457 Plan

Additional Comments:

None

 

BACKGROUND: 

On May 20, 2014, the Board of County Commissioners (Board) approved the award of RFP No. 602890-13 to MassMutual Financial Group to provide a deferred compensation plan that included bundled administrative services, such as record keeping/administration, communication/education, and custodial trustee services.  Also included are unbundled investment management services for Clark County, Nevada Employees' Deferred Compensation 457 Plan and the FICA Alternative OBRA Plan.

The Department of Administrative Services, Purchasing and Contracts Division approved an Assignment of Contract from MassMutual Financial Group (NBE) to Empower Retirement, LLC (LBE) on April 19, 2021.

The following are the pertinent provisions of the Contract:
                     The term of the Contract was from August 1, 2014 through July 31, 2019, and included the option to                      renew for 2, one-year periods. There are no 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 extension of the Contract term through December 31, 2022. 

Approval of Amendment No. 2 will provide for the extension of the Contract term through June 30, 2023, to allow time to complete the Request for Proposal process. The attached Amendment No. 2 document details the modifications involved.

The Business License Department has determined that a Clark County Business License is not required for this effort.