File #: 25-1799   
Status: Passed
File created: 1/6/2025 In control: Clark County Board of Commissioners
On agenda: 2/4/2025 Final action: 2/4/2025
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 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. P605654-20 Disclosure, 3. P605654-20 Amendment

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 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:

No cost

Description:

Deferred Compensation 457 Plan

Additional Comments:

This is a no cost contract; all costs are paid through employee premiums.

 

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.

Approval of Amendment No. 1 will provide for the inclusion of additional investment advisory and management services.  The attached Amendment No. 1 document details the modifications and costs involved.

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