AGENDA CAPTION:
Title
Consider approval of Resolution 2021-135R, approving a Change in Service to the agreement with Woodbury Financial Services, Inc. to add an additional $66,000 and extend the agreement through April 3, 2025; authorizing the City Manager or his designee to execute the appropriate documents to implement the Change in Service; and declaring an effective date.
Body
Meeting date: August 3, 2021
Department: Human Resources Department - Linda Spacek, Director (By Lynda Williams, Purchasing Manager)
Amount & Source of Funding
Funds Required: $66,000
Account Number: 10000000.24047
Funds Available: Click or tap here to enter text.
Account Name: ICMA-Consultant Rebate
Fiscal Note:
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Background Information:
In September 2016, the City entered into an agreement 216-368 with Woodbury Financial Services for Legacy Retirement Planning Services. The City has paid a total of $49,000 since the start of the contract and anticipates an additional $66,000 in services at the rate of $4,000 per quarter through a contract end date of April 3, 2025. Therefore, the total estimated cost of these services will be $115,000.
The City provides an optional 457 Retirement Plan for employees as part of our employee benefit program. Contributions to this optional retirement plan are fully funded by employee contributions. The City has fiduciary responsibilities for this fund which are managed through Legacy Retirement Planning Services. A fractional percentage of administrative fees paid by plan participants pay for the cost of this contract. Funds are collected by the administrator, ICMA-RC, and are paid to the City to in turn pay Woodbury Financial Services. This contract has no cost to the City.
Council Committee, Board/Commission Action:
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Alternatives:
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Recommendation:
City staff recommends approval of the contract with Woodbury Financial Services, Inc., for an additional $66,000 through April 3, 2025.