CITY OF EL PASO, TEXAS
AGENDA ITEM SUMMARY FORM
Details
All Districts
Human Resources, Mary L. Michel, (915) 212- 1267
Purchasing and Strategic Sourcing, Bruce D. Collins, (915) 212-1181
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public hearing date: Click or tap to enter a date.
strategic goal:
Goal 6 - Set the Standard for Sound Governance and Fiscal Management
subgoal: 6.3 Implement programs to reduce organizational risk
SUBJECT:
APPROVE a Resolution / Ordinance / lease to do what? OR AUTHORIZE the City Manager to do what? Be descriptive of what we want Council to approve. Include $ amount if applicable.
Title
The linkage to Strategic Plan is subsection 6.3 - Implement programs to reduce organizational risk. This contract will continue to provide plans offered as a supplement to the City’s defined benefit pension plan.
Award Summary:
The award of Solicitation No. 2021-0043R 457(b) Deferred Compensation Plan Administrator and 401(a) Profit Sharing Plan Administrator to Empower Retirement, LLC for an initial five (5) year term. The award is to include a two (2), two (2) year optional terms for a total of nine (9) years.
Contract Variance:
No cost to the City.
Department: Human Resources
Award to: Empower Retirement, LLC
Greenwood Village, CO
Items: ALL
Initial Term: 5 years
Option to Extend: Two, two (2) years
Annual Estimated Award: NA
Initial Term Estimated Award: NA
Total Estimated Award: NA
Account No.: NA
Funding Source: Employee Voluntary Contributions Only
Districts: All
This is a Request for Proposal, service contract.
The Purchasing and Strategic Sourcing and Human Resources Departments recommend award as indicated to Empower Retirement, LLC the highest ranked proposer based on evaluation factors established for this procurement. In accordance with this award, the City Manager or designee is authorized to exercise future options if needed.
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Background / DISCUSSION:
Discussion of the what, why, where, when, and how to enable Council to have reasonably complete description of he contemplated action. This should include attachment of bid tabulation, or ordinance or resolution if appropriate. What are the benefits to the City of this action? What are the citizen concerns?
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PRIOR COUNCIL ACTION:
Has the Council previously considered this item or a closely related one?
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AMOUNT AND SOURCE OF FUNDING:
How will this item be funded? Has the item been budgeted? If so, identify funding source by amount numbers and description of account. Does it require a budget transfer?
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********************REQUIRED AUTHORIZATION********************
If Agenda Item Summary Form is initiated by Purchasing, client department should sign also