Title
Deferred Compensation Investment Management Consulting Services RFP
History
The Village issued an RFP seeking services of a co-fiduciary and investment advisor for Plan oversight, investment selection and monitoring of the 457 Deferred Compensation Plan. The selected consultant will review all current vendors to determine performance and fees. The selected consultant, with consultation from the Employee Deferred Compensation Committee, will make a recommendation(s) to the Village on strategy for 457 Plan administration, consolidation of vendors and improvement of fees paid by participants. The selected consultant will also prepare, deliver, and present semi-annual performance reviews to the Village as well as provide communication strategy to help Village employees achieve retirement security. There are no Village costs related to this agreement since fees will only be assessed post consolidation/restructuring and will be paid from assets as a percentage of the fee savings delivered to plan participants.
Highlights
The Village provides an employer-sponsored deferred compensation plan under Section 457(b) and a 401(a) defined contribution plan under the Internal Revenue Code (IRC). The 457(b) Plan provides tax benefits to employees whom make deposits into the Plan for their retirement. The Village’s current 457 Deferred Compensation vendors include: Nationwide ($5,332,257 total assets with 32 participants), ICMA-RC ($1,690,937 with 7 participants), Mass Mutual ($9,357,814 with 61 participants) and AXA ($196,352 with 8 participants). The 401(a) Plan provides an additional tax deferral benefit retirement savings program for some employees. Mass Mutual administers the 401(a) for the Village ($1,659,665 total assets). Additionally, the Village provides a retiree healthcare savings plan ("RHS") to a limited number of employees. The RHS plan provides some employee's tax-free savings to be used to pay for qualified medical expenses during retirement.
As the pla...
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