Plan Administration and Record Keeping Services

The City of Spokane solicited proposals to administer its municipal 457(b) Deferred Compensation Plan and provide comprehensive record‑keeping services. After a competitive RFP process, ICMA‑RC was selected as the awardee. The contract covers full plan administration, participant education, loan processing, electronic account access, and detailed reporting, with performance benchmarks (e.g., statements within 15 business days, call‑answer within 60 seconds). The agreement runs for a ten‑year term (2021‑2031) with automatic annual renewals unless a 60‑day termination notice is given. Key contract elements include: • Administration of a $197 M plan, including contribution processing, loan services, and distribution handling. • Record‑keeping and secure online portal (EZLink) with 24/7 participant access. • Vendor‑level performance guarantees and penalties (e.g., $2,500 per missed benchmark). • Mandatory on‑site/virtual service days (minimum 40 per year) and extensive sponsor reporting.