457(b) DEFERRED COMPENSATION AND 401(a) DEFINED CONTRIBUTION PLAN RECORDKEEPING AND ADMINISTRATION

The City of Independence, MO, issued a Request for Proposal (RFP) for 457(b) Deferred Compensation and 401(a) Defined Contribution Plan recordkeeping and administration services. The RFP aimed to solicit proposals from qualified proposers to provide these services. The city contracted with Retirement Plan Advisors (RPA) to assist in the RFP process, transition, and ongoing monitoring of the plans. After evaluating the proposals, Voya was recommended for negotiations due to its competitive pricing, strong technology, and robust marketing materials. The contract's scope of work includes recordkeeping, administrative, and compliance services for the city's 457(b) Deferred Compensation Plan and 401(a) Defined Contribution Plan. • The RFP process involved evaluating the proposals based on requirements, qualifications, experience, project approach, and price. • The city considered factors such as combined 457/401 balances on the website, readiness tool, and participant services. • The contract is expected to have a significant financial impact on the city's existing assets and new deposits. • The city aims to provide high-quality recordkeeping and administration services to its employees while minimizing costs.