Commission Approval.pdf

The document discusses the approval of a new recordkeeper services provider for the City of Tallahassee's employee retirement plans. The city is looking to award a contract to Great-West Financial Services based on an evaluation committee's recommendation. The contract is for an initial five-year term with the option to extend for two additional one-year terms. The transition from the current provider, Prudential Retirement Services, is expected to take place over 90 to 120 days. The change in service providers will not require participants to choose new investment options. The contract with Great-West Financial is expected to have an annual cost of approximately $215,000 for recordkeeping services. The document also provides details on the history of the retirement plans, the RFP process, evaluation criteria, and the recommended action options for the City Commission.