Department
Finance
Requested Action (Identify appropriate Action or Motion, purpose, cost, timeframe, etc.)
title
Request approval to renew existing contracts - Finance Department, 19RFP524216C-BKJ, 457(b) Deferred Compensation Plan Administrator with Great-Westlife & Annuity Insurance Company ("Great-West") which operates primarily as Empower Retirement, LLC ("Empower") to provide plan administrative services for the 457(b) Deferred Compensation Plan. Contributions are 100% employee paid - no cost to the County. This action exercises the first of two renewal options. One renewal option remains. Effective dates: January 1, 2025 through December 31, 2025. (APPROVED UPON ADOPTION OF THE CONSENT AGENDA)
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Requirement for Board Action (Cite specific Board policy, statute or code requirement)
In accordance with Purchasing Code Section 102-394(6), the Purchasing Department shall present all renewal requests to the Board of Commissioners at least 90 days prior to the contract renewal date, 60 days if the contract term is six (6) months or less
Strategic Priority Area related to this item (If yes, note strategic priority area below)
Open and Responsible Government
Commission Districts Affected
All Districts ☒
District 1 ☐
District 2 ☐
District 3 ☐
District 4 ☐
District 5 ☐
District 6 ☐
Is this a purchasing item?
Yes
Summary & Background
Scope of Work: This request is to renew the existing contract to provide plan administrative services for the 457(b) Deferred Compensation Plan.
Community Impact: N/A
Department Recommendation: Recommend approval
Project Implications: N/A
Community Issues/Concerns: N/A
Department Issues/Concerns: N/A
Contract Modification:
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Current Contract History |
BOC Item |
Date |
Dollar Amount |
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Original Award Amount |
19-1010 |
12/4/2019 |
No Cost |
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Name Change |
21-0293 |
4/21/2021 |
No Cost |
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Renewal No. 1 |
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No Cost |
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Total Revised Amount |
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No Cost |
Contract & Compliance Information (Provide Contractor and Subcontractor details.)
Contract Value: No cost to the County
Prime Vendor: Great-Westlife & Annuity Insurance Company ("Great-West") which operates primarily as Empower Retirement, LLC ("Empower")
Prime Status: Non-Minority
Location: Springfield, MA
County: Hampden County
Prime Value: No cost to the County Total Contract
Contract Value: No cost to the County
Certified Value: $-0
Exhibits Attached (Provide copies of originals, number exhibits consecutively, and label all exhibits in the upper right corner.)
Exhibit 1: Contract Renewal Agreement
Exhibit 2: Performance Evaluation
Contact Information (Type Name, Title, Agency and Phone)
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Hakeem Oshikoya, Finance Director, 404-612-7641
Contract Attached
title
No
Previous Contracts
title
Yes
Total Contract Value
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Original Approved Amount: |
No cost |
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Previous Adjustments: |
No cost |
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This Request: |
No cost |
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TOTAL: |
No cost |
Grant Information Summary
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Amount Requested: |
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☐ |
Cash |
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Match Required: |
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☐ |
In-Kind |
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Start Date: |
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☐ |
Approval to Award |
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End Date: |
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☐ |
Apply & Accept |
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Match Account $: |
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Fiscal Impact / Funding Source
Funding Line 1:
N/A
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Key Contract Terms |
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Start Date: 1/1/2025 |
End Date: 12/31/2025 |
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Cost Adjustment: No cost |
Renewal/Extension Terms: One renewal option remains |
Overall Contractor Performance Rating:
Would you select/recommend this vendor again?
Yes
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Report Period Start: |
Report Period End: |
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