City Council

1.\nJOINT ACTION: AUTHORIZE THE DEFERRED COMPENSATION PLAN ADMINISTRATOR TO ENTER INTO A CONTRACT FOR UP TO\nTEN YEARS WITH EMPOWER ANNUITY INSURANCE COMPANY OF\nAMERICA TO PROVIDE PLAN ADMINISTRATION, INVESTMENT OPTIONS, RECORD KEEPING, AND PARTICIPANT EDUCATION\nSERVICES FOR THE CITY’S DEFERRED COMPENSATION (457(B) AND 401(A))\nPLANS (Finance Dept.)\nRecommendation: It is recommended that the City Council/Deferred Compensation Plan Trustees:\n(1)\nFind that the proposed action in the agenda report is exempt from the California Environmental Quality Act (CEQA) pursuant to CEQA\nguidelines Section 15061(b)(3) “Common Sense” exemption; and\n(2)\nAuthorize the Deferred Compensation Plan Administrator (Director of Finance) to enter into a contract, as a result of a competitive\nselection process, as specified in Section 4.08.047 of the Pasadena Municipal Code, with\nEmpower Annuity Insurance Company of America, for a period of five years with one five-year optional extension period, to provide plan\nadministration, investment options, record keeping, and participant education services for the\nCity’s Deferred Compensation (IRC §457(b)) and Defined Contribution (IRC §401(a)) plans. Competitive bidding is not required pursuant to\nCity Charter Section 1002(F), contracts for professional or unique services.