City Council

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