Background/Discussion
The City offers employees the opportunity to invest part of their earnings into a 457(b) tax-advantaged retirement savings plan. Currently the City offers plans from three (3) different vendors, each with different fee structures and different investment options. In 2024, it was decided that consolidating those plans with a single provider would be in the best interest of the City for ease of payroll operations and plan oversight, and to both optimize the fee structure and potential results for the participants.
A committee comprised of participating employees, City administration, and an outside consultant met to determine the needs and requirements for potential vendors and drafted a Request for Proposals. Several plan providers and investment professionals were invited to present proposals to the committee. The committee voted to select Security National Bank (SNB) and the Trustee and Financial Advisor, along with Equitable as the Provider Firm.
Equitable will provide investment options as recommended by SNB, and will provide the framework for employee investments. SNB will provide ongoing education, investment advice, plan benchmarking, and reporting. All employee contributions after the effective date will e directed to the new SNB/Equitable plan, and employees will have the opportunity to roll their existing funds into the new plan as well.
This Resolution serves to establish the relationship and agreements with both Security National Bank and Equitable for purposes of providing a high-quality, participant-focused, and fiduciary-sound savings plan to all City employees.