Title of Item:
RESOLUTION No. 89-2018; A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF STUART, FLORIDA, TO APPROVE THE AWARD OF RFP 2018-203 FOR RETIREMENT PLAN ADMINISTRATION FOR 457(B) AND 401(A) DEFINED CONTRIBUTION PLANS TO ICMA RETIREMENT CORPORATION; PROVIDING FOR AN EFFECTIVE DATE; AND FOR OTHER PURPOSES. (RC)
Summary Explanation/Background Information on Agenda Request:
The City issued the RFP on June 21, 2018 for Retirement Plan Administration services for 457(b) and 401(a) defined contribution plans. The City currently utilizes three firms for these defined contribution plans. Award of the RFP will allow for a single provider.
The Procurement Division sent 260 notifications through its online bid process. Twenty-one (21) vendors downloaded the RFP specifications and eight bids were received on July 18, 2018.
A selection committee made up of staff from Human Resources and Finance evaluated the responses and selected ICMA Retirement Corporation as the highest ranked firm. Staff recommends award to ICMA Retirement Corporation.
Funding Source:
There is no cost to the City. Participants are charged a percentage based investment fee.
Recommended Action:
Adopt Resolution 89-2018 |