The City of Jamestown (hereinafter referred to as “City”), is a municipal entity organized and chartered under the laws of the State of New York, located at 200 E. 3rd Street Jamestown, NY 14701. The City has a population of approximately 27,000 and is located in the Buffalo/Niagara Region of New York State.
As of January 1, 2023, the City has 397 full-time and 9 part-time employees eligible for its 457 deferred compensation plan.
The purpose of the City’s proposed Deferred Compensation Plan is to provide eligible employees with a convenient way to save for retirement and to encourage broad-based participation of employees in the plan.
The City, does not imply that any specified amount of assets and number of participants will be in the plan, but does assure that all employees in all income brackets will have the opportunity to participate.
The City, in accordance with the Rules and Regulations promulgated by the New York Deferred Compensation Board pursuant to Section 5 of the State Finance Law, is authorized to establish and maintain a Deferred Compensation Plan for the benefit of its employees. Further information may be found in State Statue or at:
https://deferredcompboard.ny.gov/locgov.html.
This document constitutes a request, via sealed proposals, from qualified Administrative Service Agencies and/or Financial Organizations relating to administration and funding of the Plan.
The plan is intended to qualify as an "eligible deferred compensation plan" under Section 457 ("Section 457") of the Internal Revenue Code of 1986 ("Code"), as now in effect or hereinafter amended. To become an "eligible deferred compensation plan" in the State of New York, you must meet the requirements of the “Rules and Regulations" [Parts 9000 to 9006 of Subtitle II of Title 9 NYCRR (“Subtitle II”)] (the “Regulations”) promulgated by the New York State Deferred Compensation Board (the "Board") pursuant to the authority granted by the State Finance Law, § 5; L. 1982, Ch. 547.
If you are qualified to administer and maintain records and accounts of plans, which meet the requirements for qualifications under the Internal Revenue Code as well as the Rules and Regulations of the New York State Deferred Compensation Board and if you have appropriate products available for use as funding media for a non-qualified public employee deferred compensation program and are interested in making those products available, you are requested to complete this invitation for proposal.
