The Port offers employees an eligible deferred compensation plan as that term is defined under Section 457(b). The Plan is presently serviced by Lincoln Financial Group (LFG) as the record keeper. As of June 30, 2024, total assets under management were above $114 million with 827 plan participants. The Port wishes to continue to provide a high level of oversight through its Committee and their partnership with LFG and plan advisor. Oversight of the plan includes but is not limited to: quarterly meetings with the committee; review, watch and replacement of investment options; review of plan design options and best practices; actively promoting plan participation; and providing training to the committee and Port employees. During the term of the contract, the Port would also like to informally benchmark the competitiveness of its current Plan by comparing its existing investment funds, plan design, services, and related fees to those currently available in the marketplace.
