Specifications include, but are not limited to: The successful Plan Administrator will report to the Plan Sponsor and to an appointed consultant fiduciary capacity and acknowledge in writing its fiduciary status, without qualification. The successful Plan Administrator will provide objective and independent advice to the Plan Sponsor which is solely in the best interest of the Plan participants, their beneficiaries, and the Plan Sponsor. Plan Administrator shall provide the following services to the Plan Sponsor: A. Plan Administration 1. Provide Plan Sponsor with the administration of the 457 Deferred Compensation Plan (and to a 401(a) as needed). 2. Provide plan documents and service contracts with respect to regulatory compliance and operational efficiencies. 3. The service providers’ compliance with City of Kyles adopted Plan Document(s) and contracts. 4. Provide costs of administration services provided. 5. Make recommendations to Plan Sponsor to plan design and administration, such as independent third-party administration and recordkeeping services; this may include evaluation of the organization of services, structure of investment menu, and range of product and service offerings. 6. Assist the City with the transition of services from one provider to another. 7. Assist the Plan Sponsor in reviewing and updating the City’s Plan Document(s) and contracts as needed. 8. Provide ongoing administration and monitoring. 9. Assist Plan Sponsor and/or DCP Board with service-related issues with 457 (and 401(a)) service providers. 10. Provide Plan Sponsor regular updates on relevant regulatory issues and provide timely advice to the City regarding a course of action to avoid compliance violations. 11. As needed, provide advice to Plan Sponsor regarding tax, technical and retirement planning issues for use in day-to-day administration of deferred compensation plans and coordination with other retirement plans/programs; this may include interpretation of federal tax rules. 12. Recommend and assist with making changes to service contracts and plan documents in response to regulatory changes, service or plan performance issues. B. Investment Consulting 1. Provide education and advice to the Plan Sponsor regarding investment concepts, strategies, risk management and expenses (fees) associated with the City’s 457 Plan. 2. Advise the City as to the continuing appropriateness of each fund option. 3. Provide a written report summarizing the findings of the financial review and recommendations for changes, if any. 4. Assist with the development of an investment policy statement for the 457 Plan. 5. Assist the City with the transition of services from one provider to another. 6. Provide ongoing investment performance monitoring and advisory services...
