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Empower 3/9/2022
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Empower 3/9/2022
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Last modified
3/25/2022 10:04:30 AM
Creation date
3/25/2022 10:02:40 AM
Metadata
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Contracts
Contractor's Name
Empower
Approval Date
3/9/2022
Council Approval Date
2/16/2022
Department
Human Resources
Department Project Manager
Kandy Bartlett
Subject / Project Title
Administrative Services for 457(b) Plan
Tracking Number
0000842
Total Compensation
$0.00
Contract Type
Agreement
Retention Period
6 Years Then Destroy
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EMPOWER <br /> RE T IREt4EN"1 <br /> Ongoing Plan Resources: <br /> 1. Empower will provide the Plan Sponsor access to Plan information and electronic approval <br /> capabilities via the PSC. <br /> 2. Empower will provide the Plan Sponsor access to a Plan Services Representative for <br /> assistance with plan questions. <br /> 3. Empower shall provide periodic Employer Plan Reports in Empower's standard format. <br /> Participant Rollover Contributions: <br /> Plan Sponsor directs Empower to process Participant rollover contributions received in good <br /> order pursuant to the Participant's direction in accordance with procedures provided by Empower <br /> to the Plan Sponsor and without any further Plan Sponsor approval or authorization. <br /> Communication and Education(subject to applicable law): <br /> 1. Standard forms, notices and other information necessary for the service provided to the Plan <br /> will be provided to Plan Sponsor and to Participants via the PSC and/or through enrollment <br /> meetings. <br /> 2. Empower will provide investment education and communication materials, which may include <br /> education and planning tools, newsletters, brochures, or other materials. <br /> Distribution Education Services: <br /> Empower or its affiliates will make retirement education consultants available to Participants to <br /> provide distribution education services and may contact Participants who are eligible to receive <br /> distributions from the Plan to provide information regarding distribution options under the Plan <br /> including rollover services and products offered by Empower. <br /> Financial Wellness: <br /> Empower will provide employee plan and investment education and communications <br /> materials, including education and planning tools. <br /> 1. Empower Participant Experience <br /> Empower will provide Participants, with certain exceptions, access to the participant website <br /> ("Empower Participant Experience").The Empower Participant Experience provides <br /> Participants with an estimated hypothetical monthly retirement income and goal based on a <br /> number of factors including the Participant's plan assets, plan contribution rates and <br /> compensation data. <br /> 2. Health Cost Estimator <br /> Empower will provide Participants, with certain exceptions, access to Empower's Health Cost <br /> Estimator(as defined below)on the participant website. Health Cost Estimator provides <br /> Participants with estimated monthly health care expenses based on retirement age and <br /> SAGWTPACOGOV0521 <br /> 24 <br />
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