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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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Investment Company <br /> Great-West Funds, Inc. is an investment company affiliated with AAG. It is registered under the Investment Company Act of <br /> 1940. Great-West Funds may provide investment products to retirement plans and IRAs for which AAG may also provide its <br /> services. Great-West Funds is managed by Great-West Capital Management, LLC as discussed below. Shares of Great-West <br /> Funds may be available for purchase by retirement plans advised by AAG or to account holders of the Empower Premier IRA. <br /> Investment Advisers <br /> Great-West Capital Management, LLC("GWCM"), an affiliate of AAG, is an investment adviser for Great-West Funds and is <br /> registered under the Investment Advisers Act of 1940. It is a wholly owned subsidiary of GWLA. AAG provides managed <br /> account,guidance,and advice services to participants in certain defined contribution plans. It also provides services to account <br /> holders of the Empower Retirement Premier IRA which may have as investment options certain portfolios of Great-West Funds <br /> managed by GWCM, <br /> Putnam Investment Management,LLC is a registered investment adviser("PIM").AAG is under common control with PIM and <br /> is an affiliate of PIM. Shares of Putnam retail mutual funds may be available for purchase by retirement plans or by the <br /> Empower Premier IRA holders. PIM serves as a sub-adviser to certain funds in the Great-West Core Strategies lineup <br /> Irish Life Investment Managers Limited--a Dublin, Ireland based,SEC registered investment adviser. ILIM is part of the Great- <br /> West Lifeco, Inc, ("GWL") group of companies; GWL has operations in Canada, the United States, Europe and Asia through <br /> ownership of companies including GWLA and PIM.AAG is wholly owned subsidiary of GWLA,GWLA is an indirect wholly owned <br /> subsidiary of GWL which controls IL1M. !UM manages the index series of GW Funds. <br /> Personal Capita! Advisors Corporation ("Personal Capital"), an affiliate of AAG, is wholly owned by Personal Capital <br /> Corporation, which is wholly owned by Empower Holdings, LLC, a wholly owned subsidiary of GWLA. Personal Capital is an <br /> investment adviser registered under the Investment Advisers Act of 1940 and provides discretionary investment management <br /> services and financial planning services to various clients. <br /> Branding <br /> The affiliated companies of AAG, GWCM, GWFS, GWLA, GWL&ANY, Great-West Funds, Empower Holdings, LLC, Empower <br /> Retirement,LLC, and GWTC operate under the multiple brands of Empower Retirement and Empower Institutional depending <br /> upon the products, services and retirement markets involved.These brands do not materially affect the internal structure of <br /> AAG or AAG's corporate ownership. <br /> Conflicts of Interest <br /> The investment options available in a plan are generally established by the plan sponsor/client through which our services are <br /> delivered.In some cases,the plan investment options may include,or be comprised solely of,affiliated investment options of <br /> the institutional client or of AAG.AAG does not receive compensation from its parent company or any of its affiliates as a result <br /> of these allocations. AAG has a relationship with Morningstar Investment Management wherein Morningstar Investment <br /> Management acts as sub-adviser for the advisory services.AAG has entered into an agreement with Morningstar Investment <br /> Management under which,AAG receives advisory services fees for providing services to retirement plan clients. <br /> AAG mitigates these conflicts of interest related to affiliated investment options by utilizing Morningstar Investment <br /> Management as sub-adviser who remains independent from AAG and its related persons with respect to their methods of <br /> analysis and investment strategies. Morningstar Investment Management's methodology also controls the investment <br /> allocations and recommendations.A client/account holder will pay advisory fees to AAG for MAS,and indirectly to GWCM,if <br /> Great-West Funds are included in the retirement plan investment options. The fees paid to GWCM for management of the <br /> Great-West Funds are included in the fund share price. <br /> Conflicts relating to fund recommendations: The Services operate by recommending or allocating a user's assets to funds <br /> available within a plan or IRA.The funds available for AAG's recommendations within a plan or IRA are generally established <br /> by the plan sponsor/client through which the Services are delivered,or the custodian of the IRA platform,rather than by AAG. <br /> In some cases,the investment options may include or be comprised solely of investment options sponsored by AAG's <br /> 14 <br />
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