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<br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />Project title: MissionSquare Administrative Services Agreement Amendment No. 3 <br />Council Bill # interoffice use <br /> <br />Project: MissionSquare Administrative Services Agreement Amendment No. 3 <br />Partner/Supplier: MissionSquare Retirement (formerly ICMA-RC) <br /> Location: N/A <br />Preceding action: ICMA Retirement Corp Administrative Services Agreement 1/8/2020 <br />Fund: N/A <br />Agenda dates requested: <br /> <br /> <br />Briefing <br />Proposed action <br />Consent 8/6/25 <br />Action <br />Ordinance <br />Public hearing <br /> Yes X No <br /> <br />Budget amendment: <br /> Yes X No <br /> <br />PowerPoint presentation: <br /> Yes X No <br /> <br />Attachments: <br />MissionSquare <br />Administrative Services <br />Agreement Amend No. 3 <br /> <br />Department(s) involved: <br />HR <br /> <br />Contact person: <br />Kandy Bartlett <br /> <br />Phone number: <br />425-257-8706 <br /> <br />Email: <br />kbartlett@everettwa.gov <br /> <br />Initialed by: <br />KB <br />Department head <br /> <br />Administration <br /> <br />Council President <br />Fiscal summary statement: <br />The contract does not impose any financial impact to the City as MissionSquare administrative <br />costs are covered by way of basis points (fees) on participant investment accounts. <br /> <br />Project summary statement: <br />MissionSquare (formerly ICMA-RC) has partnered with the City to provide employees the <br />opportunity to prepare for retirement by investing in a 457(b) plan. While this 10-year contract is <br />longer than the typical contract length compared to other benefit TPAs, MissionSquare has <br />consistently provided an excellent service to our employees for over 50 years. <br />This amendment and duration of contract also allow for MissionSquare to reduce the basis points <br />assessed on participant funds, enabling our employees to retain more of their savings for <br />retirement. Additionally, this amendment implements Secure 2.0 Act provisions such as in- <br />service withdrawals for FEMA declared natural disasters. <br /> <br />Recommendation (exact action requested of Council): Authorize the Mayor to sign <br />MissionSquare Administrative Services Agreement Amendment No. 3. <br /> <br />City Council Agenda Item Cover Sheet