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• Automating participant deductions and County staff reports (streamline the plan administration) • Maintaining plan documents With the exception of the Sheriff's Office, each constitutional officer and the Board of County Commissioners has elected to participate in the consolidation and will be represented on the committee. The following information was available to the committee as of September 30, 2016: • Total participant assets $29.65M • Total estimated recording keeping fees paid to each of the three providers $231,000 • Average recording keeping fee paid 0.76% Nation Florida BOCC $14.16M 7 $8.25M $2.83M Clerk $0.36M $1.13M $0.52M Prop App Tax Coll $0.58M Elections`� - $0.15M - Total Assets $15.40M $10.90M $3.35M Fees ($) $112,600 $104,200 $14,200 Fees (%) 0.73% 0.96% 0.42% The RFP was released on January 2, 2017 and nine qualified responses were received from deferred compensation providers. These nine responses were reviewed by the committee on March 16, 2017 and the committee selected the top five providers for presentations. On April 6, 2017, each of the top five ranked deferred compensation providers made a presentation to the committee. Following the presentations, the committee ranked the providers as outlined below: 1 -Nationwide 2 -Lincoln 3 -Empower 4 -Mass Mutual 54CMA The committee requested our consultant to contact Nationwide for a best and final offer on fees and services. The consultant successfully negotiated the following fee concessions with Nationwide for the Committee's consideration: • Open Architecture Fund Lineup (no proprietary fund requirements): a 0.02% reduction from the original RFP to 0.17% Or • Open Architecture + Nationwide Fixed Account: a 0.04% reduction to 0.12% (The existing Nationwide recordkeeping fee is 0.70-0.75% depending on the plan.) P54