Laserfiche WebLink
1. Lincoln Retirement Services, LLC <br />2. Empower Retirement, LLC <br />3. Nationwide Retirement Solutions, Inc. <br />4. Voya Financial <br />5. Equitable <br />6. AIG <br />The Committee unanimously ranked Lincoln Retirement Services, LLC as the top firm to provide <br />recordkeeping services for participants in the Indian River County Deferred Compensation <br />Program. Lincoln's team demonstrated a high level of customer service and employee education, <br />a dynamic website experience, a 48% reduction from current recordkeeping fees, a stable value <br />account option providing guaranteed minimum credit ratings, and maintains current investment <br />options, with the exception of the Nationwide Fixed Account which will be replaced by the Lincoln <br />Stable Value Account. <br />The County's consultant, AnclCo Consulting, is supportive of the Committee's recommendation <br />and has provided the attached fee comparison of the top three firms. Upon approval by the BOCC, <br />AnclCo will work with Indian River County and Lincoln to finalize the agreement and will oversee <br />the transition to the new provider over a 90 day transition period. <br />FUNDING: <br />Current recordkeeping fees are approximately $114,709 per year (0.25%). Under the <br />recommendation, the fees would be reduced to $59,648 per year (0.13%). Deferred compensation <br />fees are paid by plan participants. <br />RECOMMENDATION: <br />Staff recommends the Board award the project to Lincoln Retirement Services Company, LLC, <br />authorize the County Administrator to execute the Letter of Intent, and authorize the Chairman to <br />execute the final agreement after the County Attorney has approved it as to form and legal <br />sufficiency. <br />ATTAPNMFNT <br />IRC Recordkeeper RFP — Fee Comparison <br />Lincoln Sample Agreement <br />Lincoln Letter of Intent <br />150 <br />