Title
Consider/Discuss/Act on a Resolution Authorizing the City Manager to Execute a Contract with Voya Services Company of Windsor, CT to Provide 457(b) Recordkeeping Services
Summary
COUNCIL GOAL: Operational Excellence
(2.1: Balance available resources to accommodate the growth and maintenance needs of the city.)
Financially Sound Government
(4.4: Create financial plans for future growth as well as future maintenance)
MEETING DATE: September 16, 2025
DEPARTMENT: Human Resources
Procurement Services
CONTACT: Jim Parrish, Director of Human Resources
Olivia Nahas, Human Resources Manager
Sean Fu, Buyer II
RECOMMENDED CITY COUNCIL ACTION:
? Approval of Resolution
ITEM SUMMARY:
* This Resolution authorizes the City Manager to enter into a contract with Voya Services Company for 457(b) Recordkeeping Services.
BACKGROUND INFORMATION:
* The City issued a Request for Proposals, 25-22RFP for 457(b) Recordkeeper on February 14, 2025.
o Advertised in McKinney Courier Gazette
o Posted on McKinney TV
o 517 matching Bonfire Supplier Notifications, including 1 Historically Underutilized Business (HUB) suppliers
* Of the 517 supplier notifications, nine (9) proposals were received on March 13, 2025.
* An evaluation committee comprised of staff from Human Resources, Police, Fire, Public Works, MPAC, Finance and City Manager's Office along with Mariner who is our 457 deferred compensation plan consultant, reviewed and scored the proposals based on the following criteria:
o 30 Points - Cost
o 20 Points - Firm Experience / Qualifications / Proposed Service Team
o 20 Points - Plan Sponsor Services / Participant Services, Experience, and Education, Participant Loans/Advisory Services/Self-directed Brokerage Accounts
o 20 Points - Recordkeeping & Administration Systems
o 10 Points - Transition/Implementation
o 25 Points - Interview
* Based on the results of the evaluated proposals, the evaluation committee is recommending award and execution of co...
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