Title
Sedgwick County 457 Deferred Compensation Agreement with Putnam Fiduciary Trust Company to Serve as Fiduciary Trust Administrator of Stable Value Fund
Body
Recommended Action: Approve Putnam as Fiduciary Trust Administrator of Stable Value fund
An RFP for a 457 Deferred Compensation Plan vendor was done in the fall of 2015. Our incumbent, Empower Financial, was selected to continue their services. Per discussion with our RFP Consultant a new fund lineup that will provide greater value to Sedgwick County participants was proposed and agreed upon in a 457 Board Meeting. The new administrator of this fund lineup will be Putnam Fiduciary Trust Company (PFTC).
Analysis:
The 457 Board identified new funds for the 457 Plan. PFTC was then identified as the new managing agent of the new line-up.
Alternatives: There are no alternatives to PFTC.
Financial Considerations:
Legal Considerations: The agreement may be entered into under the County's home rule powers to enter into contracts (K.S.A. 19-101, fourth). Approval requires simple majority vote.
Policy Considerations: