Report to Mayor and City Council
Tuesday, November 17, 2020
Consent
SUBJECT:
Title
APPROVE CONTRACT AMENDMENT NO. 4 TO ALLOW SYSTEMATIC WITHDRAWALS AND AMEND IN-SERVICE DISTRIBUTION AGE WITH VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY AND VOYA FINANCIAL PARTNERS, LLC (CITY COUNCIL)
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I. SUMMARY
On May 1, 2015, the City of Carson entered into the City of Carson Deferred Compensation Program Administrative Services Agreement ("Agreement") with Voya Retirement Insurance and Annuity Company and Voya Financial Partners, LLC to make improvements to the City of Carson's Deferred Compensation Plan and City of Carson 401(a) Retirement Plan, Voya Plan Numbers 666972 and 666973. On December 15, 2015, the Agreement was first amended to correct certain errors with the Expense Account for Services Account. On December 3, 2019, the Agreement was further amended to reduce the administrative fee. On May 5, 2020, the Agreement was amended to reflect the changes enacted by the CARES Act related to coronavirus distributions and loans. The proposed amendment will now incorporate systematic withdrawals as well as amend the in-service distribution age to 59 1/2 for the 401(a) and 457(b) plans.
II. RECOMMENDATION
Recommendation
WAIVE further reading and APPROVE THE VOYA ADMINISTRATIVE SERVICES CONTRACT AMENDMENT NO. 4 TO ALLOW SYSTEMATIC WITHDRAWALS AND AMEND IN-SERVICE DISTRIBUTION AGE WITH VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY AND VOYA FINANCIAL PARTNERS, LLC"; AND
AUTHORIZE THE MAYOR TO EXECUTE THE AGREEMENT UPON APPROVAL AS TO FORM BY THE CITY ATTORNEY.
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III. ALTERNATIVES
Take any other action deemed appropriate.
IV. BACKGROUND
On May 1, 2015, the City entered into the City of Carson Deferred Compensation Program Administrative Services Agreement with Voya Retirement Insurance and Annuity Company and Voya Financial Partners, LLC to make improvements to the City of Carson's Deferred Compensation Plan (Exhibit 1). The Agreement contains a sectio...
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