PRESENTER: Presenter
Lindsey Cox, Assistant Human Resources Director
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SUBJECT: Title
Approval of a resolution of the governing body of the City of New Braunfels approving the terms and conditions of an interlocal agreement between the employer and education service center region 10 which sponsors the retirement asset management services program (“RAMS”) authorizing the establishment or takeover as plan fiduciary for the City’s 457B retirement plan and 401(a) defined contribution plan.
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DEPARTMENT: Human Resources
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COUNCIL DISTRICTS IMPACTED: N/A
BACKGROUND INFORMATION:
The City of New Braunfels Human Resources team engaged different financial advisors and institutions to review our current 457B plan offerings. After careful evaluation and consideration, we believe a transition to TCG HUB will greatly benefit our team members to provide better fund performance, lower fees, and improved customer service. TCG HUB will Provide an Investment Advisor to oversee the investments offered in the Cooperative and Master Plan and to accept fiduciary responsibility for the selection of the investments offered to employees participating in the Cooperative and Master Plan.
ISSUE:
An interlocal agreement is required to allow TCG HUB to assume the role of the plan fiduciary for the City of New Braunfels exclusive 457B retirement plan.
STRATEGIC PLAN REFERENCE:
☐Economic Mobility ☐Enhanced Connectivity ☐Community Identity
☒Organizational Excellence ☐Community Well-Being ☐N/A
FISCAL IMPACT:
N/A
Recommendation
RECOMMENDATION:
Staff recommends approval of the Interlocal Agreement with education service center region 10 to take over the voluntary retirement plans for City team members.