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HomeMy WebLinkAbout7.30.26_Updated_RFP_Cttee_Mtg_Pres_Nationwide info added© 2025 HUB International Limited.1 © 2025 HUB International Limited. City of San Luis Obispo 457(b), 401(a), RHS, and OBRA PlansRFP Response Summary © 2025 HUB International Limited.2 © 2025 HUB International Limited. Meet Your Primary Contacts Mark Shuster Private Wealth & Retirement Managing Partner mark.shuster@hubinternational.com JoAnn Parrino EVP, Senior Consultant joann.parrino@ hubinternational.com Sarah Yauchzee Operations Director sarah.yauchzee@ hubinternational.com Michele Martin Client Services Manager michele.martin@ hubinternational.com Carl Steinhilber CFS SVP, Senior Consultant carl.steinhilber@ hubinternational.com Michael Gonzalez CFA, MSF Investment Manager mike.gonzalez@ hubinternational.com © 2025 HUB International Limited.3 Glossary – Useful Terms to Know 1.Fiduciary: A party legally obligated to act solely in the best interest of plan participants when making decisions on their behalf. City (Full Fiduciary): As the plan sponsor, the City is ultimately responsible for making sure these retirement plans are run properly and in employees' best interest. Shuster Advisory Group, a HUB International Company (Investment Fiduciary): The independent investment advisor, responsible for investment oversight and guidance through the RFP process. 2.Record-Keeper: The service provider responsible for administering participant accounts, including contributions, balances, investment elections, and recordkeeping. The City’s current record-keepers are Empower, MissionSquare, Nationwide, and PARS. 3.Basis Points (bps): One basis point is 1/100th of a percent (0.01%). For example, 5 basis points or 5bps equates to 0.05%. 4.Asset-Based Fee: A fee calculated as a percentage of plan assets, rather than as a flat dollar charge per participant or service. 5.Mutual Fund: A pooled investment vehicle that combines money from many investors to purchase a diversified portfolio of stocks, bonds, or other securities. 6.Revenue Sharing: Compensation paid to the record-keeper from investment fund expenses, often used to offset administrative costs rather than being charged as a separate fee. Because the cost is embedded within fund expenses, it is typically difficult to identify and is not as transparent as explicit administrative fees. 7.Proprietary Fund: An investment fund managed directly by the record-keeper, which may warrant additional scrutiny to confirm it is included based on merit rather than the provider's own interests. 8.Institutional Share Class: A lower-cost version of a mutual fund made available to large retirement plans, reducing the expense borne by participants compared to retail share classes. 9.Collective Investment Trust (CIT): A pooled investment vehicle available exclusively to retirement plans, typically offering lower costs than comparable retail mutual funds. Key Term © 2025 HUB International Limited.4 Glossary – Useful Terms to Know (cont’d) 10.Safety of Principal: An investment category designed to protect the original amount invested from loss typically including Stable Value and Fixed Account options. Stable Value: A capital-preservation investment option, typically backed by insurance contracts, designed to preserve principal while providing steady, predictable returns. Fixed Account: A capital-preservation investment option offering a guaranteed interest rate for a defined period. 11.Crediting Rate: The guaranteed interest rate paid to participants in a Stable Value or Fixed Account over a defined period. 12.Liquidity Type: Describes the withdrawal terms that apply if the plan removes a Stable Value or Fixed Account option, typically taking one of three forms: a Market Value Adjustment (MVA), a 12-month put (a required waiting period before funds can be withdrawn at full value), or spread pay (a gradual, multi-year payout of the balance). Current: MissionSquare (12-Month Put), Nationwide (MVA or spread pay for Nationwide Fixed and 12-month Put for Galliard Stable Value), Empower (spread pay), PARS (N/A). 13.Market Value Adjustment (MVA): A contractual provision that may result in a negative impact when funds are withdrawn from a Stable Value or Fixed Account. 14.Managed Account: An optional service in which a third party actively manages a participant's individual investment allocations for an additional fee. 15.Self-Directed Brokerage Account (SDBA): An account option that permits participants to invest in a broader range of securities beyond the plan's core investment menu, subject to plan guidelines. 16.Qualified Domestic Relations Order (QDRO): A court order requiring the division of retirement plan assets, most commonly issued in connection with divorce proceedings. Key Term © 2025 HUB International Limited.5 Glossary – Plan Types 1.Plan Types 1.457(b) Plan: A governmental deferred compensation plan allowing employees to voluntarily contribute pre- tax or Roth salary to a retirement account, separate from a pension. 2.401(a) Plan: A qualified retirement plan, often used by public employers for employer contributions or certain mandatory employee contributions as a supplemental savings vehicle. 3.Retiree Health Savings (RHS)/Health Reimbursement Arrangement (HRA) Plan: a tax-advantaged account funded to reimburse retirees for eligible medical expenses. 4.Omnibus Budget Reconciliation Act (OBRA) Part-Time/Seasonal (PTS) Plan:a mandatory retirement plan for part-time, seasonal, or temporary employees not covered by Social Security, satisfying federal requirements. © 2025 HUB International Limited.6 Benefits of a Record-keeper RFP Fiduciary Duty Demonstrates prudent oversight by periodically reviewing plan providers, as required under State and Federal fiduciary standards. City Policy Fulfills the City’s procurement requirements. Fee Benchmarking Provides transparency on current costs compared to market pricing, ensuring participants are not overpaying for services. Cost Savings Reduced administrative and participant fees through competition and consolidation of assets. Service Enhancements Allows evaluation of participant tools, education programs, and technology improvements offered by providers. Participant Experience Improves employee access to retirement resources, account management tools, and communication materials. Market Competitiveness Ensures the plan remains aligned with current best practices and offerings available in the public-sector marketplace. Accountability Reinforces that the City is actively managing and monitoring its plans in the best interests of participants and beneficiaries. Investment Flexibility Ensures the plan has access to a competitive, well-structured investment lineup, including low-cost institutional funds. © 2025 HUB International Limited.7 Governmental Recordkeeper Options Corebridge Empower Lincoln MissionSquare Nationwide Voya MetLife T. Rowe Price CUNA John Hancock OneAmerica Transamerica Corebridge TIAA-CREF Lincoln Fidelity Vanguard Empower MissionSquare Nationwide Voya CalPERS/Voya Competitive options with “boots on the ground” © 2025 HUB International Limited.8 Timeline & Responses July 16, 2026 – Record-Keeper RFP Response Review •Finalists determined Record-keepers Responding (alphabetical): •Corebridge •Empower (incumbent) •MissionSquare (incumbent) •Nationwide (incumbent) •Voya Finalist demo reviews (through July 29th) July 29, 2026 – Finalist Presentations (virtual) July 29 – August 5, 2026 – Record-keeper Selection Note: Per the City's request responses will be presented blindly to reduce bias and focus on merit © 2025 HUB International Limited.9 Highlights of Information Requested Fees •Record-keeper and administration •Participant transactions •Managed accounts •Self-Directed brokerage accounts •Financial planning services Safety of Principal Options •Stable Value and Fixed Accounts •Crediting rate •Rate reset period •Portfolio quality and duration •Termination provisions Metrics and Insights •Administrative service capabilities •Retirement Plan book of business •Customer service details •Participant Investment Advisory Services •Platform and data security •Electronic media (voice response, website, mobile apps) •Plan document support •Agreement to performance standards © 2025 HUB International Limited.10 Considerations of Consolidation City as plan sponsor is the ultimate fiduciary of the plans and must act in best interest of participants 457(b) and 401(a) plans should be bundled with a single provider (economies of scale) New 457(b), 401(a) and RHS/HRA investment menus will be open architecture and available with all providers and plans RHS and PTS/OBRA plans may be on separate record-keeper platforms No fiduciary risk if in the best interest of participants © 2025 HUB International Limited.11 Current Recordkeeper Plan Summary PTS OBRARHS/HRA401(a)457(b)Recordkeeper ---YesEmpower -YesYesYesMissionSquare Yes--YesNationwide --Yes-PARS PTS OBRARHS/HRA401(a)457(b)Recordkeeper AvailableAvailableAvailableAvailableEmpower AvailableAvailableAvailableAvailableMissionSquare AvailableAvailable*AvailableAvailableNationwide AvailableAvailable*AvailableNoPARS Current Recordkeeper Capabilities Summary *Restricted investment menu and standard pricing (not flexible) © 2025 HUB International Limited.12 Asset & Participant Summary Plan Nationwide 457(b) Empower 457(b) MissionSquare 401(a) #1 MissionSquare 401(a) #2 PARS 401(a) MissionSquare RHS Nationwide PTS $0 $1,549,982 Total 457(b) & 401(a) Plans $45,658,311 $7,651,109 $316,270 $53,625,690 $1,932,418N/A$34,976$1,897,442 85.1%14.3%0.6% Total 457(b) Plans $42,590,543 $7,599,541 $214,725 $50,404,809 $236,858 $15,318 $0 $0 $51,569 $0 $185,290 $15,318 MissionSquare 457(b) 0.55%16.2%83.3% Total All Plans $47,555,754 $9,236,067 $316,270 $57,108,089 $10,724,607 $4,377,447N/A$1,444,939$2,932,507 $11,769,421N/A$1,044,814 Mutual Fund Assets $28,933,428 $5,109,787 Stable Value / Fixed Assets Total Assets $34,257,941 Money Market Assets $214,725 $2,867,160 $101,544 $2,968,705 $1,549,982N/AN/A Participants 285 134 40 1 1 98 212 2471 $30,293 $9,115 $627 $109,436 $15,318 $236,858 $120,203 Average Balance $87,831 All assets shown above are as of 3/31/26 except for the MissionSquare RHS plan which is as of 4/23/26. © 2025 HUB International Limited.13 Current Investment & Fee Summary Option Company RPAG Score (0-10, 10 is best)1 Fi360 Score (100- 0, 0 is best)1 Morningstar Rating (1-5, 5 is best)1 Advisor Fee Current Empower 457(b)6 6.9 32.6 3.0 0.89% 0.46% N/A 1.34% Current PARS 401(a) 7.5 28.7 2.9 0.56% 0.56% N/A 1.12% Current Weighted Average 7.3 30.2 3.1 0.26% 0.25% N/A 0.55% New Weighted Average 9.0 11.2 4.1 0.02% to 0.095% 0.29% 0.06% 0.37% to 0.445% Total Record Keeping & Administration Fees Fund Fees Total Plan Fees 457(b) & 401(a) Plans Current Nationwide 457(b) 7.3 39.1 3.1 0.23% 0.20%0.43%Current MissionSquare 457(b) & 401(a) 7.6 20.4 3.3 N/A 0.51%0.26% 0.25% N/A 19-33% Reduction63-92% Reduction • This summary is for illustrative purposes only and is not guaranteed. Any variance in fees is purely accidental. Fees shown are based on mutual fund assets of $45,658,311 as detailed on page 11. • Estimated fee savings of $16-28 million consider record-keeping and administration fees, and advisor fees, and excludes fund fees. Fee impact is based on total assets of $53,625,690 as shown on page 11. Based on total assets the current record-keeping fees are 28 bps and the new fees are 2 bps (based on record-keeper #1) plus the 6 bps advisory fee. Please refer to the following page for additional details and assumptions. Reduction in Record-keeping & Admin + Advisor Fees results in $16-28 million of savings* © 2025 HUB International Limited.14 30-Year Fee Impact Based on lowest proposed fee (Record-Keeper #1) Fund Gross Inv. Return End of Year 1 End of Year 5 End of Year 10 End of Year 15 End of Year 20 End of Year 25 End of Year 30 6.00% $106,561 $668,082 $1,772,920 $3,528,686 $6,242,917 $10,354,677 $16,487,696 7.00% $106,561 $693,696 $1,929,535 $4,025,322 $7,464,473 $12,976,934 $21,658,052 8.00% $106,561 $720,039 $2,098,329 $4,586,224 $8,910,201 $16,229,088 $28,377,558 7.00% vs. 7.25% $240,625 $1,573,789 $4,403,369 $9,240,611 $17,237,717 $30,147,132 $50,617,351 7.00% vs. 7.50% $374,690 $2,462,133 $6,929,689 $14,629,037 $27,453,877 $48,306,039 $81,603,518 7.00% vs. 8.00% $642,818 $4,263,805 $12,143,757 $25,946,744 $49,291,595 $87,810,559 $150,211,884 Fee Savings Impact: Combined Fee Savings & Fund Investment Return Impact: Option Company RPAG Score (0-10, 10 is best)1 Fi360 Score (100- 0, 0 is best)1 Morningstar Rating (1-5, 5 is best)1 Advisor Fee Current Weighted Average 7.3 30.2 3.1 0.26% N/A 0.26% New Weighted Average 9.0 11.2 4.1 0.02% 0.06% 0.08% 457(b) & 401(a) Plans Total Record Keeping & Administration Fees Total Administrative Fees This summary is for illustrative purposes only and is not guaranteed. Fee savings consider record-keeping and administration fees, and advisor fees, and excludes fund fees. Fee impact is based on total assets of $53,625,690 as shown on page 11. Based on total assets the current record-keeping fees are 28 bps and the new fees are 2 bps (based on record-keeper #1) plus the 6 bps advisory fee. Hypothetical investment returns and fees are annualized. Actual returns will vary higher or lower thus affecting plan balances accordingly. The interest rate impact for Safety of Principal Assets is not included. Fee impacts assume no changes in fees over time. Fees and interest rates are not guaranteed. The previous plans did not have an advisor thus there is no advisor fee. Investment Advisor’s total advisor compensation is $35,000 annually for the 457(b) and 401(a) plans, equating to approximately 0.06% based on the total 457(b), 401(a), PTS, and RHS assets. Advisor compensation is applied to all assets. Higher investment return increases impact 69% Reduction © 2025 HUB International Limited.15 Current Safety of Principal Summary Type Assets Annualized Crediting Rate Record-Keeping & Admin Fees Net to Participant After Fees MSQ Plus R93 $5,109,787 3.58% -0.35%3.23% MSQ Cash Mgmt R54 $214,725 4.02% -0.25%3.77% 2.72% Nationwide Fixed Fund $801,304 2.46% -0.15%2.31% NW Galliard Stable Value $243,510 3.19% -0.47%2.72% 2.41% Empower General Account (Hartford) $1,444,939 4.00% N/A 4.00% John Hancock USA Menu-JHVIT Money Market I $101,544 4.28% -0.38%3.90% 3.26%Weighted Average - All Weighted Average Weighted Average Safety of Principal Assets (Stable Value, Fixed, Money Market) © 2025 HUB International Limited.16 How Record-Keepers Make Money 1.Record-Keeping / Administration / Asset Based Fee 2.Fixed Account Spreads* 3.Managed Accounts 4.Institutional Revenue* 5.Revenue in Funds 6.Proprietary Funds 7.Collective Investment Trusts (CIT’s) 8.Annuities/ Retirement Income CIT’s 9.Proprietary IRA Rollovers 10.Distribution Fees 11.Loan Set Up and Maintenance Fees 12.Qualified Domestic Relations Order (QDRO) 13.Certified Financial Planner (CFP) Services 14.Cross-Sell Products *City/Advisor has no control of these revenue sources. They cannot be negotiated or declined. © 2025 HUB International Limited.17 Open Architecture Investment Menu ** Mutual Fund options will be the same regardless of record-keeper selected ** Ongoing Monitoring • Fiduciary reviews incorporating qualitative and quantitative analysis Performance Review • Returns are evaluated across 1-, 3-, 5-, and 10-year periods, not just recent results Independent Data • Funds are scored using independent tools (RPAG, Fi360, Morningstar) to track quality over time Comprehensive • Options for all – Do It For Me Age & Risk Based, Domestic & International Equity, Fixed Income, Alternatives Transparent • Elimination of excess fees built into mutual fund costs Cost Efficient • Lowest cost share classes available - More of your contribution stays invested © 2025 HUB International Limited.18 Investment Menu Impacts Record-Keeper RPAG Score (0-10, 10 is best)* Fi360 Score (100-0, 0 is best)* Morningstar Rating (1-5, 5 is best)* Current MissionSquare (MSQ)7.6 20.4 3.3 Current Nationwide 7.3 39.1 3.1 Current Empower 6.9 32.6 3 Current PARS 7.5 28.7 2.9 Current Weighted Average 7.3 30.2 3.1 New - Any Record-Keeper 9.0 11.2 4.1 ENHANCED QUALITY* ENHANCED PERFORMANCE* 2040 Target Date Comparison (a/o 3/31/2026) 1-Yr ROR 3-Yr ROR 5-Yr ROR 10-Yr ROR New - American Funds 2040 Target Date Retire R6 17.34% 14.65% 8.06% 10.83% Average of Current 2040 Target Date Funds 16.08% 13.18% 6.67% 9.51% Large Cap Growth Comparison (a/o 3/31/2026) 1-Yr ROR 3-Yr ROR 5-Yr ROR 10-Yr ROR New - Fidelity Contrafund K6 20.57% 24.51% 13.67% 16.40% Average of Current Large Cap Growth Funds 16.55% 20.73% 9.78% 14.63% *Scores and ratings shown are as of 3/31/26. Scores and ratings based on qualitative and quantitative factors. Past performance is not a guarantee of future performance. Rate of return shown is net of embedded fund expense and net of explicit record-keeping fees. Rate of return shown for new funds is also net of Investment Advisor’s advisory fee. © 2025 HUB International Limited.19 Investment Menu Impact - Performance Sample $100k Starting Balance Past performance is not a guarantee of future performance. Rate of return shown is net of embedded fund expense and net of explicit record-keeping fees. Rate of return shown for new funds is also net of Investment Advisor’s advisory fee. All values are based on the 10-year annual rate of return shown and is for illustrative purposes only. Example 1: 2040 Target Date Fund Example 2: Large Cap Growth Fund Fund 10-Yr Annual. ROR (as of 3/31/26) Starting Balance Year 1 Year 5 Year 10 Year 15 Year 20 Year 25 Year 30 New - American Funds 2040 Target Date Retire R6 10.83% $100,000 $110,830 $167,219 $279,623 $467,584 $781,892 $1,307,475 $2,186,352 Average of Current 2040 Target Date Funds 9.51%$100,000 $109,510 $157,496 $248,049 $390,667 $615,284 $969,046 $1,526,207 Difference: $1,320 $9,724 $31,574 $76,917 $166,608 $338,429 $660,145 Fund 10-Yr Annual. ROR (as of 3/31/26) Starting Balance Year 1 Year 5 Year 10 Year 15 Year 20 Year 25 Year 30 New - Fidelity Contrafund K6 16.40% $100,000 $116,400 $213,681 $456,594 $975,651 $2,084,777 $4,454,762 $9,518,958 Average of Current Large Cap Growth Funds 14.63%$100,000 $114,630 $197,921 $391,726 $775,308 $1,534,496 $3,037,088 $6,011,028 Difference: $1,770 $15,760 $64,867 $200,343 $550,281 $1,417,674 $3,507,930 © 2025 HUB International Limited.20 New Investment Menu for 457(b), 401(a) & RHS Plans All information above is based on response received to the request for proposal and Investment Advisor is not responsible for errors in information provided by proponents. Fund Name Ticker Asset Class RPAG Score (0-10, 10 is best)1 Fi360 Score (100-0, 0 is best)1 Morningstar Rating (1-5, 5 is best)1 American Funds 2015 Trgt Date Retire R6 RFJTX Target Date Fund 9 4 5 0.30% 0.00% American Funds 2020 Trgt Date Retire R6 RRCTX Target Date Fund 9 5 5 0.30% 0.00% American Funds 2025 Trgt Date Retire R6 RFDTX Target Date Fund 9 3 5 0.31% 0.00% American Funds 2030 Trgt Date Retire R6 RFETX Target Date Fund 8 2 5 0.33% 0.00% American Funds 2035 Trgt Date Retire R6 RFFTX Target Date Fund 8 0 5 0.34% 0.00% American Funds 2040 Trgt Date Retire R6 RFGTX Target Date Fund 8 1 5 0.36% 0.00% American Funds 2045 Trgt Date Retire R6 RFHTX Target Date Fund 8 8 4 0.37%0.00% American Funds 2050 Trgt Date Retire R6 RFITX Target Date Fund 8 13 3 0.37% 0.00% American Funds 2055 Trgt Date Retire R6 RFKTX Target Date Fund 8 16 3 0.38% 0.00% American Funds 2060 Trgt Date Retire R6 RFUTX Target Date Fund 8 17 3 0.39% 0.00% American Funds 2065 Trgt Date Retire R6 RFVTX Target Date Fund 8 N/R 3 0.39%0.00% American Funds 2070 Trgt Date Retire R6 RFBFX Target Date Fund N/R N/R N/R 0.39% 0.00% BlackRock 40/60 Target Allocation K BKMPX Moderate Conservative 7 10 3 0.32% 0.00% American Funds American Balanced R6 RLBGX Moderate 10 3 5 0.25% 0.00% Fidelity Puritan K6 FPKFX Moderate Aggressive 10 N/R 5 0.33% 0.00% Vanguard Equity-Income Adm VEIRX Large Cap Value 10 11 4 0.17% 0.00% GMO Quality R6 GQESX Large Cap Blend 10 38 4 0.51% 0.00% Fidelity 500 Index FXAIX Large Cap Blend 0.015%0.00% Fidelity Total Market Index FSKAX Large Cap Blend 0.015% 0.00% Fidelity Contrafund K6 FLCNX Large Cap Growth 10 21 5 0.45% 0.00% Vanguard Growth Index Admiral VIGAX Large Cap Growth 0.05% 0.00% Victory Sycamore Established Value R6 VEVRX Mid Cap Value 8 25 3 0.54%0.00% MFS Blended Research Mid Cap Eq R6 BMSYX Mid Cap Blend 9 4 4 0.52% 0.00% Fidelity Mid Cap Index FSMDX Mid Cap Blend 0.03% 0.00% Fidelity Growth Strategies K6 FSKGX Mid Cap Growth 9 14 5 0.46% 0.00% Fund Expense Mutual Fund Generated Revenue © 2025 HUB International Limited.21 All information above is based on response received to the request for proposal and Investment Advisor is not responsible for errors in information provided by proponents. New Investment Menu for 457(b), 401(a) & RHS Plans Fund Name Ticker Asset Class RPAG Score (0-10, 10 is best)1 Fi360 Score (100-0, 0 is best)1 Morningstar Rating (1-5, 5 is best)1 Fidelity Growth Strategies K6 FSKGX Mid Cap Growth 9 14 5 0.46% 0.00% Fidelity Advisor Small Cap Value Z FIKNX Small Cap Value 10 15 3 0.84% 0.00% Nuveen Quant Small Cap Equity R6 TISEX Small Cap Blend 10 8 4 0.40% 0.00% Vanguard Small Cap Index Adm VSMAX Small Cap Blend 0.05% 0.00% DFA US Small Cap Growth Instl DSCGX Small Cap Growth 8 24 5 0.31% 0.00% Hartford International Value R6 HILUX International Large Cap Value 9 8 5 0.80% 0.00% MFS Blended Research Intl Eq R6 BRXVX International Equity 10 12 5 0.44% 0.00% Fidelity International Index FSPSX International Large Cap Blend 0.04% 0.00% MFS International Growth R6 MGRDX International Large Cap Growth 10 10 4 0.69% 0.00% DFA International Small Company I DFISX International Small-Mid Cap Blend 10 5 4 0.39% 0.00% DFA Global Equity I DGEIX Global Equity 10 10 4 0.25% 0.00% American Funds New World R6 RNWGX Emerging Market Equity 9 30 3 0.57% 0.00% Fidelity Total Bond Fund K6 FTKFX Core Fixed Income 10 5 4 0.30% 0.00% Vanguard Interm-Term Bond Index Adm VBILX Core Fixed Income 0.06% 0.00% DFA Inflation-Protected Securities I DIPSX U.S. Government TIPS 7 6 3 0.11% 0.00% BrandywineGLOBAL Corporate Credit IS BGISX High Yield 9 25 4 0.49% 0.00% PIMCO Income Instl PIMIX Multisector Bond 10 7 4 0.54% 0.00% Stable Value Stable Value2 N/R N/R N/R Vanguard Federal Money Market Fund Inv VMFXX Money Market N/R 6 N/R 0.11% 0.00% Cohen & Steers Real Estate Securities Z CSZIX REIT 10 2 4 0.75% 0.00% Vanguard Information Technology Idx Adm VITAX Technology 0.09% 0.00% Vanguard Health Care Index Admiral VHCIX HealthCare 0.09% 0.00% Vanguard Utilities Index Adm VUIAX Utilities 0.09% 0.00% Vanguard Commodity Strategy Admiral VCMDX Commodities Broad Basket 10 N/R 3 0.16% 0.00% Weighted Average 9.0 11.2 4.1 0.25%0.00% Fund Expense Mutual Fund Generated Revenue © 2025 HUB International Limited.22 Important Notes: Record-Keeper Proposal Comparison 1.All scores shown are based on a 0-5 scoring system where 5 is best. 2.All record-keepers: •Committed to two (2) days of in-person education at conversion and four (4) annual virtual or in-person education days per year •Will implement the new comprehensive institutional investment lineup. •Have participant websites, phone apps, and online financial education services. 3.All pricing is lower than the incumbent record-keepers and is shown in green. 4.All crediting rates shown in green are higher than the weighted average of the incumbent record- keepers. 5.Other factors (transactional fees, services, and proposal evaluation/quality) are shown in green, red, or black (neutral) based on comparisons to other proposals. 6.Regardless of record-keeper, the advisory fee is a flat fee of $35,000 per year (equates to 6 basis points) split proportionally between the 457(b), 401(a), RHS/HRA, and PTS OBRA plans and charged pro-rata to participants. © 2025 HUB International Limited.23 Record-Keeper Scoring Summary 457(b) & 401(a) Plans Only Category Record-Keeper #1 Record-Keeper #2 Record-Keeper #3 Record-Keeper #4 Record-Keeper #5 Pricing (80% Weighting)5.00 5.00 4.15 3.15 2.45 Transactional Fees & Services (20% Weighting) 3.75 4.10 4.45 4.45 3.80 Overall Score 4.75 4.82 4.21 3.41 2.72 Note: The summary above is provided for simplification purposes only. Please see criteria and category scoring on the following pages. © 2025 HUB International Limited.24 Record-Keeper #1 Proposal Summary 457(b) & 401(a) Plans Only Record-Keeping Fees (Asset Charge)0.02% (Annual)1 $ Equivalent of Asset Charge*$23.37 (Annual)2 Safety of Principal Annualized Crediting Rate 3.35% Liquidity Type: 12 mo Put Pricing (Score: 5.00) Managed Accounts (30 Participants, $2.5m) Plan Sponsor choice of 0.50% flat or Part. Account Balance Annual Fee First $100,000 0.55% Next $150,000 0.45% Over $250,000 0.35% Loans (7 active, $136k balance)$100 Origination Fee; $25 annual QDROs (2 processed in 2025)Included Single Distributions (84 in 2025)Included Periodic Distributions (31 participants, 12 set up in 2025) Included Participant Call Center Hours 5:00am - 6:00pm PT M-F Comprehensive Financial Planning (3 participants) Yes - Could be up to $1,500 depending on complexity and completion of full estate planning Other / Expedited Check Processing (6 distributions via expedited check in 2025) Expedited Check: $50 Wire Transfer - $50 Transactional Fees & Services (Score: 3.75) Overall Score: 4.75 1 – Charged monthly; Annual fee divided by 12 2 – Based on record-keeping fee charged to all 457(b) and 401(a) assets of $53,625,690 divided by 459 participants. Assets and participants will vary thus affecting annual dollar equivalent accordingly. Understanding of work required by the City Demonstrated a full understanding Provided a solution for all Plans YES Provided proposal assuming MVA YES Quality, clarity, and responsiveness of the Proposal Quality response provided with all requested items covered Work Plan Provided and detailed YES Demonstrated competence and professional qualifications necessary for successfully performing the work required by the City Yes Government Block of business and experience 3,808 Plans; $224.1B; 3.9m participants Background and experience of the specific individuals managing and assigned to this project. Experienced team provided: Relationship Manager, Plan Manager, Implementation Manager, Communcation Consultant provided, Local Participant Service Rep TBD. Potential Conflicts of Interest None Identified References Provided Total Government Plans won from other Key Record-Keepers Past 24-months 55 Proposal Evaluation/Quality © 2025 HUB International Limited.25 Record-Keeper #2 Proposal Summary 457(b) & 401(a) Plans Only Record-Keeping Fees (Asset Charge)0.022% (Annual)1 $ Equivalent of Asset Charge*$25.70 (Annual)2 Safety of Principal Annualized Crediting Rate 3.15% Liquidity Type: 12 mo Put Pricing (Score: 5.00) Managed Accounts (30 Participants, $2.5m) Part. Account Balance Annual Fee First $100,000 0.50% Next $200,000 0.40% Next $200,000 0.30% Over $500,000 0.20% Loans (7 active, $136k balance)$75 Origination Fee; $50 annual QDROs (2 processed in 2025)$500 Single Distributions (84 in 2025)Included Periodic Distributions (31 participants, 12 set up in 2025) Included Participant Call Center Hours 5:30am - 6:00pm PT M-F Comprehensive Financial Planning (3 participants) Yes - Included - may be a fee for balances under $100,000 Other / Expedited Check Processing (6 distributions via expedited check in 2025) Expedited Check: $0 Wire Transfer - $15 Transactional Fees & Services (Score: 4.10) Overall Score: 4.82 1 – Charged monthly; Annual fee divided by 12 2 – Based on record-keeping fee charged to all 457(b) and 401(a) assets of $53,625,690 divided by 459 participants. Assets and participants will vary thus affecting annual dollar equivalent accordingly. Understanding of work required by the City Demonstrated a full understanding Provided a solution for all Plans YES Provided proposal assuming MVA YES Quality, clarity, and responsiveness of the Proposal YES Work Plan Provided and detailed YES Demonstrated competence and professional qualifications necessary for successfully performing the work required by the City Administered the first nationally available governmental deferred compensation plan in 1972 and first offered public sector employers 401 plans in 1985. Pioneered and introduced the development of HRA Plans for public section employers in the year 1999 Government Block of business and experience 4,570 Gov public employers; $71.4B; over 1m participants Background and experience of the specific individuals managing and assigned to this project. Experienced team provided: Relationship Manager, and Local Participant Service Rep identfied, as well as Certified Financial Planning professiomal available for participants. Potential Conflicts of Interest None Identified References Provided Total Government Plans won from other Key Record-Keepers Past 24-months 31 Proposal Evaluation/Quality © 2025 HUB International Limited.26 Record-Keeper #3 Proposal Summary 457(b) & 401(a) Plans Only Record-Keeping Fees (Asset Charge)Opt A & B: 0.03% (Annual)1 $ Equivalent of Asset Charge*$35.05 (Annual)2 Safety of Principal Annualized Crediting Rate Opt A: 3.35% Liquidity Type: MVA Opt B: 2.90% Liquidity Type: 12 mo Put Pricing (Score: 4.15) Managed Accounts (30 Participants, $2.5m) Part. Account Balance Annual Fee First $100,000 0.50% Next $150,000 0.45% Next $150,000 0.40% Next $100,000 0.35% Over $500,000 0.30% Loans (7 active, $136k balance)$50.00 Origination Fee; $50 annual QDROs (2 processed in 2025)$400 Single Distributions (84 in 2025)Included Periodic Distributions (31 participants, 12 set up in 2025) Included Participant Call Center Hours 5:00am - 8:00pm PT M-F, and Saturday 6:00am - 3:00pm PT Comprehensive Financial Planning (3 participants) Yes - Included Other / Expedited Check Processing (6 distributions via expedited check in 2025) Expedited Check: $25 Wire Transfer - $0 Transactional Fees & Services (Score: 4.45) Overall Score: 4.21 1 – Charged monthly; Annual fee divided by 12 2 – Based on record-keeping fee charged to all 457(b) and 401(a) assets of $53,625,690 divided by 459 participants. Assets and participants will vary thus affecting annual dollar equivalent accordingly. Understanding of work required by the City Demonstrated a full understanding Provided a solution for all Plans YES Provided proposal assuming MVA YES Quality, clarity, and responsiveness of the Proposal YES Work Plan Provided and detailed YES Demonstrated competence and professional qualifications necessary for successfully performing the work required by the City YES - Founded in 1926; Kety differentiators: 1. Better Participant Expierences, 2. Administrative Simplicity, 3. Values that Translate to Service Government Block of business and experience More than 8,392 gov plans - with SLO for 30 years. 1,574 401(a) plans Background and experience of the specific individuals managing and assigned to this project. Experienced team provided: Relationship Manager, and Local Service Rep, and Acct Mgr identfied. Backed up by NW Ret. Resoruce Group (RRG) - Certified Financial Planning professiomal available via RRG Potential Conflicts of Interest None identified References Provided Total Government Plans won from other Key Record-Keepers Past 24-months 131 Proposal Evaluation/Quality © 2025 HUB International Limited.27 Record-Keeper #4 Proposal Summary 457(b) & 401(a) Plans Only Record-Keeping Fees (Asset Charge) Opt A: 0.08% (Annual), or Opt B: 0.05% (Annual)1 $ Equivalent of Asset Charge* Opt A: $93.47 (Annual), or Opt B: $58.42 (Annual)2 Safety of Principal Annualized Crediting Rate Opt A: 3.00% Liquidity Type: 12 Mo Put Opt B: 2.70% Liquidity Type: 12 mo Put Pricing (Score: 3.15) Managed Accounts (30 Participants, $2.5m)Flat 0.45%, waived for balances <$5,000 Loans (7 active, $136k balance)$50.00 Origination Fee; $50 annual QDROs (2 processed in 2025)Included Single Distributions (84 in 2025)Included Periodic Distributions (31 participants, 12 set up in 2025) Included Participant Call Center Hours 5:00am - 6:00pm PT M-F Comprehensive Financial Planning (3 participants) Yes - Included Other / Expedited Check Processing (6 distributions via expedited check in 2025) Expedited Check: $0 Wire Transfer - $0 Transactional Fees & Services (Score: 4.30) 5 Demonstrated a full understanding Provided a solution for all Plans YES Provided proposal assuming MVA YES 5 Quality response provided with all requested items covered Work Plan Provided and detailed YES 2 Incomplete/Partial Response Government Block of business and experience 14,200 public entities; $53.2B; 1.16m participants (did not breakout gov't from education/other) 5 Experienced team provided: Relationship Manager, Plan Manager, Implementation Manager, vice president provided and Local Participant Service Rep identfied, as well as Certified Financial Planning professiomal available for participants. 5 None Identified 5 Provided Recent Experience in successfully performing similar services 2 Total Government Plans won from other Key Record-Keepers Past 24-months 11 Understanding of work required by the City Quality, clarity, and responsiveness of the Proposal Demonstrated competence and professional qualifications necessary for successfully performing the work required by the City References Proposal Evaluation/Quality Background and experience of the specific individuals managing and assigned to this project. Potential Conflicts of Interest Overall Score: 3.41 1 – Charged monthly; Annual fee divided by 12 2 – Based on record-keeping fee charged to all 457(b) and 401(a) assets of $53,625,690 divided by 459 participants. Assets and participants will vary thus affecting annual dollar equivalent accordingly. © 2025 HUB International Limited.28 Record-Keeper #5 Proposal Summary 457(b) & 401(a) Plans Only Managed Accounts (30 Participants, $2.5m) Part. Account Balance Annual Fee First $100,000 0.50% Next $150,000 0.40% Next $150,000 0.30% Over $400,000 0.20% Loans (7 active, $136k balance)$95 Origination Fee; $50 annual QDROs (2 processed in 2025)$400 Single Distributions (84 in 2025)$50 Periodic Distributions (31 participants, 12 set up in 2025) $50 set-up / $25 annual Participant Call Center Hours 5:00am - 7:00pm PT M-F, and Saturday 6:00am - 2:30pm PT Comprehensive Financial Planning (3 participants) Yes - Included Other / Expedited Check Processing (Score: 3.85) (6 distributions via expedited check in 2025) Expedited Check: $50 Wire Transfer - $15 Transactional Fees & Services (Score: 3.80) Overall Score: 2.72 1 – Charged monthly; Annual fee divided by 12 2 – Based on record-keeping fee charged to all 457(b) and 401(a) assets of $53,625,690 divided by 459 participants. Assets and participants will vary thus affecting annual dollar equivalent accordingly. Record-Keeping Fees (Asset Charge) Opt A: 0.06% (Annual), or Opt B: 0.09% (Annual), or Opt C: 0.095% (Annual)1 $ Equivalent of Asset Charge* Opt A: $70.10 Opt B: $105.15 Opt C: $111.46 Safety of Principal Annualized Crediting Rate Opt A: 3.55% Liquidity Type: Up to 5-yr Put Opt B: 3.80% Liquidity Type: Up to 5-yr Put Opt C: 3.87% Liquidity Type: 12 mo Put Pricing (Score: 2.45) Understanding of work required by the City Demonstrated a full understanding Provided a solution for all Plans YES Provided proposal assuming MVA YES Quality, clarity, and responsiveness of the Proposal Quality response provided with all requested items covered Work Plan Provided and detailed YES Demonstrated competence and professional qualifications necessary for successfully performing the work required by the City Yes Government Block of business and experience 6,200 Plans; $295B; Participants not provided Background and experience of the specific individuals managing and assigned to this project. Experienced team provided: Relationship Manager, Plan Manager identified, Local participant service representatitve to be identified later Potential Conflicts of Interest None Identified References Provided Total Government Plans won from other Key Record-Keepers Past 24-months 156 Proposal Evaluation/Quality © 2025 HUB International Limited.29 457(b) & 401(a) Pricing Summary All information above is based on response received to the request for proposal and Investment Advisor is not responsible for errors in information provided by proponents. All fees shown above assume buy-out of Market Value Adjustment (MVA) and 100% balance transfer. Record-Keeper #1 Record-Keeper #2 Record-Keeper #3 Record-Keeper #4 Record-Keeper #5 Scores 5 5 4.15 3.15 2.45 85%5 5 4 3 2 Record-Keeping Fees (Asset Charge, Annual)0.02%1 0.022%1 Opt A & B: 0.03%1 Opt A: 0.08% or Opt B: 0.05%1 Opt A: 0.06% or Opt B: 0.09% or Opt C: 0.095%1 $ Equivalent of Asset Charge (Annual)*$23.372 $25.702 $35.052 Opt A: $93.47 or Opt B: $58.422 Opt A: $70.10 or Opt B: $105.15 or Opt C: $111.462 15%5 5 5 4 5 Safety of Principal / Guaranteed Interest Annualized Crediting Rate 3.35% Liquidity Type: 12 mo Put 3.15% Liquidity Type: 12 mo Put Opt A: 3.35% Liquidity Type: MVA Opt B: 2.90% Liquidity Type: 12 mo Put Opt A: 3.00% Liquidity Type: 12 mo Put Opt B: 2.70% Liquidity Type: 12 mo Put Opt A: 3.55% Liquidity Type: Up to 5-yr Put Opt B: 3.80% Liquidity Type: Up to 5-yr Put Opt C: 3.87% Liquidity Type: 12 mo Put * Based on bps proposed, not a quoted per head fee 1 - Record-Keeping Fees are charged monthly - Annual fee shown divided by 12 2 - $ Equivalent is based on record-keeping fee charged to all 457(b) and 401(a) assets of $53,625,690 divided by 459 participants. Assets and participants will vary thus affecting annual dollar equivalent accordingly. Scoring Criteria (Fees): +5 Points = 90th Percentile and above -1 Point for each next lowest Scoring Criteria (Rates): +5 Points = Over 3% -1 Point = 3% and under © 2025 HUB International Limited.30 457(b)/401(a) Transactional Fees & Services Summary All information above is based on response received to the request for proposal and Investment Advisor is not responsible for errors in information provided by proponents. All fees shown above assume buy-out of Market Value Adjustment (MVA) and 100% balance transfer. Transaction data (loans, QDRO’s, distributions, etc.) shown are based on the calendar year 2025 and are 457(b) and 401(a) data only and excludes the OBRA and RHS plans. Record-Keeper #1 Record-Keeper #2 Record-Keeper #3 Record-Keeper #4 Record-Keeper #5 Weighted Scores 3.75 4.1 4.45 4.45 3.8 20%2 4 3 3 5 Managed Accounts (30 Participants, $2.5m) Plan Sponsor choice of 0.50% flat or Annualized Asset Based Fee Based on Account Balance First $100,000: 0.55% Next $150,000: 0.45% Over $250,000: 0.35% Annualized Asset Based Fee Based on Account Balance First $100,000: 0.50% Next $200,000: 0.40% Next $200,000: 0.30% Over $500,000: 0.20% Annualized Asset Based Fee Based on Account Balance First $100,000: 0.50% Next $150,000: 0.45% Next $150,000: 0.40% Next $100,000: 0.35% Over $500,000: 0.30% Flat 0.45% (annualized), waived for balances <$5,000 Annualized Asset Based Fee Based on Account Balance First $100,000: 0.50% Next $150,000: 0.40% Next $150,000: 0.30% Over $400,000: 0.20% 20%4 4 5 5 3 Loans (7 active, $136k balance) $100 Origination Fee ; $25 annual $75 Origination Fee; $50 annual $50.00 Origination Fee; $50 annual $50.00 Origination Fee ; $50 annual $95 Origination Fee: $50 annual 5%5 3 4 5 4 QDROs (2 processed in 2025)Included $500 $400 Included $400 15%5 5 5 5 3 Single Distributions (84 in 2025)Included Included Included Included $50 Scoring Criteria (Fees): Sliding scale starting at 5 based on lowest cost to employees © 2025 HUB International Limited.31 All information above is based on response received to the request for proposal and Investment Advisor is not responsible for errors in information provided by proponents. 457(b)/401(a) Transactional Fees & Services Summary, continued Record-Keeper #1 Record-Keeper #2 Record-Keeper #3 Record-Keeper #4 Record-Keeper #5 Weighted Scores 3.75 4.1 4.45 4.45 3.8 15%5 5 5 5 3 Periodic Distributions (31 participants, 12 new in 2025) Included Included Included Included $50 set-up / $25 annual 15%4 3 5 4 5 Participant Call Center Hours 5:00am - 6:00pm PT M-F 5:30am - 6:00pm PT M-F 5:00am - 8:00pm PT M-F, and Saturday 6:00am - 3:00pm PT 5:00am - 6:00pm PT M-F 5:00am - 7:00pm PT M-F, and Saturday 6:00am - 2:30pm PT 5%3 4 5 5 5 Comprehensive Financial Planning (3 participants) Yes - Could be up to $1,500 depending on complexity and completion of full estate planning Yes - Included - may be a fee for balances under $100,000 Yes - Included Yes - Included Yes - Included 5%1 4 3 5 2 Other / Expedited Check Processing (6 distributions via expedited check in 2025) Expedited Check: $50 Wire Transfer - $50 Expedited Check: $0 Wire Transfer - $15 Expedited Check: $25 Wire Transfer - $0 Expedited Check: $0 Wire Transfer - $0 Expedited Check: $50 Wire Transfer - $15 Scoring Criteria (Fees): Sliding scale starting at 5 based on lowest cost to employees © 2025 HUB International Limited.32 457(b) & 401(a) Proposal Evaluation Summary (Informational, not scored) All information above is based on response received to the request for proposal and Investment Advisor is not responsible for errors in information provided by proponents. Proposal Evaluation/Quality Record-Keeper #1 Record-Keeper #2 Record-Keeper #3 Record-Keeper #4 Record-Keeper #5 Understanding of work required by the City Demonstrated a full understanding Demonstrated a full understanding Demonstrated a full understanding Demonstrated a full understanding Demonstrated a full understanding Provided a solution for all Plans YES YES YES YES YES Provided proposal assuming MVA YES YES YES YES YES Quality, clarity, and responsiveness of the Proposal Quality response provided with all requested items covered YES YES Quality response provided with all requested items covered Quality response provided with all requested items covered Work Plan Provided and detailed YES YES YES YES YES Demonstrated competence and professional qualifications necessary for successfully performing the work required by the City Yes Administered the first nationally available governmental deferred compensation plan in 1972 and first offered public sector employers 401 plans in 1985. Pioneered and introduced the development of HRA Plans for public section employers in the year 1999 YES - Founded in 1926; Kety differentiators: 1. Better Participant Expierences, 2. Administrative Simplicity, 3. Values that Translate to Service Incomplete/Partial Response Yes Government Block of business and experience 3,808 Plans; $224.1B; 3.9m participants 4,570 Gov public employers; $71.4B; over 1m participants More than 8,392 gov plans - with SLO for 30 years. 1,574 401(a) plans 14,200 public entities; $53.2B; 1.16m participants (did not breakout gov't from education/other) 6,200 Plans; $295B; Participants not provided © 2025 HUB International Limited.33 457(b) & 401(a) Proposal Evaluation Summary (Informational, continued) All information above is based on response received to the request for proposal and Investment Advisor is not responsible for errors in information provided by proponents. Proposal Evaluation/Quality Record-Keeper #1 Record-Keeper #2 Record-Keeper #3 Record-Keeper #4 Record-Keeper #5 Background and experience of the specific individuals managing and assigned to this project. Experienced team provided: Relationship Manager, Plan Manager, Implementation Manager, Communcation Consultant provided, Local Participant Service Rep TBD. Experienced team provided: Relationship Manager, and Local Participant Service Rep identfied, as well as Certified Financial Planning professiomal available for participants. Experienced team provided: Relationship Manager, and Local Service Rep, and Acct Mgr identfied. Backed up by NW Ret. Resoruce Group (RRG) - Certified Financial Planning professiomal available via RRG Experienced team provided: Relationship Manager, Plan Manager, Implementation Manager, vice president provided and Local Participant Service Rep identfied, as well as Certified Financial Planning professiomal available for participants. Experienced team provided: Relationship Manager, Plan Manager identified, Local participant service representatitve to be identified later Potential Conflicts of Interest None Identified None Identified None Identified None Identified None Identified References Provided Provided Provided Provided Provided Total Government Plans won from other Key Record-Keepers Past 24-months 55 31 131 11 156 © 2025 HUB International Limited.34 RHS & Part-Time (PTS)/OBRA Plans Summary All information above is based on response received to the request for proposal and Investment Advisor is not responsible for errors in information provided by proponents. Plan Current Record-Keeper Record-Keeper #1 Record-Keeper #2 Record-Keeper #3 Record-Keeper #4 Record-Keeper #5 Scores N/A 5 3 3 5 4 MissionSquare 0.69% plus $25 annual fee 0.10% plus $35 annual fee 0.55% plus $25 annual fee 0.50% on Variable Assets plus $30 annual fee Restricted Investment Menu Proprietary Product only available $60 annual fee 0.25% plus $24 annual fee $165 Annual Per Participant $56 Annual Per Participant $136 Annual Per Participant $129 Annual Per Participant $60 Annual Per Participant $74 Annual Per Participant RHS/HRA Plan $1,932,418 (4/23/2026) 96 Participants RHS/HRA PLAN PTS PLAN Note: All record-keepers provided pricing. However, all pricing was more expensive and not in the best interest of part-time employees. Recommendation is for this plan to remain with Nationwide. © 2025 HUB International Limited.35 Next Steps 1.Select finalists (2-3) 2.Review demo participant sites of finalists 3.Attend finalist presentation (July 29, 2026) 4.Select record-keeper (by August 5, 2026) 5.Begin conversion process (on/around August 6, 2026) © 2025 HUB International Limited.36 Conversion Timeline Weeks 1-2 • Prepare transition documentation: notice to service providers and any other required documents • Develop transition plan outlining key activities, timelines and responsibilities • Coordinate scheduling of bi-weekly transition meetings with provider and City staff Weeks 3-4 • Kick-off Call • Tentative Record-keeper timeline review • Initial agreement preparation and review • Submit investment menu and mapping • Document signatures • Plan design meeting Weeks 5-8 • Asset and data transfers, and target “live” date determined • Quiet/blackout period determined • Employee education and communication strategy determined • Master documents preparation, review and signatures • Test files sent to new single provider Weeks 9-14 • Custom communications from city and record-keeper sent to participants • Group employee / participant education sessions (live & virtual) • Asset & data transfers • Plan “live” • Investment & asset transfer audit • Record-keeper onsite meetings Assumes City makes a decision by August 5th for a target transition date of November 15th © 2025 HUB International Limited.37 © 2026 HUB International Limited.25 Thank you © 2026 HUB International Limited. Global Retirement Partners, LLC d/b/a Shuster Advisory Group, a HUB International Company (“Investment Advisor”) is a Registered Investment Advisor ("RIA"), registered with the U.S. Securities and Exchange Commission (Registration does not imply a certain level of skill or training). The information provided is for guidance and information purposes only and not a solicitation to buy or sell securities. The information contained in the presentation has been compiled from third party sources and is believed to be reliable; however its accuracy is not guaranteed and should not be relied upon in any way, whatsoever. Presentations may not be construed as investment advice and do not give investment recommendations. Any opinions included in this presentation constitute the judgment of Investment Advisor as of the date of the presentation and are subject to change without notice. Investments involve risk and unless otherwise stated, are not guaranteed. © 2025 HUB International Limited.38 © 2025 HUB International Limited.38 Supplemental Slides © 2025 HUB International Limited.39 457(b) & 401(a) Service Provider Fees & Crediting Rate Summary All information above is based on response received to the request for proposal and Investment Advisor is not responsible for errors in information provided by proponents. All fees shown above assume buy-out of Market Value Adjustment (MVA) and 100% balance transfer. Fee and Rate Proposals - all provide a 12-month Put provision at termination unless otherwise indicated Product Type Record Keeping Advisor Fee Total RK & Adv Fees Net Safety of Principal Rate after Fees Current 457(b) & 401(a) Plans Gen Acct Fixed & CIT 0.26% 0.00% 0.26% 3.26% RK #1 no HRA & OBRA General Acct Fixed 0.02% 0.06% 0.08% 3.27% RK #1 with HRA & OBRA General Acct Fixed 0.03% 0.06% 0.09% 3.26% RK #2 CIT 0.02% 0.06% 0.08% 3.08% RK #3 prop 1 MVA General Acct Fixed 0.03% 0.06% 0.09% 3.26% RK #3 prop 2 General Acct Fixed 0.03% 0.06% 0.09% 2.65% RK #4 with MVA Buyout General Acct Fixed 0.08% 0.06% 0.14% 2.86% RK #4 with MVA Buyout reduced rate General Acct Fixed 0.05% 0.06% 0.11% 2.59% RK #5 Rate reduced for MVA Buyout - Up to 5-Yr Insurance Sep Acct CIT 0.06% 0.06% 0.12% 3.43% RK #5 Fee impact for MVA Buyout - Up to 5-Yr Insurance Sep Acct CIT 0.09% 0.06% 0.15% 3.65% RK #5 with different Stable Value Insurance Sep Acct CIT 0.10% 0.06% 0.16% 3.71% © 2025 HUB International Limited.40 Reference Slide 457(b) & 401(a) Service Provider Fees & Crediting Rate Comparison Plan Nationwide 457(b) Empower 457(b) MissionSquare 401(a) #1 MissionSquare 401(a) #2 PARS 401(a) Mutual Fund Assets $28,933,428 $5,109,787 Stable Value / Fixed Assets Total Assets $34,257,941 Money Market Assets $214,725 $2,867,160 $101,544 $2,968,705 MissionSquare 457(b) $10,724,607 $4,377,447N/A$1,444,939$2,932,507 $11,769,421N/A$1,044,814 Total 457(b) Plans $42,590,543 $7,599,541 $214,725 $50,404,809 $236,858 $15,318 $0 $0 $51,569 $0 $185,290 $15,318 Total 457(b) & 401(a) Plans $45,658,311 $7,651,109 $316,270 $53,625,690 85.1%14.3%0.6% $0 Record-keeper #3 Option Asset Charge Dollar Equiv. Paid in Yr 1 ($) 25 Yr Impact (Compared to Current) Annualized Crediting Rate (Gross)Liquidity Type Dollar Equiv. Earned in Yr 1 ($) A 0.03% $16,088 $11,029,922 3.35% MVA $256,312 B 0.03% $16,088 $11,029,922 2.90% 12-Mon Put $221,882 Record-Keeping Fees Safety of Principal Record-keeping Fee dollar equivalent for year 1 is calculated as the dollar equivalent of the asset charge on all assets (mutual funds and safety of principal assets). The Safety of Principal Annualized Crediting Rate dollar equivalent is calculated as the gross year-1 dollar amount earned by the safety of principal assets as of a point of time (assets as of 3/31/26 and 4/23/26). The 25-year fee impact is based on total assets of $53,625,690 and a 6.00% gross investment return, and it does not include any impact from the difference in fixed/stable value crediting rates. © 2025 HUB International Limited.41 Reference Slide 457(b) & 401(a) Service Provider Fees & Crediting Rate Comparison Record-keeping Fee dollar equivalent for year 1 is calculated as the dollar equivalent of the asset charge on all assets (mutual funds and safety of principal assets). The Safety of Principal Annualized Crediting Rate dollar equivalent is calculated as the gross year-1 dollar amount earned by the safety of principal assets as of a point of time (assets as of 3/31/26 and 4/23/26). The 25-year fee impact is based on total assets of $53,625,690 and a 6.00% gross investment return, and it does not include any impact from the difference in fixed/stable value crediting rates. Plan Nationwide 457(b) Empower 457(b) MissionSquare 401(a) #1 MissionSquare 401(a) #2 PARS 401(a) Mutual Fund Assets $28,933,428 $5,109,787 Stable Value / Fixed Assets Total Assets $34,257,941 Money Market Assets $214,725 $2,867,160 $101,544 $2,968,705 MissionSquare 457(b) $10,724,607 $4,377,447N/A$1,444,939$2,932,507 $11,769,421N/A$1,044,814 Total 457(b) Plans $42,590,543 $7,599,541 $214,725 $50,404,809 $236,858 $15,318 $0 $0 $51,569 $0 $185,290 $15,318 Total 457(b) & 401(a) Plans $45,658,311 $7,651,109 $316,270 $53,625,690 85.1%14.3%0.6% $0 Record-keeper #4 Option Asset Charge Dollar Equiv. Paid in Yr 1 ($) 25 Yr Impact (Compared to Current) Annualized Crediting Rate (Gross)Liquidity Type Dollar Equiv. Earned in Yr 1 ($) A 0.08% $42,901 $7,717,377 3.00% 12-Mon Put $229,533 B 0.05% $26,813 $9,700,440 2.70% 12-Mon Put $206,580 Record-Keeping Fees Safety of Principal © 2025 HUB International Limited.42 Reference Slide 457(b) & 401(a) Service Provider Fees & Crediting Rate Comparison Record-keeper #5 Option Asset Charge Dollar Equiv. Paid in Yr 1 ($) 25 Yr Impact (Compared to Current) Annualized Crediting Rate (Gross)Liquidity Type Dollar Equiv. Earned in Yr 1 ($) A 0.06% $32,175 $9,037,934 3.55% Up to 5-Yr Put $271,614 B 0.09% $48,263 $7,059,320 3.80% Up to 5-Yr Put $290,742 C 0.095% $50,944 $6,730,845 3.87% 12-Mon Put $296,098 Record-Keeping Fees Safety of Principal Plan Nationwide 457(b) Empower 457(b) MissionSquare 401(a) #1 MissionSquare 401(a) #2 PARS 401(a) Mutual Fund Assets $28,933,428 $5,109,787 Stable Value / Fixed Assets Total Assets $34,257,941 Money Market Assets $214,725 $2,867,160 $101,544 $2,968,705 MissionSquare 457(b) $10,724,607 $4,377,447N/A$1,444,939$2,932,507 $11,769,421N/A$1,044,814 Total 457(b) Plans $42,590,543 $7,599,541 $214,725 $50,404,809 $236,858 $15,318 $0 $0 $51,569 $0 $185,290 $15,318 Total 457(b) & 401(a) Plans $45,658,311 $7,651,109 $316,270 $53,625,690 85.1%14.3%0.6% $0 Record-keeping Fee dollar equivalent for year 1 is calculated as the dollar equivalent of the asset charge on all assets (mutual funds and safety of principal assets). The Safety of Principal Annualized Crediting Rate dollar equivalent is calculated as the gross year-1 dollar amount earned by the safety of principal assets as of a point of time (assets as of 3/31/26 and 4/23/26). The 25-year fee impact is based on total assets of $53,625,690 and a 6.00% gross investment return, and it does not include any impact from the difference in fixed/stable value crediting rates.