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City of San Luis Obispo_Empower Submittal
Invest well. Live a little.™ PROPOSAL FOR RECORDKEEPING & ADMINISTRATIVE SERVICES The of City of San Luis Obispo June 12, 2026 The of City of San Luis Obispo 2 Table of Contents 1. Cover letter .............................................................................................................................................. 4 2. Recordkeeper Profile .............................................................................................................................. 5 3. Qualification and Experience Summary ................................................................................................ 6 4. Work Plan ............................................................................................................................................... 17 5. Pricing Request Form ........................................................................................................................... 21 6. Certificate of Insurance. ........................................................................................................................ 24 7. References ............................................................................................................................................. 25 8. Statement and explanation of any instances in the last five years where your firm or sub-consultant has been removed from a project or disqualified from proposing on a project. .... 26 9. Statement and explanation of any instances in the last five years where your firm was required to cancel a consolidation of plans/transfer of plans to your firm. ....................................................... 27 Disclosures ................................................................................................................................................ 28 The City of San Luis Obispo 4 1. Cover letter a. Submit a letter on your company letterhead that includes a list of all forms submitted. The letter should be signed by an officer authorized to bind the proposer to all content in the proposal, an affirmative statement that all minimum requirements are met, and shall include the name, address, phone number and e-mail address of the person(s) to contact who will be authorized to represent the proposal. In addition to the cover letter, enclosed with our proposal response is our sample Master Services Agreement along with the Recordkeeping Service Schedules and the Data Security & Privacy Exhibit (“Agreement”). We expect certain terms of this Agreement will supplement any resulting agreement between the parties. The City of San Luis Obispo 5 2. Recordkeeper Profile a. Please provide a record-keeper profile, including: i. Firm name, address, and contact information. (Please designate a single point of contact for purposes of interactions involving this RFP.) Single point of contact: For purposes of this RFP, Empower will designate a single point of contact to coordinate all communications, questions, follow-up requests, and proposal-related interactions with the City: Paul Whipple, Regional Sales Director 949-204-9180 or paul.whipple@empower.com. ii. Type of firm: individual, partnership, corporation, or other entity. Empower Retirement, LLC is a Colorado limited liability company authorized to do business in all 50 states, the District of Columbia, Guam, and Puerto Rico. Empower is a wholly owned subsidiary of Empower Annuity Insurance Company of America (EAICA). iii. History of the firm, including number of years in existence, number of years providing record- keeping services to public agencies, location of offices, etc. Empower is a full-service financial solutions provider focused on helping people work toward financial freedom. With roots dating back to 1891, Empower supports more than 20.1 million individuals and more than 93,000 workplace plans (as of March 31, 2026). Our history in the defined contribution/deferred compensation marketplace goes back to 1926, when we began serving the 401(a) market. Then we began serving the nonqualified deferred compensation market in 1969, the 403(b) market in 1962, and the 401(k) market in 1981. Our company’s history in the public deferred compensation business predates the creation of IRC Section 457 in 1978, since we had administered some government plans with Private Letter Rulings prior to that date. Office Locations Our primary U.S. locations include Greenwood Village, Colorado; Hartford, Connecticut; Boston, Massachusetts; Overland Park, Kansas; Milwaukee, Wisconsin; Dubuque, Iowa; and Scranton, Pennsylvania. We also have many regional sales offices and service team members located throughout the U.S. and Guam. The City of San Luis Obispo 6 3. Qualification and Experience Summary a. Please provide an explanation of how you meet each of the minimum qualifications set forth in Section C: Minimum Qualifications. Please refer to the document labeled Section C: Minimum Qualifications for information. b. Please describe examples of your experience as a recordkeeper for the plan types listed above, and how many years have you been providing recordkeeping services for each plan type. Empower provides recordkeeping and administrative services across the plan types included in the City’s benefits program. For governmental 457(b) and 401(a) plans, Empower provides recordkeeping, administrative support, participant service, education, payroll processing support, reporting, plan communications, transition services, and plan sponsor tools. Empower’s administrative resources include the Plan Service Center, eligibility tracking, year-end testing support when payroll data interchange files are used, Payroll Bridge™, contribution monitoring, participant account emulation, and operational support for loans, unforeseeable emergencies, and qualified domestic relations orders. Empower has provided 457(b) plan services since 1976 and 401(a) services since 1926. For HRAs, our solution includes a unified participant experience that displays account balances and support information on the participant website, provides real-time balance information through the interactive voice response system, includes the availability of live support, shows period-ending balances on quarterly statements, and makes historical information available through the participant website and mobile app. Empower has provided these expanded HRA services since 2025. Together, Empower’s experience across governmental 457(b), 401(a), and HRA programs reflects our ability to support the City’s full benefits structure through coordinated recordkeeping, streamlined administration, participant-focused service, and flexible education resources. By bringing these plan types together through a unified workplace experience, Empower can help the City simplify day-to-day plan management, support continuity during transition, and give individuals access to tools, guidance, and service that can help them make more informed decisions about their financial well-being. c. Please describe why you believe your firm would be a good fit as the City’s Recordkeeper. Empower has a long-standing and focused commitment to serving public sector retirement plans. We have supported government employers and their workforces for more than four decades, with experience administering public sector plans dating back to before 1978. This depth of experience has shaped our service model, technology, and engagement approach to reflect the regulatory, operational, and workforce realities unique to government plans. Scope and Scale of Government Plan Experience As of December 31, 2025, Empower’s public sector footprint includes: • More than 6,200 government plans • Approximately $295.3 billion in government plan assets under administration • Millions of public sector individuals served across all 50 states • 29 state-sponsored retirement programs, many of which extend participation to local governments, school districts, and other public entities through statewide or umbrella structures Our experience spans a wide range of public sector plan types. This breadth allows us to support diverse governance models, statutory requirements, and plan design variations while maintaining consistency and reliability at scale. The City of San Luis Obispo 7 A Unified Experience for Government Workers Empower delivers a personalized, high-touch experience for individuals participating in government plans, combining digital capabilities with human support designed specifically for the public sector. This approach includes: • In-person retirement plan advisors serving government workforces • A dedicated government contact center staffed by teams familiar with public sector plans and rules • An enhanced participant website and fully transactional mobile app • Fiduciary point-in-time advice, financial education, and financial wellness resources that support informed decision-making throughout an individual’s career and into retirement Plan Sponsor Experience and Administrative Support For plan sponsors, Empower provides a consultative experience designed to help alleviate administrative burden while supporting oversight and better plan outcomes. Our approach combines people, purpose-built tools, and technology to simplify plan management and extend financial wellness beyond the retirement plan. Key elements of the plan sponsor experience include: • A proprietary recordkeeping platform that we develop and maintain internally, enabling real-time access to plan data and reporting • Purpose-built plan sponsor tools designed to support efficient administration and informed decision- making • Practical analytics that help sponsors monitor plan health, identify trends, and translate insights into action • Support for plan sponsor financial wellness initiatives that help sponsors better support their workforce while managing competing administrative priorities Because we own our recordkeeping platform, we can respond quickly to evolving plan needs, regulatory changes, and customization requirements that are common in the public sector. Security, Service Quality, and Long-term Partnerships Security and reliability are foundational to Empower’s public sector offering. Empower’s systems have not experienced a cybersecurity breach, and our Empower Security Guarantee 1 reflects our commitment to protecting participant accounts and personal information. We consistently invest in advanced security controls that are tested and assessed by independent third parties. Our focus on service quality and long-term partnerships is reflected in government client outcomes, including: • Net Promoter Score of 81 2 • Service team satisfaction of 98%3 • Client retention rate of 99%4 Industry Engagement and Ongoing Commitment Empower is actively engaged in the public sector retirement community and committed to advancing best practices across the industry. We are members of the National Association of Government Defined Contribution Administrators (NAGDCA) and the Government Finance Officers Association (GFOA), serving as 1 For more information regarding account security, including the Empower Security Guarantee, visit empower.com and, from the list of additional links at the bottom of the page, click Security center. 2 NPS® measures customer experience. According to Bain & Company, the creator of NPS. NPS survey data provided as of May 31, 2025. https://www.questionpro.com/blog/nps-considered-good-net-promoter-score/. Extenuating circumstances (e.g., engaged in an active request for proposal) may exclude a client. 3 All information from the NPS survey data for plans $35m+ in the government segment, provided as of May 31, 2025. 4 Empower government data as of December 31, 2025. The City of San Luis Obispo 8 a Platinum Sponsor of NAGDCA and a Diamond member of GFOA. Our associates regularly participate in committees and leadership roles to stay closely aligned with the evolving needs of government plan sponsors. The government plan segment remains a core part of Empower’s long-term strategy. We continue to invest in people, technology, and integrated workplace solutions designed to help public sector employers support their employees and help individuals work toward stronger retirement readiness. Plan Consolidation Experience We have extensive experience consolidating records and assets from multiple recordkeepers. We often find that some participants have contributed with more than one of the recordkeepers. We scrub the data to find these instances; then work with you and the prior recordkeeper to determine what allocation and participant data should be transitioned to our system. We also contact each of the vendors and often schedule regular conference calls with all applicable vendors to coordinate the timing of the movement of assets and records. Given our experience in consolidating assets from multiple vendors, we do not foresee any complications or delays in transitioning your plan. d. How many governmental plan transitions has your firm completed from the following record-keepers in the last 24 months: CalPERS, Nationwide, Empower, MSQ, Nationwide, Lincoln and Voya. Please segregate by record-keeper, plan sponsor and combined plan assets of >$50m, $50m-$100m, $100m- $250m, and $250m+. Gains CalPERS* Nationwide Empower MSQ (MissionSquare) Lincoln Voya* $250M+ 7 0 5 N/A 2 0 0 $100 - $250M 4 0 2 N/A 1 0 1 $50 – $100M 10 0 3 N/A 3 0 0 Less than $50M 424 0 38 N/A 64 17 17 Totals 445 0 45 N/A 70 17 18 *Please note that CalPERS uses Voya as their recordkeeper and as such, the plans we have taken over from CalPERS is included in the Voya numbers. Data above represents governmental plans for 2024 and 2025, which represents transfers and mergers. The City of San Luis Obispo 9 e. How many governmental plan transitions has your firm lost to the following record-keepers in the last 24 months: CalPERS, Nationwide, Empower, MSQ, Lincoln and Voya. by record-keeper, plan sponsor and combined plan assets of >$50m, $50m-$100m, $100m-$250m, and $250m+. Losses CalPERS Nationwide Empower MSQ (MissionSquare) Lincoln Voya $250M+ 4 * * N/A * * * $100 - $250M 2 * * N/A * * * $50 – $100M 3 * * N/A * * * Less than $50M 26 * * N/A * * * Totals 35 * 8 N/A 4 4 3 *Assets lost to a competitor are not available, however, we have provided totals. Data above represents governmental plans for 2024 and 2025, which represents transfers and mergers. f. Please acknowledge whether your proposed services can satisfy each of the following: i. Ability to provide open architecture platforms, websites, phone apps, and service representatives Confirmed. Below we detail our capabilities. Investment Platform We offer an open-architecture investment platform with no proprietary fund requirements. The City can construct a tailored investment menu using more than 19,000 investment options available through our platform, representing more than 290 participating fund families, as of December 2025. In addition to broad access to third-party investment managers, Empower Investments provides a suite of proprietary solutions designed to address the evolving needs of retirement savers. These capabilities are designed to complement your investment lineup with high-quality, cost-effective options across a range of vehicles and structures. • Mutual Funds — The Empower Funds family includes strategies subadvised by carefully selected institutional managers with expertise across major asset classes, supporting diversification and flexibility in lineup design. • Target Date Funds — Our target date solutions blend active and passive strategies from leading investment firms and feature glidepaths designed to align with participants’ retirement time frames. • Collective Investment Trusts (CITs) — Our CIT lineup spans multiple asset classes, including stable value and target date strategies, and is designed to offer institutional pricing and potential scale advantages. • Institutional Separate Accounts — These pooled vehicles are daily valued, invest in specific strategies, and function similarly to mutual funds or CITs, while offering additional flexibility and ERISA oversight. • Stable Value Solutions — Our stable value offerings provide flexible investment options, competitive crediting rates across market environments, and guarantees backed by strong financial strength. Empower manages more than $242 billion 5 in stable value assets, reflecting long-standing experience and scale in this asset class. • Participant Advisory Services — Personalized retirement planning support is available to help employees make informed decisions aligned with their individual goals and circumstances. 5 As of December 31, 2025. The City of San Luis Obispo 10 • Empower Dynamic Retirement Manager™ — This evolving investment approach begins with a qualified default target date fund and transitions eligible participants to a managed account later in their career, adapting as financial needs become more complex. Together, these investment capabilities are designed to support plan flexibility, encourage informed participant decision-making, and align with your overall plan objectives. Online Capabilities Participant Website Comprehensive integration and individualized guidance distinguish Empower’s participant website experience. The Empower Personal Dashboard 6 is designed to help people quickly understand where they stand, reduce financial clutter, and focus on what matters most. The dashboard goes beyond traditional financial wellness resources by curating content and guidance for each individual based on their evolving goals and progress over time. The experience is available in English and Spanish with a consistent experience across web and highly rated mobile platforms. Our iOS® app holds a 4.8-star rating 7. Simplified, Connected View • A unified account view consolidates retirement balances, workplace benefits, and connected external accounts into one unified picture. • A streamlined account snapshot shows the most relevant balances, recent activity, and performance up front. • Deeper details are easily accessible without overwhelming the primary view. Set and Track Goals • Goal-based tools help people understand how their current financial picture connects to progress over time. • Simplified visuals translate complex data into clear, easy-to-interpret signals. • Color-coded financial health indicators highlight areas that may need attention or improvement. • Progress tracking and trend views reinforce positive behaviors and make changes over time easier to see. • Key tools include the Lifetime Income ScoreSM, net worth views, and the Savings Planner, which helps balance priorities such as retirement savings, emergency funds, and debt management. Personalized Guidance • Coaching insights 8 (launching later in 2026) provide personalized prompts and suggested next steps based on an individual’s preferences, behaviors, and financial situation. • Messages help prioritize financial gaps or opportunities for improvement. • Each insight is designed to be immediately actionable, supporting steady progress without adding complexity. Additional integrated tools and resources reinforce this guidance, including: • Budgeting, cash flow, debt paydown, and emergency savings tools with guided onboarding and clear progress indicators. • The Retirement Planner for deeper scenario modeling and long-term planning. 6 https://empower.wistia.com/medias/t9fljem8ye 7 As of February 2026. 8 Some features may not be available and are subject to change without notice. The City of San Luis Obispo 11 • Educational content and calculators are available through the Learning Center. Designed to evolve with changing needs, the Empower Personal Dashboard adapts as an individual’s situation becomes more complex. When questions extend beyond digital guidance, people also have access to additional resources, including point-in-time fiduciary advice at no additional cost. Mobile Capabilities Empower’s mobile app delivers a fully integrated, personalized experience, allowing participants to access account services and complete transactions from their mobile devices. The app provides both view and transactional capabilities, including the ability to: • Enroll in the plan and update deferral amounts • Adjust investment allocations and review fund performance • Designate or update beneficiaries • Access statements and transaction history • Manage account information securely Beyond core transactions, the mobile app reflects the same simplified, unified dashboard experience available on the web. Participants can view retirement savings alongside linked external accounts in one place, see their Lifetime Income Score, and track progress toward financial goals directly within the app. Integrated financial tools support day-to-day decision-making, including budgeting, cash flow tracking, debt management, and emergency savings tools. Personalized Coaching insights (launching later in 2026) provide timely prompts and suggested next steps based on an individual’s goals, behaviors, and progress. Additional capabilities include: • Linked account aggregation to view net worth • Brokerage account access within the app • One ID access to manage all Empower accounts • Spanish language support, with preferences saved for future logins The mobile experience is designed to provide secure, convenient access to both retirement account management and broader financial planning tools within a single, connected platform. Plan Sponsor Website Our plan sponsor website serves as a secure, centralized hub for plan administration, providing sponsors with real-time, on-demand access to plan data, reporting, and service support. Designed to simplify day-to-day responsibilities, the experience brings together tools, insights, and workflows in one intuitive platform, available 24 hours a day, seven days a week. Through the website, plan sponsors can: • Access plan and participant information View, monitor, and manage participant data and plan details in real time. • Manage contributions and payroll processing Submit contributions, review payroll activity, and address contribution-related inquiries efficiently. • Leverage reporting, analytics, and plan insights Generate standard and custom reports, access plan diagnostics, and review key plan metrics to help monitor performance and trends. This includes aggregated insights such as participation rates, contribution rates, and retirement readiness indicators. • Utilize dashboard views for single or multiple plans Access a consolidated dashboard that provides cross-plan metrics, task notifications, and a unified view of plan activity. Plan sponsors managing multiple plans can evaluate performance and manage tasks across plans from a single location. The City of San Luis Obispo 12 • Use a centralized action center and task management tools View and manage a detailed to-do list of outstanding items, helping prioritize actions and track tasks across one or more plans. • Support plan transactions and administration Manage distributions, loans, and participant-related transactions, including document uploads and processing support. • Access forms, documents, and plan materials Retrieve plan documents, forms, notices, and other important resources in one place. • Utilize case management and service support Submit service requests, track case status, and communicate directly with Empower service teams for timely resolution. • Manage user access and plan contacts Maintain user roles, permissions, and key plan contacts to support operational control and security. • Request updates and administrative changes Initiate updates to participant records, payroll transactions, and other administrative items as needed. By centralizing plan information, reporting, and service support, the website helps plan sponsors stay organized, respond quickly, and manage their plan with greater efficiency. To bring this experience to life, we invite you to view a short video demonstration 9. Service Representatives Empower gives participants options to connect with real people for information, education, and guidance in the way that works best for them, whether that’s one-on-one, virtually, on-site, or over the phone. Retirement Plan Advisor Participant education is delivered by a retirement plan advisor through group meetings, virtual enrollment sessions, and one-on-one sessions. While we lead with virtual support for scale and convenience, on-site meetings are available as needed. Customer Care Center Our Customer Care Center's representatives are well-prepared to resolve all inquiries on the first call. Below is an outline of services and transactions that our trained agents can offer to verified participants. Summary of Services • Account balances • Beneficiary information and forms • Contribution changes • Plan enrollment assistance • Investment election changes • Request for plan information • Fund transfer requests • Investment information • Loan requests • Duplicate statements • Loan modeling • Issue resolution • Statement and mailings • Rollovers (to and from the plan, if applicable) • Hardship withdrawal forms and information • Withdrawal and distribution information and requests • Plan forms, including pre-filled distribution and loan forms • Information and status of forms and other written correspondence Additionally, the City can count on specialized support from a team of retirement representatives specifically trained to support government plans. These tenured professionals bring deep experience serving public sector clients and understand the unique rules and needs of government plans. Our representatives are equipped with the tools and real-time plan information needed to handle inquiries and process permissible transactions accurately and efficiently. During implementation, your plan’s specific rules 9 https://empower.wistia.com/medias/hfu7bgsnao The City of San Luis Obispo 13 are programmed directly into our system — giving representatives immediate access to up-to-date details whenever they need them. Government-focused representatives also receive specialized training tailored to the complexities of public sector plans, helping ensure consistent, informed service for you and your participants from day one. Workplace Planning and Advice (WPA) Building off the efficiency, accuracy, and one-call resolution model of our Customer Care Center, our WPA team offers a model for consultation and advisory conversations, financial well-being, and retirement income. Qualified representatives maintain FINRA Series 6 and/or 7 securities registrations as well as Series 63, 65, and/or 66 state securities registrations, state securities licenses, financial planning designations, and state insurance licenses. We also have professionals who hold the Certified Senior Advisor® designation, indicating they have earned certification serving seniors and those entering retirement age. It is our goal to offer your participants the options they need to meet them when and where they are. With extensive knowledge of options and plans, strong consultative skills, and innovative tools at their fingertips, retirement consultants provide tailored and personalized conversations specific to the needs and situations of the caller. To drive engagement, we generate personalized participant emails that encourage participants to consider actions based on the age-specific milestone they reached. Empower can act as a fiduciary for participants regarding investment advice and provide recommendations on investments, roll-ins to the plan, and distributions, acting in the best interest of your participants, and do it at no additional cost to the plan or participant. We provide nondiscretionary advice through our best-interest profile tool. Representatives in our WPA team and our retirement plan advisors use this tool to provide participant-level fiduciary advice. Investment recommendations are generated by independent experts at Morningstar Investment Management, LLC and are not based on proprietary product requirements, representative commissions, or any other business considerations. Participants enrolled in managed accounts do not receive point-in-time investment advice. Their account is managed on a discretionary basis by Empower Advisory Group, LLC (EAG), which makes investment decisions on their behalf. The table details when we will provide fiduciary recommendations to participants and when our services will be more educational. Fiduciary Recommendations Education/Non-Fiduciary • EAG online investment advice • Point-in-time investment advice (best- interest engagements) through our WPA team • Investment selection • Distributions/roll-ins • Savings rates • Participant-directed transactions/investment education (e.g., investments, contributions, loans) • Beneficiary capture • Preferences (email, text) • Address Changes • Enrollment • Opt-out plans • Suggested actions in the participant website experience (also known as Next Step) • Financial wellness Advice representatives and/or education representatives will have the appropriate licensing which may vary depending on the nature of the customer engagement and area of advice. Licensing may include FINRA Series 6 registration and Series 63, and/or 65/66 state securities registrations. We have combined our proprietary technology with investment analysis from a leading investment management firm to perform the due diligence that underlies our recommendations. A consistent set of data and answers are collected and leveraged to drive recommendations in a consistent and controlled fashion. The City of San Luis Obispo 14 Best-interest engagements involving a recommendation will be monitored by a principal (FINRA Series 24 or 26) in accordance with established compliance policies and procedures. ii. Provide Certified Financial Planning (CFP) services Confirmed. We believe it’s important to offer participants a financial wellness solution that is integrated with our overall retirement savings plan. In an effort to encourage people to take meaningful steps toward improved financial well-being and make financial wellness less intimidating and more engaging, we offer wide-ranging financial wellness solutions through our integrated experience designed to engage employees with actionable next steps. We make financial planning more accessible. Our comprehensive financial planning service is included in our pricing and combines a Workplace Planning and Advice 10 consultant with a digital experience to address the current financial situation of a participant and their household. Empower has many CFP® professionals to provide these services. Our comprehensive financial planning services are based on a clear understanding of the participant’s current financial situation and personal goals. These services, including financial plans and financial wellness checkups, help employees set clear goals and stay on track with ongoing support, encompassing a broad range of topics and convenient resources. Topics available through this service include: • Budgeting • Emergency savings • Debt management • College planning • Insurance coverage • Long-term care • Retirement readiness • Net worth statement • Asset allocation report • Saving for multiple goals • Health savings accounts • Roth conversion planning • Taxable versus tax-deferred planning • Income planning • Social Security planning • RMD planning • Estate planning Through these financial planning services, participants receive a dedicated financial planner, a comprehensive plan (document), a customer portal, and access to the financial planning team. This team comprises financial planning professionals who are certified and who maintain FINRA Series 7 securities registrations as well as Series 63, 65, and/or 66 state securities registrations. A participant may access these services on a subscription or a one-time basis. Under the subscription model, we will reach out to initiate the annual review. Additionally, the participant has ongoing access and can initiate updates/reviews as desired. Participants electing the one-time option receive unlimited access to a planner for 90 days. iii. Quarterly onsite in-person visits by a local representative Confirmed. iv. Compliance with all County, State and Federal regulations Confirmed. Our recordkeeping platform contains tables with all federal regulations applicable to defined contribution plans, including IRS codes 457(b) and 401(a). The information helps plan sponsors to meet the applicable 10 Empower Advisory Group, LLC, a registered investment adviser, provides financial planning services using the MoneyGuidePro tool. MoneyGuidePro is not affiliated with Empower Retirement, LLC and its affiliates. Empower Retirement, LLC and its affiliates are not responsible for the third-party content provided. The City of San Luis Obispo 15 IRS codes and we update the platform tables whenever changes in codes, regulations and legislation are required. v. No selling or promoting other record-keeper products unless previously approved by City Confirmed. Per the terms of the services agreement between Empower and the plan sponsor and the Empower Privacy Policy, Empower utilizes personal information provided by the plan sponsor and from the participant only as required to provide services under the terms of the services agreement. Based on the services or products the plan utilizes or other transactions initiated by participants, personal data may be received from the following sources: • Participant communications via email, by web (including online chat) or electronic communication on our websites, by correspondence, or by phone. • Information provided on forms or electronically for various plan transactions. • Data provided by the plan sponsor or its service providers, such as payroll providers, third-party administrators, or advisors. • Activity in a participant’s account (for example, investments trades and elections). • Participant plan website usage. • Data providers and other third parties for participant validation purposes as permitted by law. Violations of our policy and procedures by Empower associates are subject to our employment policies. Our associates are subject to internal compliance oversight which includes review of associate calls with plan participants. We will work with the plan sponsor to provide the reasonably requested information for your review of the services provided by Empower to plan participants. vi. No plan set-up or termination fees Confirmed. vii. No additional fee for access to all available 40 Act mutual funds Confirmed. viii. Plan level and participant fee transparency and disclosures as if the plans are subject to ERISA Below we describe our fee transparency and disclosures for our government clients. Plan Sponsor Fee Disclosure We provide transparent fee information to help our governmental plan sponsors understand the operations, services, and costs of the plan. Empower enlisted the assistance of DALBAR, Inc., an independent financial services communication professional, in creating our fee disclosure document to satisfy the Department of Labor’s (DOL’s) Section 408(b)(2) fee disclosure regulations. Our fee disclosure document is provided electronically to the named plan fiduciary via the plan sponsor website for no additional charge and is updated monthly. Participant Fee Disclosure Empower is committed to assisting public sector plan sponsors who choose to use ERISA’s Section 404(c) requirements as a best practice. The 404(c) disclosures include both plan-related and investment- related information. We provide participants with important plan-related information, including fees in the Plan Highlights. We also assist plan sponsors in communicating plan changes at least 30 days in advance of the change and tell participants who to contact with questions. The investment-related information is provided in the Investment Options at a Glance. This investment information includes performance data, fees and expenses, as well as benchmarking. We also provide prospectuses online, and upon request, which contain in-depth information about the funds, including fund objectives, fees and transfer restrictions. The City of San Luis Obispo 16 The DOL’s participant fee disclosure regulations under Section 404(a) impose additional Section 404(c) disclosure requirements on ERISA plans. The regulations require that certain information be included on quarterly participant statements and on annual investment and fee disclosures. Our quarterly participant statements have been enhanced to comply with the DOL’s 404(a) requirements. With respect to the investment and fee information, ERISA plans are required to provide a specific side- by-side chart to all eligible employees, not just plan participants, annually. Although the SEC allows non- ERISA plans to use the DOL’s side-by-side chart, choosing to do so results in increased costs for annual notifications to all eligible employees. We provide essentially the same investment and fee information to participants in other formats at no additional cost. Most governmental clients have elected to use these other formats to comply with the annual investment and fee disclosure requirements as a best practice. We are always evaluating ways to improve our participant disclosure process. ix. Ability to manage small and large plans Confirmed. We partner with organizations of all sizes to deliver integrated retirement and benefit solutions. Our top priority is to help your employees pursue a successful retirement. As of March 31, 2026, we have approximately 1,514 employees in our Customer Care Centers and 848 employees in Workplace Planning and Advice available to provide your employees with the information and assistance they need. Empower’s Customer Care Centers are located in Greenwood Village, Colorado; Overland Park, Kansas; Milwaukee, Wisconsin; Dubuque, Iowa; and Scranton, Pennsylvania. Representatives are available Monday through Friday, from 5 a.m. to 7 p.m. Pacific time, excluding most financial market holidays. Additionally, representatives are available on Saturdays from 6 a.m. to 2:30 p.m. Pacific time. You can count on specialized support from our team of tenured retirement representatives specifically trained to support government plans. For plan sponsors, like the City, we use a combination of segment- specific teams and cross-functional supporting groups in our government plan operations. These segment-specific service team members specialize in public sector plans. They bring a deep experience serving public sector clients and understand the unique rules and needs of government plans. As of March 31, 2026, we have 127 associates in our government market business segment that provide a range of services to our government plans nationwide. x. x. f. Sample login i. Please provide demonstration logins for both the Plan Sponsor website and Participant website. With our enhanced participant dashboard, we are providing a highly personalized, comprehensive savings experience that offers a three-dimensional view of an employee’s entire financial picture. We invite you to view our video featuring a tour of the Empower Personal Dashboard.11 Use the following information to access our demo website to explore interactive demos and video previews of our plan sponsor and participant websites. Website Demo Web address https://www.empowerdemo.com Username city-of-san-luis-obispo Password Empower!26 Expiration December 6, 2026 11 https://empower.wistia.com/medias/t9fljem8ye The City of San Luis Obispo 17 4. Work Plan a. Plan Sponsor Service team I. Describe how the client service team will be structured for this engagement. At Empower, we understand that delivering superior service is a top priority for you. That is why we structure the service team supporting the City to function as a true extension of your organization, providing experienced guidance and seamless plan administration from implementation through ongoing service. Our team-based approach helps ensure you have access to specialists with the right expertise at every stage of the relationship. Team members supporting the City are selected based on their skills, experience, and understanding of the nuances, regulatory, and operational considerations common to tax- exempt organizations. Your Empower Service Team Your Empower service team is aligned to the size, complexity, and service needs of the City and includes the following roles: • Relationship manager Your relationship manager is local and has ultimate plan service responsibility. Your relationship manager serves as the City’s primary contact and is responsible for your overall satisfaction with your plan and partnership with Empower. • Client service manager Your day-to-day operational contact, supporting plan administration, issue resolution, and coordination across Empower teams to deliver timely and consistent service. • Retirement plan advisor Participant education is delivered by the retirement plan advisor using a flexible combination of virtual and on-site support in both group and individual settings. Retirement plan advisors can provide participant-level fiduciary services as well as facilitate the use of Empower Advisory Services. • Implementation consultant During your transition to Empower, an implementation consultant manages the conversion process, supporting accurate data transfer, clear communication, and a smooth transition to ongoing service. Experience Specific to your Needs Your service team brings extensive experience supporting government entities and understands the regulatory and operational nuances that shape your retirement and benefits program. This includes familiarity with fiduciary oversight, committee-based decision-making, and the need for clear documentation and coordination across multiple stakeholders. That experience helps your team anticipate common challenges, provide informed guidance, and support consistent plan operations as your needs evolve. Technology that Supports Dependable Service Your service team is supported by technology designed to improve accessibility, usability, and dependable execution. These tools help streamline routine administrative tasks, provide timely access to plan information, and support efficient service delivery, while your service professionals remain central to managing your ongoing needs. This approach allows you to rely on technology for efficiency, with the confidence that knowledgeable professionals are available to support more complex requests and plan considerations. The City of San Luis Obispo 18 A Coordinated, Reliable Service Partnership Your Empower service team functions as a trusted partner to the City, focused on simplifying plan administration, supporting participant engagement efforts, and delivering consistent, informed service. By combining coordinated support from experienced professionals with technology that streamlines information access, reporting, and service requests, this approach is designed to make plan administration more manageable, responsive, and aligned to your needs, while supporting the ongoing operation of your workplace retirement and benefits program. II. Will the client service team be dedicated or pooled? The City’s client service team, including your relationship manager, and your client service manager, will be designated to your plan. Other supporting roles such as communications and compliance services will be pooled resources; however, your relationship manager is ultimately responsible for your satisfaction and will have oversight of your entire service team. III. Provide a brief biography for the core team, including role on the service team, role in the firm, industry experience, firm experience, location, and other relevant experience and current and at- capacity caseloads for each member. The core team assigned to the City includes: Keir Tilford, Senior Relationship Manager, is located in Riverside, California, and brings over 27 years of experience to his role. Keir has been with Empower for over eight years as a relationship manager. He is currently responsible for 26 client relationships. Additional information may be found in the bio provided. Sheryl Mcleod, Client Service Manager, is located in Windsor, Connecticut, and brings over 24 years of experience to her role. Sheryl has been with Empower for over six years. She is currently responsible for nine client relationships. Additional information may be found in the bio provided. Retirement Plan Advisor: To be assigned. We will provide an experienced, licensed retirement plan advisor to deliver education and advice to the City’s plan participants. Client assignments for our team members is based upon complexity and capacity. b. Information or data to be provided by the City. a. Example: When and what type of payroll and HRIS test data is required? We work with the plan sponsor to obtain the data necessary for conversion. The data is loaded on to temporary tables for logic verification (including date of birth, date of hire, etc.). The data is reviewed and then moved to production through a second verification process. Test files are required several weeks in advance of the conversion date in order to review the data, conduct the appropriate data scrubs and perform a pre-load of the participant indicative data. In addition, we typically receive a set of refresher files about a week before the blackout period which allows us to load data (i.e., census, allocations) before receiving the final records. Given our system’s flexibility in accepting a wide array of file formats, one test file from the plan or payroll provider is usually sufficient. We will receive multiple test files as needed to help ensure all data elements are received and confirmed against the data requirements. c. Information or data to be provided by the Recordkeeper. Each conversion is led by a dedicated implementation consultant who serves as the primary point of contact. The consultant oversees quality and progress throughout the project and coordinates directly with the prior recordkeeper. Our broader Empower service team actively participates in the implementation process to support a seamless transition and build a detailed understanding of the plan’s provisions. The effectiveness and quality of the conversion process are monitored by the project plan developed in conjunction with the plan sponsor. Our transition team uses project-planning software to plan and track all the required elements of the transition. This document is shared with all the team members and the plan sponsor The City of San Luis Obispo 19 throughout the transition process. The project plan specifically identifies tasks that need to be accomplished, with specific dates assigned, and is updated regularly as tasks are completed. Through the implementation process, we work closely with the City through regular conference calls and provide status updates on the conversion timeline. As part of our standard procedure, we proactively request and review a test file from the prior recordkeeper to evaluate file layout and data quality before the conversion begins. Once final records are received from the prior recordkeeper, Empower performs a detailed reconciliation of both participant and fund-level data. The reconciled results are then shared with the City for validation and approval before the plan(s) are activated on our platform. Historical Data We transfer important historical records based on the data provided from the prior recordkeeper. Such data may include hardship available amounts, tax cost, Roth cost basis, year-to-date and inception-to-date contribution information, employment dates, plan entry dates, hours worked, compensation, loan data and appropriate year-end balance information for proper RMD and compliance testing information. We complete an audit for reasonableness of the conversion data before proceeding with the transfer of historical data. We provide the conversion data for your review prior to conversion. d. Description of assumptions critical to development of the response which may impact cost or scope. Our pricing considers a five-year horizon, taking into account net cash flow and market growth, participants with a balance, assets, asset breakdown and specific plan administration requirements. Barring material changes in plan demographics or fund lineups, we will not seek to increase or decrease fees within the initial period of our relationship. We plan to review the City’s pricing annually. If we identify the need for an adjustment, we’ll work with you to find a mutually agreeable solution. e. Any other information that would assist us in making this contract award decision. Empower’s Commitment Our mission is to empower financial freedom for all — with a vision to transform financial lives through advice, people, and technology. This commitment is the foundation of our business. It guides our everyday culture and permeates the values our associates bring to life every day. In making our vision a reality, the combination of advice, people and technology applies to the organizations we partner with, and it applies to all the people who participate in our retirement plans, seek guidance from our financial professionals, and use our innovative resources to build a better financial future. Advice We believe financial advice is essential, and we believe it should be available to everyone who wants it. We've created a robust, comprehensive program that helps people manage their finances no matter where they are in the savings journey — and no matter when and how they wish to receive advice and guidance. We serve as a fiduciary to your employees and provide point-in-time advice on investment selection, savings strategies, and distribution options — at no additional cost to the plan or participant. While other providers claim the fiduciary role, that claim typically applies only to savings rates and investment decisions. Our approach helps ensure that people get the type of advice they need when they need it. We also offer comprehensive financial planning and professionally managed accounts for participants who want an ongoing framework of advice and account management. We also know that advice is essential for plan sponsors. When you partner with Empower, our services are not prescriptive — they’re consultative. We don’t offer a one-size-fits-all solution, and through a combination of people and technology we can help reduce your administrative tasks, support efficient plan design, improve cost effectiveness, and enhance your ability to recruit and retain top talent. In other words, we can help you get the results you expect — and that your employees deserve. The City of San Luis Obispo 20 People Our digital resources are designed to get results, but we also know that one-on-one guidance is a critical element to long-term financial success. Our experienced teams of financial professionals are just a phone call away, ready to provide plan participants with advice, guidance, and recommendations on a range of financial decisions. Retirement plan advisors will provide advice and guidance for participants from enrollment through retirement and beyond. And our WPA team is just a phone call away, ready to provide advice, guidance, and recommendations on a range of financial decisions. For plan sponsors, we work with clients the way you want to work with us. We customize our service model to suit specific needs, and our approach to service is consultative and proactive, not prescriptive and reactive. We pair clients with a service team that strives to anticipate needs, offer best practice guidance and insights, and reduce administrative duties. Technology For participants, our Empower Personal Dashboard is more than a website — it’s an integrated suite of resources designed to engage your employees, motivate positive behaviors, and get meaningful results. Anchored by the web and app platforms, the experience includes a communication engine that generates targeted, personalized messages synchronized across channels; one-on-one advice and guidance from financial professionals; and the ability to connect outside financial information, accounts, assets, debts, and more to give people an integrated, 360° view of their entire financial situation. For plan sponsors, Empower’s proprietary recordkeeping platform, developed and maintained internally, is fully integrated across our plan sponsor and participant programs, which provides immediate access to real- time information. Unlike providers who outsource some or all recordkeeping functions to third-party vendors, we own our system, which allows us to quickly adapt to your evolving needs. We also consistently invest in protecting client accounts and information utilizing sophisticated, cutting-edge security technologies that are routinely tested and assessed by third parties to help ensure their effectiveness. The City of San Luis Obispo 21 5. Pricing Request Form a. Please complete the pricing request form in its entirety and attach a narrative that clearly identifies the services included in the pricing, well as disclosure of all other services/transactions with additional ER or EE fees clearly We have completed the pricing request form as required and included it with our response. b. Please provide pricing based on a bundled, open architecture platform and without an advisor fee. Please do not provide any suggested line-ups other than the options requested below for the stable value/fixed. If a fund in the menu generates institutional revenue to your company, there should be no change in the plan asset charge if the client makes a fund change in the future. Confirmed. We’ve provided pricing based on a bundled, open-architecture platform and without an advisor fee. c. It is required that there is no determined contract/agreement period with the record keeper. All contracts/agreements must be open-ended with the ability of the City to terminate the contract/agreement with at least 90-days’ notice. Confirmed. d. If there are customization fees, please specify. Not applicable. e. Fee terms. Please provide detail regarding any terms and conditions related to the proposed pricing. i. How long will the quoted fees remain in effect after the initial contract date? We guarantee the fees detailed in our proposal for up to five years, provided that Empower may initiate a fee change if there are material changes to the plan or services, or to neutralize increases in Empower’s costs of doing business. ii. How often does your firm typically adjust fees? What is the basis for the adjustment? After 5 years, we’ll work with the city and your consultant to evaluate plan asset size, participant balances and available services to help ensure that the fee structure is appropriate and properly reflect plan financials, demographics and services. iii. What contract termination provisions do you typically require? We have no contract termination fees; however, we do request a 90-day written notice prior to terminating the contract. iv. Are there fees associated with converting to another recordkeeper? No. v. Under what conditions would the quoted fees change (i.e. if there was a significant change to plan design, asset size, etc.)? We will only adjust fees if a significant event occurs that considerably alters the nature or character of the plan. An example of this would be if the City wanted to add additional 401(a) plans or if they decided to only consolidate two of the four recordkeepers which would significantly decrease the assets being transferred and the ongoing plan contributions. The City of San Luis Obispo 22 f. Important Notes to be Reviewed Before Completing Pricing Proposals i. The pricing/fee and credited rates (products) are to be the same for both the 457(b) and 401(a) Plans. It is encouraged to provide a solution for the HRA/RHS and 457 PT-OBRA plans. If you are providing a proposal, the product fees and stability of principal option can be different from what is provided for the 457(b) & 401(a) Plans. Please include an affirmative statement as to whether you are providing a proposal for the HRA/RHS and PT-OBRA plans as part of your response. Confirmed. We have provided proposals for the Health Reimbursement Arrangement (HRA) / Retiree Health Savings (RHS) plan and the Part-Time Omnibus Budget Reconciliation Act HRA/RHS and (PT- OBRA) plans. Please note that our OBRA pricing assumes the force out of terminated participants with a balance under $7,000. ii. For all Asset charges with your managed account solution, assume voluntary participant usage only. There can be no default or QDIA for managed accounts. Confirmed. iii. Current Credited Rates provided must be net of management fees and any record keeping revenue retained by you, and gross of your Asset Charge. Confirmed. iv. A Fixed Product Data sheet is included with this RFP to be provided for any stable value/fixed product proposed. If it is not provided or not complete in our opinion, your proposal may not be considered. Confirmed. We have provided a completed fixed product data sheet for the stable value/fixed products for the City’s consideration. Please note that any of our proposals with a proprietary fixed/stable value fund, a competing fund would not be allowed. v. Note that Target Date conversions will not be accepted. Confirmed. f. Additional Fees and Services Please verify your firm can provide all the following services and whether they are covered by the quoted fees or if there are any additional fees per service. Recordkeeping and Administration - Eligibility Tracking - Enrollment Processing - Vesting Tracking - Hardship Processing - In-service Processing - RMD Processing and Communication - Termination distributions (lump sum) - Termination distributions (installment) - Mandatory de minimis distributions - Address maintenance for terminated employees - Beneficiary maintenance - Lost participant services/search - DRO qualification - DRO processing - 1099-Rs Compliance - Plan document restatement at transition The City of San Luis Obispo 23 - Plan document restatement project outside of transition - Required plan document amendments - Plan Sponsor requested plan document amendments - Summary Plan Description - Limits monitoring - Required employee notifications Participant Support - Participant statements - Core communication materials - Targeted messaging - Education meetings (beyond required) - Participant advice (for non-managed accounts) - Plan Sponsor Support - Plan sponsor meeting(s) - Annual plan review meetings Other - Trust / custody services - Fulfillment, postage and handling Confirmed we can provide the services, as applicable to the plan, mentioned above. The City of San Luis Obispo 24 6. Certificate of Insurance. a. Please provide a certificate of insurance meeting the requirements set forth in the sample Professional Services Agreement in Exhibit B. i. The insurance carrier and its A.M. Best rating. ii. Scope of coverage and limits. iii. Deductibles and self-insured retention. The purpose of this submittal is to generally assess the adequacy of the bidder’s insurance coverage during proposal evaluation; as discussed under paragraph 12 below, endorsements are not required until contract award. Please refer to the attachments below for information: Certificate of Insurance Empower Annuity Renewal Certificate CGL Empower Annuity Renewal Certificate WC The City of San Luis Obispo 25 7. References from at least three public agencies, preferably California cities that are comparable to the City of San Luis Obispo, for whom you have provided similar services as specified in the RFP. Please refer to J. Proposal Form: References for the above information. The City of San Luis Obispo 26 8. Statement and explanation of any instances in the last five years where your firm or sub-consultant has been removed from a project or disqualified from proposing on a project. Empower has not had any instances in the last five years where our firm or sub-consultant has been removed from a project or disqualified. The City of San Luis Obispo 27 9. Statement and explanation of any instances in the last five years where your firm was required to cancel a consolidation of plans/transfer of plans to your firm. Empower has not had any instances in the last five years where our firm was required to cancel a consolidation of plans/transfer of plans to our firm. The of City of San Luis Obispo 28 Disclosures FOR PLAN SPONSOR OR FINANCIAL PROFESSIONAL USE ONLY. Empower refers to the products and services offered by Empower Annuity Insurance Company of America and its subsidiaries. This material is for informational purposes only and is not intended to provide investment, legal, or tax recommendations or advice. The proposed fee schedule is valid for a period of 90 days but it is subject to revision if the information provided is inaccurate or changes or upon receipt of additional plan information. The proposed services and fees included in this proposal are based on the information currently provided to Empower and are subject to final negotiation by the parties involved. Services are performed by Empower pursuant to the Administrative Services Agreement with appropriate schedules to be added based on services selected. This proposal is not a contract to perform services. The final fee arrangement will be set forth in an agreement between Empower and the plan sponsor. Enclosed with our proposal response is our sample Master Services Agreement along with the Recordkeeping Service Schedules and the Data Security & Privacy Exhibit (“Agreement”). We expect certain terms of this Agreement will supplement any resulting agreement between the parties. Securities, when presented, are offered and/or distributed by Empower Financial Services, Inc., Member FINRA/SIPC. EFSI is an affiliate of Empower Retirement, LLC; Empower Funds, Inc.; and registered investment adviser Empower Advisory Group, LLC. Brokerage services such as clearing, settlement, custody and other similar functions are provided by Pershing LLC, Member FINRA/NYSE/SIPC and a wholly owned subsidiary of The Bank of New York Mellon Corporation. Additional information may be obtained by calling 877-788-6261. EFSI and Pershing are separate, unaffiliated brokerage firms. Brokerage accounts are subject to EFSI review and approval. This material is for informational purposes only and is not intended to provide advice, investment, legal or tax recommendations. As part of providing products and services to retirement plans Empower personnel may provide information to plan representatives about available investment or pricing options. In providing this information, Empower is not undertaking to provide impartial investment advice, or to give advice in a fiduciary capacity regarding any transactions. Plan fiduciaries are responsible for the selection and monitoring of the Plan’s investment options and for determining the reasonableness of all Plan fees and expenses. Information concerning investment or pricing options we may provide is intended to provide you with resources for your consideration as a convenience and is not intended to be exhaustive or prescriptive for your Plan and its specific circumstances. Plan fiduciaries are not required to utilize any of the options referenced in any of our communications to you. Empower may benefit from advisory and other fees paid to it or its affiliates for managing, selling, or settling of the Empower products or third-party investment products or securities offered by Empower or its affiliates. Investment vehicles you select which are sponsored or managed by an Empower affiliate may generate more revenue for Empower enterprise and/or Empower representatives than non-proprietary investment vehicles. Empower Sales Representatives Compensation: Empower sales representatives who engage with plan sponsors are eligible for bonus or incentive compensation based on various factors that may include the profit to Empower projected to be generated by the plan, total plan assets, the number of eligible or enrolled plan participants, and/or the adoption by the plan of certain investment products and services. These products or services may include Empower proprietary investment options including, but not limited to, investment funds, stable value or other insurance products and managed account services. In certain cases, sales representatives may also receive incentive compensation for the plan’s use of third-party investment products for which Empower or an affiliate may receive consideration or other financial benefits in relation to the plan’s use of such products. Any such compensation is paid from Empower's general assets and is not deducted from plan or participant accounts. The amount and structure of such incentive compensation is determined based on Empower’s internal goals and metrics and may vary depending on plan size and type and scope of the adopted products or services. As of December 31, 2025. Information refers to all retirement business of Empower Annuity Insurance Company of America (EAICA) and its subsidiaries, including Empower Retirement, LLC; Empower Life & Annuity Insurance Company of New York (ELAINY); and Empower Annuity Insurance Company (EAIC), marketed under the Empower brand. EAICA’s consolidated total assets under administration (AUA) were $1,922.5B. AUA is a non-GAAP measure and does not reflect the financial stability or strength of a company. EAICA’s statutory assets total $70.79B and liabilities total $66.46B. ELAINY’s statutory assets total $5.82B and liabilities total $5.28B. EAIC’s statutory assets total $132.83B and liabilities total $131.81B. The Empower Institute is a research group within Empower Retirement, LLC. Point-in-time advice is provided by an Empower representative registered with Empower Financial Services, Inc. at no additional cost to account owners. There is no guarantee provided by any party that use of the advice will result in a profit. The of City of San Luis Obispo 29 Retirement Plan Advisors act as Empower Advisory Group, LLC, investment adviser representatives when providing investment counseling or recommendations and as Empower Financial Services, Inc. registered representatives when executing transactions. Empower Advisory Services refers to the advisory services offered by Empower Advisory Group, LLC, such as My Total Retirement and Online Advice. EAG uses Morningstar Investment Management LLC to provide subadvisory services. EAG and Morningstar Investment Management are unaffiliated registered investment advisers. Morningstar Investment Management is a subsidiary of Morningstar, Inc. EAG is a subsidiary of Empower Annuity Insurance Company of America. Morningstar is a registered trademark of Morningstar, Inc. ©2026 Morningstar, Inc. Future results are not guaranteed by EAG, Morningstar Investment Management, or any other party. Empower Advisory Services refers to the advisory services offered by Empower Advisory Group, LLC, such as the Professional Management Program and Online Advice. EAG uses Financial Engines Advisors L.L.C. to provide subadvisory services. EAG and FEA are unaffiliated registered investment advisers. EAG is a subsidiary of Empower Annuity Insurance Company of America. Edelman Financial Engines® is a registered trademark of Edelman Financial Engines, LLC. ©2026 Edelman Financial Engines, LLC. Future results are not guaranteed by EAG, FEA, or any other party. Professional Management with Income+ is intended to provide steady payouts beginning in retirement that can last into your early nineties. We will set aside a portion of your account to increase the likelihood that you’ll have the option to purchase an out-of-plan annuity by age 85 that could provide a lifetime income guarantee. However, annuities are not generally available to people over age 85 or for account balances less than $10,000. EAG, FEA, and any other party do not guarantee payout amounts or payouts for life. There is no guarantee provided by any party that participation in any of the advisory services will result in a profit. My Total Retirement offered through Empower Dynamic Retirement Manager is provided by EAG. The Empower Investments Fixed Account fund is a general account group annuity contract or funding agreement issued by Empower Annuity Insurance Company of America, Corporate Headquarters: Greenwood Village, CO; or, in New York, by Empower Life & Annuity Insurance Company of New York, Home Office: New York, NY. The fund guarantees principal and credited interest for eligible participant-initiated withdrawals and transfers. Guarantees are subject to the terms and conditions of the contract and the claims-paying ability of the insurer. Depending on the terms of the contract, there may also be investment risks associated with certain plan sponsor actions, including, but not limited to, a termination of the contract that could result in a negative market value adjustment to the proceeds paid to the plan sponsor or an extended payment period. The Custom Stable Value Fund, Stable Asset Fund, Guaranteed Government Fund are guaranteed separate account group annuity contracts issued by Empower Annuity Insurance Company of America, Corporate Headquarters: Greenwood Village, CO; or, in New York, by Empower Life & Annuity Insurance Company of New York, Home Office: New York, NY. The fund guarantees principal and credited interest for eligible participant-initiated withdrawals and transfers. Guarantees are subject to the terms and conditions of the contract and the claims-paying ability of the insurer. Guaranteed separate account products have interest rate, inflation and credit risks associated with the underlying assets owned by the fund. Depending on the terms of the contract, investment risks associated with certain plan sponsor actions may include, but are not limited to, termination of the contract, mass layoffs or plan termination that could result in payment of proceeds to the plan sponsor of the lesser of the fund’s market value and principal plus credited interest. The Empower institutional separate accounts described in this document are issued by Empower Annuity Insurance Company (EAIC), an affiliate of Empower Retirement, LLC. The Empower collective investment trusts (CITs) are established and maintained by trustee Empower Trust Company, LLC and managed by its affiliate, Empower Capital Management, LLC. CITs are not mutual funds and are exempt from SEC registration and applicable securities laws of any state or other jurisdiction. Designed for and exclusively sold to qualified retirement plans and their participants and other eligible trusts, CITs are not available to individual retail investors. See the applicable CIT disclosure documents for more information. The Empower collective investment trusts (CITs) are established and maintained by trustee Empower Trust Company, LLC and managed by its affiliate, Empower Capital Management, LLC. CITs are not mutual funds and are exempt from SEC registration and applicable securities laws of any state or other jurisdiction. Designed for and exclusively sold to qualified retirement plans and their participants and other eligible trusts, CITs are not available to individual retail investors. The Empower Trust Stable Value AND/OR Empower Trust Pooled Stable Value Fund are stable value collective investment trusts. Participants of plans that are eligible participating trusts invested in the CIT are guaranteed principal and credited interest for certain eligible “benefit responsive” participant-initiated withdrawals and transfers by means of a “wrap” insurance contract issued to the CIT by Empower Annuity Insurance Company of America, Corporate Headquarters: Greenwood Village, CO, which provides the guarantee. The strength of the guarantee is dependent on the financial strength of EAIC. The underlying CIT investments are subject to interest rate, inflation and credit risks. The wrap contract limits its coverage of impaired securities of the CIT. Depending on the terms of the wrap contract, book value coverage is not provided for certain plan sponsor actions, including, but not limited to, termination of participation in the CIT by the plan, mass layoffs or plan The of City of San Luis Obispo 30 termination that could result in payment of proceeds to the plan sponsor of the lesser of the fund’s market value and principal plus credited interest. For more information, refer to the Participation Agreement and Disclosure Memorandum and other governing documents associated with the CIT. Case studies are for illustrative purposes only and not a guarantee of future results. Unless otherwise noted, case study results provided are based on the length of the campaign. Empower Retirement, LLC and its affiliates are not affiliated with other providers mentioned. Empower Personal Cash™ Program is offered through Empower Personal WealthTM, LLC (“Empower”). Empower is not an FDIC-insured bank and deposit insurance covers the failure of an insured bank. Bank deposit products provided by UMB Bank, N. A., Member FDIC (“UMB”). Certain conditions must be satisfied for pass-through deposit insurance coverage to apply. To participate in the program, you must open an account at UMB, through which your funds will be placed in accounts at participating program banks (which may include UMB). The advertised interest rates are paid by participating program banks, including by UMB in its capacity as a participating program bank. Your funds will be FDIC insured up to applicable limits while in transit through UMB. UMB receives a fee from each program bank (except UMB) in connection with the program that is based on the aggregate daily closing balance of deposits held in program accounts by such program bank. The fee may vary from program bank to program bank and will generally increase as the aggregate amount of funds held in program accounts with the program bank increases. The information provided in your account application is being provided by you to UMB. UMB may share this information with UMB’s affiliates and with EMPOWER, each of which may use this information in accordance with its respective privacy policy. Upon acceptance of the application, an account will be opened with UMB. IMPORTANT: The projections or other information generated by MoneyGuidePro regarding the likelihood of various investment outcomes are hypothetical in nature, do not reflect actual investment results, and are not guarantees of future results. MoneyGuidePro results may vary with each use and over time. Empower Retirement, LLC and its affiliates are not responsible for the third-party content provided. IMPORTANT: The projections or other information generated on the website by the investment analysis tool regarding the likelihood of various investment outcomes are hypothetical in nature, do not reflect actual investment results, and are not guarantees of future results. The results may vary with each use and over time. The Empower Benefits Design Score (EBDS) is an interactive dashboard designed for use by plan sponsors, financial advisors, and Empower sales and relationship management associates to illustrate the estimated impact of certain plan design changes on employer costs and participant income-replacement rates in retirement. EBDS is based on the inputs and data provided by the plan sponsor. Different inputs and data may produce a different EBDS. Empower does not provide legal, tax, or fiduciary investment advice to the plan sponsor or plan by or through the EBDS dashboard. The projections generated by or through the EBDS are hypothetical in nature and do not prescribe any recommended course of action or guarantee any specific results. Some features of the EBDS dashboard may not be available in all simulations, and EBDS dashboard features and underlying methodologies are subject to change without notice. It is important to discuss any benefit program changes and any applicable amendments to the plan document with the plan’s legal or tax advisor. The Retirement Readiness Review is provided by an Empower representative registered with Empower Financial Services, Inc. and may provide recommendations at no additional cost to participants. There is no guarantee provided by any party that use of the review will result in a profit. Empower Consumer-Directed Health (Empower CDH) products and services are provided through an arrangement with Alegeus Technologies, LLC., d/b/a WealthCare Saver, which is not affiliated with Empower Retirement, LLC or its affiliates. The charts, graphs, and images shown are for ILLUSTRATIVE PURPOSES ONLY. Certified Financial Planner Board of Standards Inc. (CFP Board) owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™, CFP® (with plaque design), and CFP® (with flame design) in the U.S., which it authorizes use of by individuals who successfully complete CFP Board's initial and ongoing certification requirements. iOS is a registered trademark of Cisco in the U.S. and other countries and is used under license. Android, Google Play and the Google Play logo are trademarks of Google LLC. Unless otherwise noted, investments are not deposits, insured by the FDIC or any federal government agency, or bank guaranteed and may lose value. ©2026 Empower Retirement, LLC. All rights reserved. RO#4396279 0525