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HomeMy WebLinkAboutPricing Request - FinalProposal Due Date Target Conversion Date Record-Keeper #1 - 457(b) 2024 2025 YTD 3/31/2026 Assets $31,876,810 $35,495,066 $34,257,941 Variable $26,679,785 $30,145,102 $29,148,154 Fixed $5,197,024 $5,349,963 $5,109,787 Stable Value/Fixed Notes: Contributions $836,213 $1,163,929 $250,522 Withdrawals $2,898,800 $1,960,424 $718,871 Net Cash Flow -$2,062,587 -$796,495 -$468,349 Participants - Contributing 114 Participants - w/ Bal (non-Contribute)171 Participants - Total 285 Loans #7 Loans $$136,323 Loans Repayments Payroll Deduct Managed Accounts # of Parts 41 Managed Accounts $$6,119,893 SDBO N/A Roth 457 Available & Assets in Plan Yes Record-Keeper #2 - 457(b) 2024 2025 YTD 3/31/2026 Assets $10,426,241 $11,990,660 $11,769,421 Variable $9,648,015 $11,194,750 $10,968,117 Fixed $778,226 $795,910 $801,304 Stable Value/Fixed Notes: Contributions $702,116 $843,514 $191,436 Withdrawals $1,642,413 $838,614 $48,550 Net Cash Flow -$940,297 $4,900 $142,886 Participants - Contributing 89 Participants - w/ Bal (non-Contribute)45 Participants - Total 134 Loans #8 Loans $$134,829 Loans Repayments ACH Managed Accounts # of Parts 30 Managed Accounts $$2,478,003 SDBO N/A Roth 457 Available & Assets in Plan Yes Record-Keeper #3 - 457(b) 2024 2025 YTD 3/31/2026 Assets $5,071,025 $5,485,220 $4,377,447 Variable $3,295,317 $3,572,420 $2,932,508 Fixed $1,775,708 $1,912,800 $1,444,939 Stable Value/Fixed Notes: Contributions $131,137 $176,874 $42,691 Withdrawals $176,577 $324,402 $981,635 Net Cash Flow -$45,440 -$147,528 -$938,944 San Luis Obispo - Coordinated with Shuster Advisory Group, LLC 06/12/2026 or earlier 11/1/2026 Stable Value subject to 12-month Put - effective 4/13/2026 Plan Statistics and Information Fixed Account subject to 5-year spread pay or MVA at termination - MVA -8.18% as of 3/31/2026 Entire Account including Fixed Account subject to CDSC - reported as $0 as of 3/31/2026. Fixed Account subject to 6 payments over 5 years at termination - no MVA option. There are currently 15 participants contributing PROPOSAL FORM: PRICING REQUEST Proposal Due Date Target Conversion Date San Luis Obispo - Coordinated with Shuster Advisory Group, LLC 06/12/2026 or earlier 11/1/2026 Participants - Contributing 15 Participants - w/ Bal (non-Contribute)25 Participants - Total 40 Loans #0 Loans $$0 Loans Repayments N/A Managed Accounts # of Parts 4 Managed Accounts $$301,277 SDBO N/A Roth 457 Available & Assets in Plan No Total Record-Keepers - 457(b) 2024 2025 YTD 3/31/2026 Assets $47,374,075 $52,970,945 $50,404,809 Variable $39,623,117 $44,912,273 $43,048,779 Fixed $7,750,958 $8,058,673 $7,356,030 Stable Value/Fixed Notes: Contributions $1,669,466 $2,184,317 $484,649 Withdrawals $4,717,790 $3,123,440 $1,749,056 Net Cash Flow -$3,048,324 -$939,123 -$1,264,407 Participants - Contributing 218 Participants - w/ Bal (non-Contribute)241 Participants - Total 459 Loans #15 Loans $$271,152 Loans Repayments ACH/Payroll Deduct Managed Accounts # of Parts 75 Managed Accounts $$8,899,173 SDBO N/A Roth 457 Available & Assets in Plan Yes Record-Keeper #1 - 401(a) 2024 2025 YTD 3/31/2026 Assets $249,179 $351,559 $252,177 Variable $230,346 $319,247 $200,608 Fixed $18,833 $32,312 $51,569 Stable Value/Fixed Notes: Contributions $24,779 $24,184 $5,670 Withdrawals $0 $0 $104,925 Net Cash Flow $24,779 $24,184 -$99,255 Participants - Contributing 2 Participants - w/ Bal (non-Contribute)0 Participants - Total 2 Loans #N/A Loans $N/A Loans Repayments N/A Managed Accounts # of Parts 1 Managed Accounts $$236,858 SDBO N/A Record-Keeper #4 - 401(a) Fiscal 23-24 Fiscal 24-25 Fiscal 25-26 YTD Assets $2,457,348 $2,721,778 $2,968,705 Variable $2,457,348 $2,721,778 $2,968,705 Fixed $0 $0 $0 Stable Value/Fixed Notes: Contributions $124,527 $102,093 $82,606 see notes above Stable Value subject to 12-month Put - effective 4/13/2026 Money Market Fund is utilized for this plan Proposal Due Date Target Conversion Date San Luis Obispo - Coordinated with Shuster Advisory Group, LLC 06/12/2026 or earlier 11/1/2026 Withdrawals $963,247 $127,685 $14,925 Net Cash Flow -$838,720 -$25,591 $67,681 Participants - Contributing 28 Participants - w/ Bal (non-Contribute)70 Participants - Total 98 Loans #0 Loans $$0 Loans Repayments ACH/Payroll Deduct Managed Accounts # of Parts 0 Managed Accounts $$0 SDBO N/A Total Record-Keepers - 401(a) 2024 2025 YTD 3/31/2026 Assets $2,706,527 $3,073,338 $3,220,882 Variable $2,687,694 $3,041,026 $3,169,313 Fixed $18,833 $32,312 $51,569 Stable Value/Fixed Notes: Contributions $149,307 $126,278 $88,276 Withdrawals $963,247 $127,685 $119,850 Net Cash Flow -$813,940 -$1,407 -$31,574 Participants - Contributing 30 Participants - w/ Bal (non-Contribute)70 Participants - Total 100 Loans #N/A Loans $N/A Loans Repayments N/A Managed Accounts # of Parts 1 Managed Accounts $$236,858 SDBO N/A Record-Keeper #1 - RHS/HRA Plan 2024 2025 YTD 3/31/2026 Assets $1,712,651 $1,873,020 $1,831,928 Variable $1,667,841 $1,831,132 $1,796,977 Fixed $44,810 $41,888 $34,951 Stable Value/Fixed Notes: Contributions - none $0 $0 $0 Withdrawals - none $0 $0 $0 Net Cash Flow $0 $0 $0 Participants - Non-Claims Active 77 Participants - Claims Active 135 Participants - Total 212 Stable Value subject to 12-month Put - effective 4/13/2026 see notes above Proposal Due Date Target Conversion Date San Luis Obispo - Coordinated with Shuster Advisory Group, LLC 06/12/2026 or earlier 11/1/2026 Record-Keep #2-457(b) PT-OBRA Plan 2024 2025 YTD 3/31/2026 Assets ALL FIXED $1,380,084 $1,519,891 $1,549,982 Variable $0 $0 $0 Fixed $1,380,084 $1,519,891 $1,549,982 Stable Value/Fixed Notes: Contributions $134,282 $164,383 $36,858 Withdrawals $38,783 $60,027 $12,967 Net Cash Flow $95,499 $104,356 $23,891 Participants - Contributing 242 Participants - w/ Bal (non-Contribute)2229 Participants - Total 2471 Platform request Quote Format Request Advisor Fee Assumption Investment Menu Request Contract Term Important Notes to be Reviewed Before Completing Pricing Proposals Pricing Request Bundled only - Open Architecture Please provide pricing in a complete proposal with services included in price clearly identified, as well as disclosure of any and all other services/transactions with additional ER or EE fees clearly identified. Quote without 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. 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. 1. The pricing/fee and credited rates (products) are to be the same for both the 457(b) and 401(a) Plans. 2. It is strongly encouraged to provide a solution for the HRA/RHS and 457 PT-OBRA plans. If you are providing a proposal, the product, fees and credited rates 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. 3. For all Asset charges WITH your managed account solution, assume voluntary participant usage only. There can be no default or QDIA for managed accounts. 4. Current Credited Rates provided must be net of management fees and any record keeping revenue retained by you, and gross of your Asset Charge. 5. 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. 6. Note that Target Date conversions are not an acceptable proposal. Fixed Account Subject to 5-year spread pay or MVA at termination - MVA -4.01% as of 3/31/2026 Proposal Due Date Target Conversion Date San Luis Obispo - Coordinated with Shuster Advisory Group, LLC 06/12/2026 or earlier 11/1/2026 Explicit Fee on all Assets Record Keeping Revenue Generated Current Net Crediting Rate Guarantee Period for Rate Nationwide Fixed Account 0.03% ~$16,500/yr 3.35%First year of contract Nationwide True Flex Account 0.03% ~$16,500/yr 2.90%First year of contract Description of MVA Buy-Out product and any other notes you wish to provide Explicit Fee on all Assets Record Keeping Revenue Generated Current Net Crediting Rate Guarantee Period for Rate Open Architecture 0.17% ~$93,700/yr N/A N/A 457(b) & 401(a) Pricing Request #2: Non-proprietary Stable Value/Fixed PLEASE DESCRIBE SOLUTION PROVIDED Please provide the Explicit Fee on all assets required for an open architecture platform assuming the use of non-proprietary stable value or fixed/general account (if applicable). You may provide as many non-proprietary solutions as you choose. Note: - Record-Keeper #1 for both the 457(b), 401(a) and RHS plans requires a 12-month put on the stable value assets that was initiated 4/13/2026. - It is required as part of your proposal that the MVA for 457(b) Record-Keeper #2 be bought out as part of your proposal. Provide a complete and detailed description of each proposal including how the product is structured (type of investment product) and any required contract period and/or "recovery period "schedule, etc. below. - Note that the Fixed Account for 457(b) Record Keeper #3 will be paid out in 6 installments over 5 years. (ie. Galliard, Morley, Money Market Fund) Please provide the Explicit Fee on all assets required for an open architecture platform assuming the use of your proprietary stable value or fixed/general account (if applicable). You may provide as many proprietary solutions as you choose. Note: - Record-Keeper #1 for both the 457(b), 401(a) and RHS plans requires a 12-month put on the stable value assets that was initiated 4/13/2026. - It is required as part of your proposal that the MVA for 457(b) Record-Keeper #2 be bought out as part of your proposal. Provide a complete and detailed description of each proposal including how the product is structured (type of investment product) and any required contract period and/or "recovery period "schedule, etc. below. - Note that the Fixed Account for 457(b) Record Keeper #3 will be paid out in 6 installments over 5 years. 457(b) & 401(a) Pricing Request #1: Proprietary Stable Value/Fixed PLEASE DESCRIBE SOLUTION PROVIDED Nationwide Fixed Account offer assumes the existing fixed assets remain in place in the current Fixed contract, and that all outside stable value/fixed assets will be mapped to the Nationwide Fixed Account. Under this option, the revenue requirement will be 0.03% on all plan assets, with a gross crediting rate of 3.35%. This offer assumes we receive all variable assets on day one, the MSQ PLUS assets after the 12-month put, and the Empower assets over a 60-month put. This offer also requires the continued use of ProAccount as the managed account solution for both existing and future plan assets. Nationwide True Flex Account offer assumes both the existing Nationwide Fixed assets and all outside stable value/fixed assets are mapped to the Nationwide Ture Flex Account, which features a 12-month put provision in place of an MVA. Under this option, the revenue requirement will remain at 0.03% on all plan assets, with a gross crediting rate of 2.90%. Nationwide will make participants whole from the MVA, based on current projections, the crediting rate would be reduced by 0.16%, resulting in a crediting rate of 2.74% before the revenue requirement is applied. This offer assumes we will receive all variable assets day one, the MSQ PLUS assets after the 12-month put, and the Empower fixed assets over a 60-month put. This option also requires the continued use of ProAccount as the managed account solution for both existing and future plan assets. Proposal Due Date Target Conversion Date San Luis Obispo - Coordinated with Shuster Advisory Group, LLC 06/12/2026 or earlier 11/1/2026 Description of MVA Buy-Out product and any other notes you wish to provide Explicit Fee on all Assets Record Keeping Revenue Generated Current Net Crediting Rate Guarantee Period for Rate Nationwide Fixed Account 0.50% on all variable assets + $30 per participant account, plus Nationwide retaining all mutual fund service fee payments generated by the lineup. ~$20,000/yr 2.00%Quarterly reset Description of product and any other notes you wish to provide Explicit Fee on all Assets Record Keeping Revenue Generated Current Net Crediting Rate Guarantee Period for Rate Nationwide Fixed Account 0.00% 0.00% 2.46%Quarterly reset Offer assumes an open architecture revenue requirement of 0.17% on all plan assets. If the City elects to retain Nationwide as record keeper but terminate the current fixed contract and transfer those assets to a non-proprietary stable value or fixed account, Nationwide can make participants whole from any Market Value Adjustment (MVA) that may apply on the fixed assets by increasing the quoted fee. Base on the current projections, the fee would increase by 0.02% resulting in a total revenue requirement of 0.19%. Our offer includes the option of taking over the current RHS plan with the use of our standard Post Employment Health Plan (PEHP). An asset charge of 0.50% would apply on all variable investments, with Nationwide retaining any mutual fund service fee payments, plust a $30 annual adminstrative fee per account with a Nationwide crediting rate of 2.00%. The standard PEHP investment lineup includes 28 proprietary and non-propietary funds representing a full range of asset classes and investment allocations. HRA/RHS Plan Proposal #3HRA: Please provide description, of proposal 457 OBRA/Part-Time Plan Proposal #4PTS: Please provide description, of proposal It is strongly encouraged to provide a solution for the 457 OBRA-PST plan. If you are providing a proposal, the product, fees and credited rates 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 457 OBRA-PST Plan as part of your response. Please provide the Explicit Fee on all assets required for an open architecture platform assuming the use of your proprietary stable value or fixed/general account (if applicable) and any non-proprietary option you wish to provide. You may provide as many solutions as you choose. Note: - It is required as part of your proposal that the MVA for 457(b) Record-Keeper #2 be bought out as part of your proposal. Provide a complete and detailed description of each proposal including how the product is structured (type of investment product) and any required contract period and/or "recovery period "schedule, etc. below. It is strongly encouraged to provide a solution for the HRA/RHS plan. If you are providing a proposal, the product, fees and credited rates 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 Plan as part of your response. Please provide the Explicit Fee on all assets required for an open architecture platform assuming the use of your proprietary stable value or fixed/general account (if applicable) and any non-proprietary option you wish to provide. You may provide as many solutions as you choose. Note: - Record-Keeper #1 requires a 12-month put on the stable value assets that was initiated 4/13/2026. Proposal Due Date Target Conversion Date San Luis Obispo - Coordinated with Shuster Advisory Group, LLC 06/12/2026 or earlier 11/1/2026 Description of product and any other notes you wish to provide Stable Value / Fixed Account Guaranteed Interest The OBRA/PST plan offer assumes continued use of the Nationwide Fixed Account as the investment option, with a crediting rate of 2.46%. No additional revenue requirement of per head fee applies. Please provide the following for each proprietary stable value/fixed option proposed: 1. Current proposed gross interest rate 2. Fund management fees 3. Revenue sharing 4. Net credited rate after ALL fees and revenue sharing 5. Guaranteed Minimum Interest Rates 6. Full disclosure of ALL participant and plan sponsor transfer and termination provisions clearly identified, including the specific definition of a "competing fund" if applicable. ATTACHED IS A SPREADSHEET "FIXED PRODUCT DATA" - PLEASE COMPLETE FOR ALL PRODUCTS PROPOSED. Proposal Due Date Target Conversion Date San Luis Obispo - Coordinated with Shuster Advisory Group, LLC 06/12/2026 or earlier 11/1/2026 Please note for the following to use $0 Fee if the service is included in the Asset Charge proposed Transactional Fees Fee Sep from Svc Withdrawals $0 Hardship/Unforeseeable Emergency Withdrawals $0 In-Service Withdrawals $0 Periodic Distributions: Set up $0 Annual $0 RMD Distributions $0 Are RMDs automatically generated? Yes Are sponsors notified when dist? Yes Loans: Initiation $50 Annual $50 QDRO Determination $0 Plan Termination Fees $0 Termination Test File Charge $0 Other Fees Expedited Checks $25 ACH/Wire $0 Stop Pay / Reissue and Special Handling $0 Plan Document Fees Initial Restatement $0 Plan Doc Regulatory Amendment $0 Plan Doc Non-Regulatory Amendment $0 Education and Enrollment at Conversion $0 Additional Education Days/Ongoing $0 Call Center Days and Hours Call Center Multi-Lingual Capabilities Participant Advisory Services Managed Accounts/Personal Advice Fee Schedule The first $99,999.99 0.50% The next $150,000 0.45% The next $150,000 0.40% The next $100,000 0.35% Assets of $500,000 and above 0.30% On-Line Advise $0 Explanation / Description / Details of Service Provided if Needed We monitor required minimum distributions (RMD) annually for all participants, spousal beneficiaries, non-spousal beneficiaries, alternate payees, and non-person account holders to ensure the appropriate rules are applied. Participants who are required to take an RMD are notified via mail and will then have the option to arrange the distribution at that time or wait for the distribution to be issued automatically. Participant Educ. at Conversion and Ongoing 4 onsite education/enrollment days included. 4 onsite education/enrollment days included. Monday through Friday, 5 a.m. to 8 p.m. PT and Saturday 6 a.m. to 3 p.m. PT. Nationwide subscribes to Lionbridge Language Line Services to provide translation services within our Participant Solutions Center. This service allows us to communicate with callers in more than 250 languages. Nationwide ProAccount There is no fee for the use of these document services assuming the use of Nationwide’s prototype plan document. Included through the My Investment Planner Tool Proposal Due Date Target Conversion Date San Luis Obispo - Coordinated with Shuster Advisory Group, LLC 06/12/2026 or earlier 11/1/2026 participant experience in detail 800# Advise $0 participant experience in detail In Person Individual Advise $0 One-Time Financial Planning $0 Comprehensive Financial Planning $0 Technical Capabilities Is the participant website mobile device capable?Yes Do you provide a mobile app to parts? Yes Can ALL functions available on the website be completed on the app? If not, provide what is available. Yes Is your participant website available in langauges other than English?Yes Is your mobile app available in languages other than English?No Sep from Svc Withdrawals $0 Hardship Withdrawal Determ/Approval $0 In-Service Withdrawals $0 Loan Detemination/Approval $0 QDRO Qualifying Services $0 Delivery of enrollment materials $0 Provided by Retirement Specialist, Gina Ponce. Included through the Retirement Resource Group. Included through the Retirement Resource Group. Spanish Included through the Retirement Resource Group. Nationwide makes available investment advice to participants through our My Investment Planner at no additional cost to participants or the Plan. Nationwide Investment Advisors, LLC (NIA), the registered investment adviser for My Investment Planner, has retained Wilshire Advisors, LLC (Wilshire) as an Independent Financial Expert for My Investment Planner. My Investment Planner provides individualized investment advice using an investment process developed and maintained by Wilshire. NIA accepts and discloses fiduciary responsibility for My Investment Planner investment advice provided to your employees. Participants complete a six-part questionnaire to assess their individual risk tolerance and investment time horizon. Using this information, Wilshire’s methodology identifies the appropriateness of one of five unique risk-based profiles for each participant. The tool provides specific investment advice at the fund level using the Plan’s investment options. Plan Sponsor Services - Please detail mailing fees if applicable At no cost to Plan Sponsors or employees, Nationwide offers full-service access to professional advice and guidance through the RRG. The RRG is staffed by 40 licensed professionals, Internal Retirement Specialists and Personal Retirement Consultants, who maintain the required FINRA registrations and state Life and Health licensing. Nationwide’s Retirement Specialists and Personal Retirement Counselors are licensed Investment Advisor Representatives of Nationwide Investment Advisors, LLC (NIA) and offer investment advice. NIA assumes the fiduciary responsibility for the advice provided and the assets under management through its services.