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HomeMy WebLinkAboutCorebridge Financial_s Response to the City of San Luis Obispo_Redacted This proposal describes the products and services offered through Corebridge Financial, Inc. (Corebridge Financial or Corebridge). The information contained in this proposal expires 180 days from the date of this proposal. Please direct any requests for extensions to this time frame to the Director, Business Case Development at tiffany.brown@corebridgefinancial.com. Annuities are issued by The Variable Annuity Life Insurance Company (VALIC), Houston, TX or The United States Life Insurance Company in the City of New York (USL), New York, NY. Guarantees are backed by the claims- paying ability of the issuing insurance company and each company is responsible for the financial obligations of its products. VALIC does not solicit, issue, or deliver policies or contracts in the state of New York. Securities and investment advisory services offered through VALIC Financial Advisors, Inc. (VFA), member FINRA, SIPC and an SEC-registered investment adviser. VFA registered representatives offer securities and other products under retirement plans and IRAs, and to clients outside of such arrangements. The Variable Annuity Life Insurance Company (VALIC), and its subsidiaries VALIC Financial Advisors, Inc. (VFA), VALIC Retirement Services Company (VRSCO), and The United States Life Insurance Company in the City of New York (USL) are all members of Corebridge Financial, Inc. VALIC Retirement Services Company (VRSCO) provides retirement plan recordkeeping and related services and is the transfer agent for certain affiliated variable investment options. VALIC Trust Company Inc. (VTC) provides nondiscretionary directed trust and/or custodial services to retirement plan clients. Variable annuities are distributed by Corebridge Capital Services, Inc., member FINRA. All companies above are wholly owned subsidiaries of Corebridge Financial, Inc. Corebridge Retirement Services, Corebridge Financial and Corebridge are marketing names used by these companies. Learn more about our affiliated companies: corebridgefinancial.com/names Service Provider Agreements will be entered into with either VALIC and/or VRSCO depending on the investment arrangement(s). Trust Agreements will be entered into with VALIC Trust Company Inc., serving as a non-bank custodian or directed trustee. Sample copies of the Service Provider and Custodian/Trust Agreements are provided for your review. Corebridge Financial and its affiliates are not undertaking to provide impartial investment advice or to give advice in a fiduciary capacity to the plan sponsor or any plan fiduciary. If you choose Corebridge Financial and its affiliates and would like assistance with the selection and monitoring of investments, we can provide you with a list of investment alternatives that is based on criteria that you provide. Corebridge Financial and its affiliates will disclose, in detail, any financial interests that we may have in any of the identified investment alternatives. Table of Contents City of San Luis Obispo Cover Letter Recordkeeper Profile Qualification and Experience Summary Work Plan Pricing Request Form Certificate of Insurance References Requested Documents •Sample Service Provider and Trust Agreements •Statement of Past Contract Disqualifications Supplemental Documents •Exceptions to the Proposal •Confidential Information and Justifications •HRA Brochure Tiffany Brown Director Business Case Development 713.831.5033 tiffany.brown@corebridgefinancial.com Juen 11, 2026 Kate Auslen, Risk and Benefits Manager City of San Luis Obispo 990 Palm Street San Luis Obispo, CA, 93401 Corebridge Financial 2919 Allen Parkway L8 Houston, TX 77019 SENT VIA DATABASE UPLOAD TO: BidNet Direct Re: Corebridge Financial Response to City of San Luis Obispo Notice Requesting Proposals / Qualified Plan Record-keeping and Administration Services Dear Kate, On behalf of Corebridge Financial, thank you for the opportunity to submit our proposal to serve as recordkeeper and administrative partner for the City of San Luis Obispo’s 457(b),401(a), 457 OBRA-PST, and HRA plans. At Corebridge, we believe action is everything. Our goal is to partner with you to help your employees take action in their financial lives for today and tomorrow. Our team has developed a customized proposal to directly meet the unique needs of your employees, and we strongly believe our proposal will provide valuable long-term benefits to each of them. Why Corebridge Financial? Corebridge is a leading retirement plan provider for government, K-12 schools, healthcare, higher education and other not-for-profit institutions, with a long and proven track record of serving our clients. Through our strong partnerships with plan sponsors and consultants, a dedicated financial professional network, and innovative technology solutions and tools, we make retirement planning easy and accessible to help people turn their financial dreams into realities. How we serve you: CORE service makes your job easier Service is at the C.O.R.E. of our relationship management model and is designed to make your job easier. Your dedicated Relationship Manager, Cathy Nolan, will approach this relationship with a Consultative mindset, an Outcome-oriented focus, and a Responsive and Empathetic attitude. Expert guidance creates better outcomes Corebridge offers access to financial professionals who deliver in-depth, one-on-one retirement planning wherever and whenever your employees prefer, regardless of income levels. We also provide valuable communication and education based on your demographic data — allowing us to send your employees the right message at the right time and engage them however they prefer. No matter where your employees are in their journey, our action- driven approach can help them build brighter, more secure financial futures. Annuities are issued by The Variable Annuity Life Insurance Company (VALIC), Houston, TX or The United States Life Insurance Company in the City of New York (USL), New York, NY. Guarantees are backed by the claims-paying ability of the issuing insurance company and each company is responsible for the financial obligations of its products. VALIC does not solicit, issue, or deliver policies or contracts in the state of New York. Securities and investment advisory services offered through VALIC Financial Advisors, Inc., member FINRA, SIPC and an SEC-registered investment adviser. VALIC Retirement Services Company (VRSCO) provides retirement plan recordkeeping and related services and is the transfer agent for certain affiliated variable investment options. VALIC Trust Company Inc. provides plan trust and custodial services. Service Provider Agreements will be entered into with either VALIC and/or VRSCO depending on the investment arrangement(s). Trust Agreements will be entered into with VALIC Trust Company Inc., serving as a non-bank custodian or directed trustee. Sample copies of the Service Provider and Custodian/Trust Agreements are provided for your review. All companies above are wholly owned subsidiaries of Corebridge Financial, Inc. Corebridge Retirement Services, Corebridge Financial and Corebridge are marketing names used by these companies. Learn more about our affiliated companies: corebridgefinancial.com/names. © Corebridge Financial, Inc. All rights reserved. VC 39492 J1717705 ER Client-driven innovation elevates the experience We’re combining smart technology with the human touch, so your employees get support that’s both personalized and empathetic. We’ve trained our care team so they can respond effectively and in a timely manner. With the rapid pace of technological advances, we will continue to reimagine and streamline key touchpoints in our client operations and experiences. Corebridge is committed to client satisfaction, and we would be proud to partner with you to help the City of San Luis Obispo’s employees save, invest, and plan for the retirement they envision. See how we performed in the J.D. Power 2025 U.S. Retirement Plan Digital Experience Study. As you move through the Request for Proposal process, we believe you will see Corebridge as the top organization to lead your employees to a brighter financial future. Corebridge meets and agrees to the minimum requirements listed in Section C. Included in our response are the following forms: Recordkeeper Profile, Qualification and Experience Summary, Work Plan, Pricing Request Form, Certificate of Insurance, References, and the Statement of Past Contract Disqualifications. I hope the enclosed is helpful to you. If you have questions regarding this proposal, please contact Don Goldstein, Vice President Business Development at don.goldstein@corebridgefinancial.com or 631-553-9523. Sincerely, Tiffany Brown Director, Business Case Development Corebridge Financial tiffany.brown@corebridgefinancial.com 713.831.5033 Note: Corebridge Financial has identified our confidential information in blue italicized font and provided an attachment of our justifications and state statutes. Please note that only the information identified in blue italicized font should be considered confidential. Recordkeeper Profile Prepared for: City of San Luis Obispo, June 12, 2026 1 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.) ii. Type of firm: individual, partnership, corporation, or other entity. 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. Firm Information: Name: Corebridge Financial Address: 2919 Allen Parkway, Houston, TX 77019 Primary Contact: Name: Don Goldstein, Vice President Business Development Phone Number: (631) 553-9523 Email: don.goldstein@corebridgefinancial.com Corebridge Financial, Inc. is a publicly traded corporation. Corebridge Financial was founded in 1955 and is one of the largest and most established providers of retirement solutions and insurance products in the United States, with a long and proven track record of serving our clients. Our corporate headquarters have always been located in Houston, Texas where the centralized purchasing function occurs. Regional offices provide marketing services, with all processing and account management services administered in the Houston area. At Corebridge, we’re passionate about giving people the power to help them reach their financial goals. Qualification and Experience Summary Prepared for: City of San Luis Obispo, June 12, 2026 2 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. 1. Respondents must have a minimum of ten (10) years of experience administering governmental Section 457 deferred compensation plans and must currently provide sole- provider administration to a minimum of twenty (20) Section 457 deferred compensation retirement plans with average assets of at least $50 million each. Corebridge is an industry leader* (and has been for nearly 60 years) in providing tax-qualified retirement and investment programs to employees of public sector, religious, education, healthcare, and other organizations. A commitment to supplying personal, one-to-one service to plan participants and providing quality relationships and investment vehicles are hallmarks of Corebridge. This commitment has elevated Corebridge to pre-eminence in its chosen marketplaces. Corebridge Retirement Services stands out as one of the most experienced and largest defined contribution plan providers in the industry. Our retirement plan services include plan education, investments, recordkeeping, and administration to a variety of markets. Our key markets include governmental entities, elementary and secondary education institutions, higher education institutions, hospitals and nonprofit healthcare organizations, and religious and charitable organizations. We currently provide retirement plan services to more than 18,500 organizations, representing approximately 1.9 million participants with a total of $96.3 billion in assets on our recordkeeping system. Corebridge is one of the top retirement plan service providers in the governmental market and currently provides services to approximately 14,200 public entity plans, with over 1.16 million participants and $53.2 billion in plan assets. We provide services to approximately 1,400 401(a) plans with a total of $10.5 billion in assets and 4,000 457(b) plans with $11.9 billion in assets within the public sector space. *LIMRA SRI Not-for-Profit Retirement Market Survey, data as of 3/31/2026. 2. Any contract or service agreement must stipulate that there will be no front-end charges and/or no back-end charges. In addition, there will be no restrictions or penalties associated with any Plan- or participant-initiated transfers or withdrawals (including contract termination), with the exception of capital preservation (stable value and/or Fixed or General Account) equity wash and/or put provisions. Additionally, proposals are required to “buy-out” any MVA that exists (see the plan chart above). Your proposal must clearly describe the product and process used to “buy-out” the MVA as well as any recovery periods or other product provisions required as part of the “buy-out”, and the initial net rate must be clearly provided. Also note that the Fixed Account for 457(b) Record Keeper #3 will require 6 payments over 5-years and Record Keeper #1’s 12-month Put for all plans was initiated 4/13/2026. There are no participant level withdrawal restrictions. There is an industry standard equity wash provision as follows: A participant can make transfers out of the Fixed Account to non-competing investment options at any time, or indirectly to a "competing option" subject to a 90-day equity wash provision. A competing option includes any other fixed, stable value, money market, or short-term bond fund; a mutual fund/brokerage window; or other provider's fund lineup available to plan participants. Another provider’s product or platform will be treated as a competing option unless there is an agreement with the receiving provider to apply equity wash restrictions to transfers they receive. Prepared for: City of San Luis Obispo, June 12, 2026 3 3. The Proposing Firm must accurately and fully disclose all fund expense and revenue sharing arrangements associated with all funds being offered within the Plans. Fixed or General Account products will not be excluded from this requirement. Proposing Firms offering such products must provide an accurate assessment of product expenses and revenue remitted to the Proposing Firm. Corebridge confirms. Corebridge has no fee or revenue requirements for funds on our platform that the Plan Sponsor utilizes for their plan. Corebridge proposes a Fee Equalization service, in which we return any mutual fund company revenue sharing directly to participant accounts based on actual funds they held during the quarter, and we apply our administrative fee to all participant investment options in the plan. 4. The Proposing Firm must accurately and fully disclose all expenses and revenue associated with any service made available under the Plans. This includes services such as managed accounts, investment advice, financial planning, and/or self-directed brokerage accounts. Manged Accounts Corebridge receives all of the revenues associated with the fees described in the Pricing Request Excel document for the operation, maintenance and servicing of this discretionary managed account program for which VALIC Financial Advisors serves as the fiduciary. This revenue is then used to cover all the costs required to make GPS available. That includes the costs for licensing the advice engine from an independent financial expert, and for developing and maintaining the infrastructure required to host the advice engine and service the participants who enroll in GPS. All fees and charges are disclosed in the Form ADV and participant disclosures. The Wrap Brochure describes the services, fees and other necessary information participants should consider prior to enrolling in the Guided Portfolio Services (“GPS”) Program. Self-directed brokerage accounts Corebridge does not receive revenue sharing on the mutual fund assets held in the plans self- directed brokerage accounts. Financial planning There are no additional fees for the services offered through our financial professionals. 5. The Proposing Firm must agree, under contract, not to sell and/or promote products not directly affiliated with the Plan(s) unless given specific, written authorization by the City to do so. Corebridge confirms. We view our relationship with the City of San Luis Obispo as a partnership. Our focus is on providing education and guidance to all employees in order for them to achieve their retirement goals and live a comfortable retirement. Our financial professionals are licensed to provide other financial related products and solutions to employees. Transparency is very important to Corebridge, and we will discuss what additional products and services are available during the implementation of the plan and adhere to only offering what is mutually agreeable in our services agreement. 6. Respondents must commit to providing at least four (4) full days annually of virtual one- on-one sessions, with the ability to provide additional virtual one-on-one sessions upon plan sponsor request. Respondent must also commit to two (2) on-site education days at time of the plan conversion/consolidation. To meet this requirement, Corebridge will be onsite quarterly at the City of San Luis Obispo location. However, to help improve participant retirement outcomes, we recommend monthly visits to support the overall plan health and drive stronger participant engagement. We believe that advisor Prepared for: City of San Luis Obispo, June 12, 2026 4 interaction can help increase employee participation and retirement readiness. Establishing a regular cadence early in the relationship will allow us to provide timely education and retirement benefits to employees. In addition to onsite support, a Certified Financial Planner (CFP) will be available to support virtually and provide guidance and ongoing participant assistance. 7. Upon award of the contract, the selected Proposing Firm must be duly qualified to do business in the State of California. Corebridge confirms to hold duly qualified business in the State of California. 8. The Proposing Firm must be able to transition and continue administration of existing Plan loans and must commit to not charge set up fees on transferred loans. Corebridge will work with the prior recordkeeper to obtain the necessary loan valuation files and will load the loans to our recordkeeping system. There are no loan set-up fees associated with transferred loans, but loan re-amortization may be required. 9. The Proposing Firm must be able to transition and continue administration of existing systematic distributions to participants and must commit to not charge set-up fees (if applicable) on transferred directives. Yes. Systematic distributions and retiree payments will be accelerated by the previous recordkeeper prior to the conversion. Requests that are received during the transition period will be processed immediately upon completion of data transfers and system acceptance of data. 10. The organization must be able to offer a self-directed brokerage option. To provide an additional investment option for those who wish to take a more active approach to managing their investments, Corebridge makes available on its investment platform a self-directed brokerage account through Charles Schwab & Co., Inc., the Schwab (Personal Choice Retirement Account®, or PCRA). The PCRA account features access to more than 8,500 publicly traded mutual funds from more than 630 well- known fund families and a cash feature. Schwab’s Mutual Fund One Source® service features over 3,900 no-load, no transaction fee funds. A participant must maintain a minimum account balance of in the plan’s core investment options with Corebridge and can allocate up to 90% of their future contributions to the PCRA account. Plan Sponsors can choose to permit or restrict the following purchases: Mutual Funds Equities Tax Exempt Debt Securities Taxable Debt Securities Exchange-Traded Funds* Closed-End Mutual Funds *Please note Charles Schwab has fees associated with trading ETFs; those fees are disclosed to the participant by Schwab and deducted from their assets with Schwab. 11. The Proposing Firm must be able to accommodate the joint administration of the Plans as applicable and must be able to facilitate appropriate payroll processing, applicable account transfers, and separate recordkeeping for each of the Plans. We have experience working with your plan’s current recordkeeper, whether converting indicative and financial data or transferring individual accounts from their system. When converting plans, we Prepared for: City of San Luis Obispo, June 12, 2026 5 ask each provider to send us a test file and associated file layout that will be used to write and test conversion programs. A valuation date will be agreed upon for the transfer of records. If a participant chooses to retain assets with the plan’s current recordkeeper and simultaneously make contributions to Corebridge, we can provide a consolidated statement reflecting all balances by fund, providing the plan’s current recordkeeper supplies us with the account data. If the plan’s current recordkeeper cannot provide fund-level data, participants will still be able to see a total balance view of their retirement plan assets on our participant website. 12. The Proposing Firm must be willing to have representatives attend Committee meetings one time per year virtually. Yes. In addition to the virtual meeting, Corebridge will provide plan information and financial data on an annual basis as requested by the plan sponsor. We also conduct annual plan reviews with the plan sponsor to communicate plan-specific information from areas monitored during the past reporting period in person or virtually. Corebridge provides a management summary of plan statistics during the annual review. This summary annual plan review is designed to assist the plan sponsor in determining employee use of the various benefits and investment options offered within the plan, as well as investment performance and consistency of investment allocation with the goals of the plan sponsor. Our comprehensive plan review includes the following components: Participant Level Metrics Average Account and Loan Balances Investment Diversification Average account value, participation rate, loan usage, distribution and contribution activity by age demographics Plan Level Activity Assets Participant counts Contribution, Transfer and Distribution Fund Usage Period over period trends Participant engagement metrics Investment review Market commentary and update Fund monitoring and performance Legislative Update Quarterly update on relevant topics 13. The Proposing Firm must have knowledge of and comply with all applicable County, State of California and federal regulations regarding governmental retirement plans and investment options. All applicable laws of the City and the State of California, whether substantive or procedural, shall apply to this contract, and all statutory, charter, and ordinance provisions that are applicable to City contracts shall be followed with respect to this contract. Corebridge confirms. We accept compliance with laws and have extensive experience working with these plans and the legal requirements to which they are subject. Prepared for: City of San Luis Obispo, June 12, 2026 6 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. Corebridge administers more than 5,400 457(b) and 401(a) plans totalling more than 500,000 participants. On average, our 457(b) and 401(a) plans stay with us for more than 20 years, which speaks to our service commitment to our plan sponsors clients. We have been providing recordkeeping services for 457(b) plans for 48 years, 401(a) plans for 47 years and Retirement Health Savings plans for 23 years. As The City is considering a move to consolidate providers, our extensive experience in helping employers modernize their retirement plans by consolidating to an exclusive environment will help guide the transition. As an industry leader in the public sector defined contribution market, Corebridge has been at the forefront of helping employers consolidate to an exclusive provider. Corebridge has the infrastructure to make this change a seamless and positive event for all City of San Luis Obispo employees. Our recordkeeping system can easily accommodate multiple plan structures, and our team of local financial professionals is experienced at providing communication and education services to participants at multiple locations to educate them on the changes being made to your 457(b) & 401(a) savings programs. An example of our expertise in consolidating plans involves one of the nation's largest public-school districts. This district was looking to consolidate their defined contribution plan to an exclusive provider and selected Corebridge Financial. We provided all of the detailed planning to help take this large retirement plan down from several vendors to one, Corebridge. Our implementation teams coordinated with the previous providers to make all needed arrangements for a smooth transition. Today, thousands of this client's plan participants are enjoying a more streamlined retirement plan experience through an exclusive provider arrangement. Participants have access to more in-depth personalized financial planning and low- cost investment options. c. Please describe why you believe your firm would be a good fit as the City’s Recordkeeper. As a leading retirement plan provider in the not-for-profit market, we bring vast experience, innovative technology solutions and tools, and personalized support to help our plan sponsors improve overall plan health and individual employee outcomes. Our commitment to you is partnership, aligning our services to The City's specific needs and meeting your plan goals: CORE service makes your job easier Service is at the C.O.R.E. of our relationship management model and is designed to make your job easier. Your dedicated Senior Relationship Manager, Cathy Nolan will approach this relationship with a Consultative mindset, an Outcome-oriented focus, and a Responsive and Empathetic attitude. Expert guidance creates better outcomes Corebridge offers access to financial professionals who deliver in-depth, one-on-one retirement planning however and whenever your employees prefer, regardless of income levels. We also provide valuable communication and education based on the demographic data you provide — allowing us to send your employees the right message at the right time and engage them however they prefer. No matter where employees are in their life’s journey, our action-driven approach can help them build brighter, more secure financial futures. Client-driven innovation elevates the experience We’re combining smart tech with the participant touch, so your employees get support that’s both personalized and empathetic. We’ve trained our care team so they can not only respond more efficiently, but also more effectively. With the rapid pace of technological advances, we will continue to reimagine and streamline key touchpoints in our client operations and experiences. Here are a few specific advantages Corebridge can bring to The City: Prepared for: City of San Luis Obispo, June 12, 2026 7 Participant Experience Our engaging financial wellness experience accessible online through any device Local financial professionals are available to meet with City participants when most convenient for them Personalized strategies designed to empower employees to take action toward retirement readiness Personalized retirement planning available to all employees regardless of income level Targeted retirement readiness solutions offered through three separate programs with varying levels of retirement planning assistance Award-winning* participant digital experience Plan Sponsor Experience Custom communication and education programs developed around plan goals Smartly uses plan data to identify emerging trends and populations for targeted communication efforts Plan sponsor review and reports detailing plan health Flexible proprietary recordkeeping system to provide customized administrative services for your plan Investment control and monitoring Complete fee transparency with fee disclosure services Open architecture platform Data Sharing Process Any-format sharing for any size plan. You select your preferred format to send and receive information Multiple methods of approving employee eligibility and contribution calculations, including the ability to review online calculation results prior to contribution processing Access to dual method of contribution limits monitoring to help you meet plan administration duties Proactively providing contribution reductions and stops in line with IRC Guidelines; separate process will monitor contributions to confirm changes are correct 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, 11 plan transitions. 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+. 41 plan transitions. 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 Corebridge acknowledges. ii. Provide Certified Financial Planning (CFP) services Corebridge acknowledges. Prepared for: City of San Luis Obispo, June 12, 2026 8 iii. Quarterly onsite in-person visits by a local representative Corebridge acknowledges. iv. Compliance with all County, State and Federal regulations Corebridge acknowledges. v. No selling or promoting other record-keeper products unless previously approved by City Corebridge acknowledges. vi. No plan set-up or termination fees Corebridge acknowledges. vii. No additional fee for access to all available 40 Act mutual funds Corebridge acknowledges. viii. Plan level and participant fee transparency and disclosures as if the plans are subject to ERISA Corebridge acknowledges. ix. Ability to manage small and large plans. Corebridge acknowledges. f. Sample login Please provide demonstration logins for both the Plan Sponsor website and Participant website. Plan Sponsor Website To view a website demonstration: Please visit the following link for a tour of our website's key features and functions: SponsorFIT- PlanSponsor-CerosBrochure - Plan management made simple Participant Website To view a website demonstration: Please visit the following link for a tour of our website's key features and functions: RS - Participant Portal Guide Work Plan Prepared for: City of San Luis Obispo, June 12, 2026 9 4. Work Plan a. Plan Sponsor Serviceteam i. Describe how the client service team will be structured for this engagement. ii. Will the client service team be dedicated or pooled? 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. Corebridge assigns a dedicated team to ensure a successful transition for the retirement program. The following individuals are responsible for the transition and ongoing servicing of the plans: Cathy Nolan, Senior Relationship Manager, Woodland Hills, CA The Relationship Manager is the representative responsible for the overall service of the plans and serves as the primary point of contact for your administrative staff. Cathy will ensure that Corebridge delivers on our overall commitments to City of San Luis Obispo in terms of financial education and retirement planning services, a well-diversified, competitively priced investment lineup, and ongoing administrative services including all reporting of plan activity to the plan sponsor. Cathy has been in the financial services industry for 17 years with an extensive background as a communications consultant, and most recently as a compliance principal. Cathy is originally from Pennsylvania and spent twenty years in Kansas City. She currently resides in Moreno Valley, California with her daughter, Emily, who attends Riverside City College. Cathy currently holds FINRA Series 6, 7, 63, 26 & 24 securities licenses. Cathy has 20 clients with an at-capacity caseload of 30. Russell Lohberger, Account Manager, Amarillo, TX In addition to your Relationship Manager, an Account Manager is assigned to assist with the day-to-day administration of the plan. Russell has a deep understanding of regulatory requirements, system operations and operational procedures and will provide technical support with reporting, file transmission, plan design, compliance questions. Account Managers are the primary resource for subject matter expertise on retirement plans and the plan sponsor operational process. His responsibilities include: Responding to inquiries, performing research, and providing City of San Luis Obispo personnel with specific plan activity and operations information Coordinating plan activity with other areas within Corebridge to ensure that all administrative activities are executed properly Russell is responsible for overseeing and providing strategic guidance and operational support to The City. Russell has 16 years of experience with Corebridge Financial and its affiliates supporting retirement plan operations. His experience includes leading teams supporting retirement distributions and earlier worked directly with client contributions. Russell graduated from Wayland Baptist University and is located in Amarillo, Texas (central time). Russell has 16 clients of over $20 million in assets. Prepared for: City of San Luis Obispo, June 12, 2026 10 Charles Williams, Managing Consultant, Implementation, Houston, TX Charles is responsible for the overall management of the transition and implementation of your retirement plan. Charles and his implementation team will guide you through every step of the transition process, provide regular status updates and maintain a detailed project plan to ensure a seamless plan sponsor and participant transition experience. He has 24 years’ experience in retirement plan implementation and plan operations. 13 of those years have been with Corebridge. Charles oversees an average of two implementations at a time. Guy Ferguson, Divisional Vice President, Boise, Idaho Guy supervises the activities of our local service team. This includes employee education and enrollment activities both during conversion and on an ongoing basis. He works with City of San Luis Obispo on the design and modification of the communications and service plan. Guy joined Corebridge as a financial advisor in 2015 and has over 10 years of experience in the financial services industry. Guy was a financial advisor in the Boise area primarily working in the Higher Education market. He assumed the responsibilities of Divisional Vice President in 2022. In this role, he supervises advisors in the Higher Education, Governmental, and Religious/Charitable/Cultural Markets. Guy holds the following FINRA Series 7, 24, 51, 66 Licenses as well as his Idaho Life and Health. He is a General Securities Representative and Investment advisor Representative. In addition to the staff described above, Corebridge assigns a team of financial professionals to facilitate the support and service of the City of San Luis Obispo retirement program. Our experienced financial professionals are thoroughly trained in financial planning and investment guidance. This level of personal service sets us apart and gives participants an edge in reaching their financial goals. When your employees schedule in-person consultations, they can expect clear, unbiased guidance supported by a variety of powerful retirement planning tools. Guy oversees the team of on-site financial professionals; he is not assigned to specific clients. Rachel Baroma, Financial Professional, Oxnard, CA Rachel has been with Corebridge since 2009 and has been in the financial services industry for 27 years. She holds the following licenses and professional designations: Investment Company Products/Variable Contracts Limited Representative (Series 6), Uniform Securities Agent State Law Examination - (Series 63), Uniform Investment Adviser Law Examination (Series 65), Life, Health And Variable Annuity Insurance Agent Rachel is assigned to two clients. Tom Rosenbaum, Financial Professional, Redlands, CA, Tom has been with Corebridge since 2002 and has been in the financial services industry for 26 years. He holds the following licenses and professional designations: Certified Financial Planner® (CFP), General, Securities Representative (Series 7), General Securities Principal (Series 24), Uniform Combined State Law Exam (Series 66), Life, Health And Variable Annuity Insurance Agent Tom is assigned to one client. b. Information or data to be provided by the City. Corebridge requires a minimal time and resource commitment from the plan sponsor’s personnel during all phases of our relationship including enrollment, implementation and ongoing operations. The City’s primary responsibility will be to remit contributions and participant information using our secure web-based upload process. We offer a standard layout that represents the desired format of this data. Prepared for: City of San Luis Obispo, June 12, 2026 11 Additionally, the City will need to notify Corebridge of any changes that occur within the plans. Changes may include: Pay frequencies Remittance procedures Terminations New hire information Lastly, we request assistance from the City in establishing effective communication channels. and arranging facilities for group meetings and to coordinate our attendance at employee benefit fairs. c. Information or data to be provided by the Recordkeeper. At the beginning of each conversion or implementation project, Corebridge works with the plan sponsor to define key milestones and deliverables. Then we use detailed project planning and monitoring methods to meet the plan sponsor’s expectations. For each conversion, we perform comprehensive data analysis and data integrity controls. We use control totals and detailed quality assurance processes on all participant data and financial records transferred from the prior recordkeeper to ensure their integrity. All of Corebridge’s recent conversions have met their defined performance goals. Corebridge offers a choice of methods to securely submit contribution remittance files and demographic data. We accept both .txt and .csv file extension and offer electronic remittance for all Plan Sponsor remittance processing. The most common way to send your remittance files through our secure website. Website access is limited to individuals specified by the Plan Sponsor. Only those that have access to the Website can view historical data and upload the remittance files. The second secure way to send a remittance file is by Secure File Transfer Protocol (sFTP). This is an automated and secure transmission of data using PGP encryption technology. We will provide the Plan Sponsor with the IP address, a Public Key and encryption protocol. This method is available for those Plan Sponsors who are looking for either 180 or 360 payroll integration, which is designed to be a hands-free, automated solution to payroll processing. We are currently investing in technology, and enhancements to our remittance submission platform will be available in 2026. By leveraging advanced automation, AI, and real-time validation, Corebridge aims to establish a new standard for accuracy, speed, and ease of administration in retirement recordkeeping: • Simplified Payroll: unparalleled accuracy and reliability of contributions and transactions with real-time data validation, directly addressing a major pain point for plan sponsors. • Seamless processing: improved processing times for loans, distributions, and contributions, creating immediate value and participant satisfaction. • Simplified SECURE Act 2.0 Compliance: Corebridge is the go-to partner for effortless regulatory adherence. • AI-Powered Ease of Use: intelligent automation (e.g., AI auto-mapping) that makes payroll file submission and management remarkably simple, for any file type. • Enhanced Participant Experience: streamlined payroll leads to better participant outcomes, faster access to funds, and a more positive overall retirement journey. • Strategic Partnership: Corebridge is a proactive partner that invests in technology to solve client challenges and ensure long-term success. • Payroll provider integration: direct data integration with provider, eliminating pain points and making it easy for clients. For more information, please review our Strengthen Your Plan with Data video. Prepared for: City of San Luis Obispo, June 12, 2026 14 • Announcement Letter • Transition Package o Frequently Asked Questions (FAQ) o Meeting schedule o Fund mapping schedule, QDIA Notice and Fee Disclosure (if applicable) as well as other investment-related materials • Group and Individual Meetings We have the flexibility to provide these materials in print or electronic form and can also host them on your custom website. Providing these materials upfront to participants has been efficient way of communicating plan changes and eases the transition. When issues do arise, we act quickly. In the past we’ve held in-person meetings with plan sponsors and sent correction emails soon after the issue was brought to our attention. d. Description of assumptions critical to development of the response which may impact cost or scope. From our understanding of the requested services within the RFP, there will be no impact in the cost or scope of servicing this project. e. Any other information that would assist us in making this contract award decision. How we serve you – our Plan Sponsor experience At Corebridge Financial, we’re all about bringing your retirement plan vision to life, by making your job easier and building a better future for your employees. Should we earn the honor of partnering with you, Corebridge will manage a smooth and transparent transition from your current providers. Our enhanced onboarding program is a customized experience that provides the information and training necessary for effective plan administration. Your plan will have a single point of contact who will work with your plan administrator(s) throughout the life of the plan. Beginning at orientation, we will provide and review a kit that that walks through your plan details, an overview of the current state of plan health, points of contact and more. In addition, detailed instructional documents regarding our capabilities/resources such as tech demos, our plan Insight Dashboard, plan review meetings, and advisor tools acclimate plan administrators and executives to our services. We also include information on participant-level engagement. The onboarding experience includes details on plan communications programs, the role of our financial professionals and participant-focused technology, such as our participant website and Retirement Pathfinder planning tool. And, in the event of turnover in your plan administrator role, all of the above materials and services will be readily available to provide a smooth and effortless transition. Corebridge provides to our plan sponsor clients a variety of administrative reports designed to summarize detailed information relating to the operation of the plan and plan participants. The reports are available electronically on the plan sponsor website, which offers accessibility to information 24 hours a day, seven days a week. These management reports can be downloaded to Excel spreadsheets, allowing the plan sponsor to sort and manipulate the data by a variety of data elements including plan and location. Corebridge can also create custom reports for the plan sponsor upon request. Our systems have the flexibility necessary to accommodate a variety of ad hoc requests and special needs. Award winning educational material and participant digital technology services Our participant digital experience has been recognized as one of the best in the industry. Our award-winning website* represents a true departure from the traditional way the industry talks about retirement and retirement planning. Prepared for: City of San Luis Obispo, June 12, 2026 15 Our website is a smarter and more personalized way to help your employees prepare for their future. One that’s simple, easier to relate to, and encourages people to take control of their future. Our website experience helps spark moments of clarity, connects with people on their terms, and inspires employees to take action. It’s about changing the conversation. We are putting the future directly in the hands of your employees with plenty of professional guidance and support along the way. Our cutting-edge, mobile-first design, which earned DALBAR's designation of "Excellent" for the mobile user experience provided on its websites**, is perfectly suited for any device and provides employees access to tools and education on the go. Once enrolled in the plan, your employees can dive right into their individually tailored dashboard, which includes: • Personalized messaging that appears right at the top of the screen, helping participants see exactly where they stand in preparing for their future and offering guidance to increase contributions or check to see if their asset allocation is aligned with goals • Balance and performance are front and center, but we put a significant focus on what’s really important—estimated future monthly income. Most people use their monthly income to budget, so our participant experience helps employees think about their retirement needs in the same way • Smart technology is designed to recognize users based on a range of pre-determined criteria— delivering content that is relevant and engaging Through the Financial Education section of our website, participants can find extensive financial planning tools, savings calculators and objective education. Participants have access to a variety of educational articles and tools. In addition, access to our financial professionals delivers the personal touch many employees need to take action. Helping Your Employees Maximize Their Learning via Web-based Financial Planning and Education 1. Financial Education. Financial tools and solutions, such as our Retirement Pathfinder planning tool, the Financial Wellness Check, and information about our Student Debt Solutions Program 2. Education Center. Articles and calculators that help employees navigate the financial impact of various life events 3. Financial Wellness Center. Aligns tools, calculators and education that can help employees begin their financial wellness journey with confidence and get excited about what’s next 4. Corebridge University. Financial wellness courses that focus on how to prepare for financial independence 5. Financial Wellness Webinar Series. Register for live webinars and access on-demand webinars that cover a variety of financial planning and education topics 6. Saving Center. Resources that encourage participants to save money, reduce debt, build wealth and create better financial habits 7. Insights & Education. Designed to help employees chart a course for action — provides tools such as our candid interview series that offer insights about the reality of saving for the future and action planners for women, Medicare, longevity planning and more Visit the following links to see more about the online financial education we offer our participants, https://www.corebridgefinancial.com/rs/home/financial- education; https://www.corebridgefinancial.com/insights-education; https://www.corebridgefinancial.com/what-we-offer/participants/savingcenter Communication and Financial Planning Services Corebridge provides a comprehensive package of services to keep your employees informed about the plan and its benefits. These include face-to-face, onsite financial education services, representatives within our Client Care Center, website and mobile app, and award-winning, easy-to-understand literature, offered Prepared for: City of San Luis Obispo, June 12, 2026 16 in both English and Spanish. Additionally, Corebridge helps your employees by offering comprehensive financial planning services. The biggest factor in increasing participation levels, increasing deferral rates and encouraging investment diversification is delivering an extensive communication and education program that demonstrates the importance of these objectives. By using our financial professionals and various media, we are able to maximize the number of people we reach to inform, educate and engage. When delivered in concert with targeted communications to non-participants and automatic enrollment features, we will achieve the desired result. Our program helps your employees understand the various strategies and challenges of retirement planning. We provide your employees with the knowledge needed to make informed decisions and help them develop and maintain a personalized retirement program. By keeping your employees motivated and engaged, we have found that participation levels and employee satisfaction increase substantially which can help them achieve their retirement goals. We work closely with you to develop an extensive marketing and communication approach specific to your plan’s goals and needs. During enrollment and on an ongoing basis, our local and dedicated financial professionals take a proactive approach in educating your employees about their retirement plan(s). We not only provide a variety of educational literature and prospectuses, but also offer education and counseling services virtually, by Webex or FaceTime, and also in-person. Financial Planning We offer a comprehensive package of financial planning services for your client’s employees. These include personalized, face-to-face planning from our local assigned financial professionals, onsite workshops and virtual seminars, and access to licensed representatives in our Retirement Education Center, as well as our award-winning website, award-winning mobile app and easy-to- understand literature. Our program helps employees understand the various strategies and challenges of retirement planning. We’ll provide the State employees with the knowledge needed to make informed decisions and help them develop and maintain a personalized retirement program. By keeping the State’s employees motivated and engaged, we have found that participation levels and employee satisfaction increase substantially and can help them achieve their retirement goals. Face-to-Face Financial Planning The hallmark of our value proposition for the State employees is our in-person planning service. Either in- person or virtually, our financial professionals can help participants create an efficient retirement plan portfolio with a mix of investments that matches their retirement time horizon, risk tolerance and investment preferences. Personalized appointments can be planned during the employee’s work shift (during the day or evening) or through a home visit to allow the employee’s spouse or other financial decision-maker to be available and participate in the session. Our financial professionals are equipped with the necessary tools and support systems to assist participants in the retirement decisions. The following are descriptions of the computer-aided retirement planning tools and services we can offer each participant. • The Retirement Pathfinder is an online, interactive income-planning tool designed to build your clients retirement plan with your financial professional. Pathfinder can model various scenarios of your plan to show growth under varying market conditions, increasing contributions and adjusting retirement date and more. • The Investment Proposal Analysis (IPA) provides comparative education and analysis of potential rollover or transfer transactions. The tool identifies the quantitative factors (i.e., expense ratio, administrative expenses, surrender costs, other costs, etc.) and qualitative factors (i.e., face-to- Prepared for: City of San Luis Obispo, June 12, 2026 17 face service, financial planning services, investment guidance, guaranteed lifetime income options, etc.) of the client, and compares these factors among existing and proposed accounts. • The Paycheck Calculator, powered by the Symmetry Tax Engine, has a new design that is user- friendly and intuitive, and allows for easy changes to Pre-tax Savings (percentage or dollar amount) and Net Pay. It utilizes the Symmetry Tax engine for calculations ensuring taxes for each state, county and city are calculated accurately. This application is used to show a participant the effects on a paycheck of contributing to a retirement account. In addition to our onsite financial professionals, participants have access to licensed professionals in our Retirement Education Center (REC), which is part of our call center environment. Should a participant need more in-depth expertise while connected to our call center representatives, they can be transferred quickly to one of our REC employees who can provide financial planning guidance and assist with other plan- related questions. Onsite and Virtual Workshops Our financial professionals offer employees any or all of the following workshops. This group of courses can be delivered as a complete overview of financial planning in a one-, two-, or four-hour session, or in 45-minute segments on each topic. Below is a sample of our onsite workshop topics: • Managing Life in Retirement • Social Security and Your Retirement • Principles to Prioritize Before Retirement • A Million Reasons to Get Started • Planning For Your Financial Future: An Educational Workshop For Women • Achieving Financial Wellness • Retirement Pathfinder • Navigating Student Loan Debt • Up, Down, & Across: Family Longevity Planning Conversations In addition to live sessions, we provide an on-demand library of educational videos covering Retirement planning, Money management, Insurance and Taxes and Specialty topics. These resources allow employees to learn at their own pace and revisit materials as their needs evolve. We reinforce learning through Live Q&A and follow-up resources that encourage continued engagement and practical application of concepts learned. By combining live education, interactive engagement, and on-demand access, the Corebridge Financial Wellness Webinar Series helps employees gain the knowledge, confidence, and tools to make smarter financial decisions. Web-based Financial Planning and Education Our extensive financial planning tools, savings calculators and objective education for participants through our online Financial Education Center at https://www.corebridgefinancial.com/education-center, which provides a variety of services: • Financial planning courses on how to prepare for financial independence. • Planning tools that help participants navigate the financial impact of various life events. • Tools and calculators to identify areas of financial need • Quick reports for a customized analysis of participants’ financial situations. The Financial Education Center also offers quick links to log on to our participant website or to register for workshops. *We are proud to have been awarded the 2025 DALBAR Pyramid of Communication Excellence for our Participant web experience. Prepared for: City of San Luis Obispo, June 12, 2026 18 ** "DALBAR’s 2024 Mobile InSIGHT Review: Top Financial Firms Setting the Standard in Mobile Optimization,” DALBAR Press Release, February 3, 2025. `Excellent’ designation: design, security, ease of use and personalization. Guided Portfolio Services® (GPS) Guided Portfolio Services is Corebridge’s comprehensive participant retirement readiness solution offering two separate service options - Portfolio Advisor, those ‘do it yourself’ participants, and Portfolio Manager, the ‘we do it for you’ option. GPS delivers objective investment advice, including a personalized savings rate, retirement age, investment portfolio, and recommended glide path to each participant enrolled in the program. Recommendations are powered by independent financial expert Morningstar Investment Management LLC and are based on each participant’s total financial portfolio. Advice is generated by analyzing assets with Corebridge, along with any retirement benefits (e.g., Social Security, pension), outside assets, expected future contributions, and cash flows that will be used to fund income in retirement. GPS helps answer questions like: •Am I on track with my retirement goals? •How much do I need to invest? •What kind of investments do I need? •What should I invest in? Several aspects of GPS set it apart from the competition: •GPS is comprehensive. It goes beyond simply offering advice. It recommends a personalized savings rate and retirement age for a holistic view of the participant’s goals. •Fundamental to GPS is the wealth forecast, which shows the participant the probability of meeting their retirement income goals including their annual retirement income. GPS forecast uses hundreds of simulations to predict how wealth might grow in different economic and investment performance environments. •GPS includes in-person service from our financial professionals at no additional cost. Subcontractors As part of Corebridge’s multi-year transformation to enhance our customer experience and sustain operational efficiency to meet customer expectations, we leverage scaled providers for certain aspects of our business model, just as many in our industry do. Corebridge employees continue to perform most primary client-facing roles, such as Relationship and Account Management, and we continue to enhance and operate our proprietary technology platform. Prepared for: City of San Luis Obispo, June 12, 2026 19 Our partnerships are governed through robust contracts with applicable service level agreements around timely and accurate processing that align with the service level commitments we have in place with our plan sponsors. In particular, Accenture is one of our primary subcontractors. With Accenture, we are able to fully support our plan sponsors and participants by leveraging their operational and business processing expertise and their global operations footprint. Our partnerships are led by Corebridge senior executives with support from vendor management, operations and technology. Contractors providing material services include: • Accenture (operations and call center support) • Fiserv Output Solutions (Participant statement generation, printing and mailing) • Deloitte to provide all ERISA-covered plans required discrimination testing and IRS Form 5500 services • DXC Technologies - Call Center functional support Pricing Request Form Prepared for: City of San Luis Obispo, June 12, 2026 20 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 identified. Please refer to the attached Pricing Request Excel document. 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. Please refer to the attached Pricing Request Excel document. 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. Corebridge confirms. For Corebridge, contract termination begins with the plan sponsor notifying the assigned relationship manager for the plan at least 90 days prior to the contract end date, as provided by the Service Provider Agreement. We would then assign a project manager to work with the plan sponsor’s future provider. We will ensure that adequate resources are available to transition the plan to ensure a seamless deconversion. The service agreement contract can be terminated at any time with 90 days written notice due to an uncured material default or at the end of the agreement term, at no charge. d. If there are customization fees, please specify. All fees have been described in the attached Pricing Request Excel document. 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? Fees are guaranteed for five years. ii. How often does your firm typically adjust fees? What is the basis for the adjustment? The proposed administrative fees have been calculated taking into account current plan demographics, such as asset and participant levels. If there is a substantial change to these levels, the fees may be adjusted to reflect that change. iii. What contract termination provisions do you typically require? Certificate of Insurance Holder Identifier : 77777777777 77761616455711176771617355572754213777251631 737415761463311277251554627445774735163266412752637313257233 741372642756333277551435337457 7672724235772 77777777 77 7 77777777777 73525677115456 77315412173412 76345546173112 73211417273133712223735216211 723326343172 71323372527311 73222635217311 723326343172 777561633517655477777777 77 7Certificate No : 570120813585 CERTIFICATE OF LIABILITY INSURANCE DATE MM/DD/YYYY) 06/10/2026 IMPORTANT: If the certificate holder is an ADDITIONAL INSURED, the policy(ies) must have ADDITIONAL INSURED provisions or be endorsed. If SUBROGATION IS WAIVED, subject to the terms and conditions of the policy, certain policies may require an endorsement. A statement on this certificate does not confer rights to the certificate holder in lieu of such endorsement(s). THIS CERTIFICATE IS ISSUED AS A MATTER OF INFORMATION ONLY AND CONFERS NO RIGHTS UPON THE CERTIFICATE HOLDER. THIS CERTIFICATE DOES NOT AFFIRMATIVELY OR NEGATIVELY AMEND, EXTEND OR ALTER THE COVERAGE AFFORDED BY THE POLICIES BELOW. THIS CERTIFICATE OF INSURANCE DOES NOT CONSTITUTE A CONTRACT BETWEEN THE ISSUING INSURER(S), AUTHORIZED REPRESENTATIVE OR PRODUCER, AND THE CERTIFICATE HOLDER. PRODUCER Aon Risk Services Northeast, Inc. New York NY Office One Liberty Plaza 165 Broadway, Suite 3201 New York NY 10006 USA PHONE(A/C. No. Ext): E-MAILADDRESS: INSURER(S) AFFORDING COVERAGE NAIC # (866) 283-7122 INSURED 27960Illinois Union Insurance CompanyINSURER A: INSURER B: INSURER C: INSURER D INSURER E: INSURER F: FAX(A/C. No.):(800) 363-0105 CONTACTNAME: Corebridge Financial Inc 2919 Allen Parkway Woodson Tower Houston TX 77019 USA COVERAGES CERTIFICATE NUMBER:570120813585 REVISION NUMBER: THIS IS TO CERTIFY THAT THE POLICIES OF INSURANCE LISTED BELOW HAVE BEEN ISSUED TO THE INSURED NAMED ABOVE FOR THE POLICY PERIOD INDICATED. NOTWITHSTANDING ANY REQUIREMENT, TERM OR CONDITION OF ANY CONTRACT OR OTHER DOCUMENT WITH RESPECT TO WHICH THIS CERTIFICATE MAY BE ISSUED OR MAY PERTAIN, THE INSURANCE AFFORDED BY THE POLICIES DESCRIBED HEREIN IS SUBJECT TO ALL THE TERMS, EXCLUSIONS AND CONDITIONS OF SUCH POLICIES. LIMITS SHOWN MAY HAVE BEEN REDUCED BY PAID CLAIMS.Limits shown are as requested POLICY EXP (MM/DD/YYYY)POLICY EFF MM/DD/YYY ) SUBRWVDINSR LTR ADDL NSD POLICY NUMBER TYPE OF INSURANCE LIMITS COMMERCIAL GENERAL LIABILITY CLAIMS-MADE OCCUR POLICY LOC EACH OCCURRENCE DAMAGE TO RENTED PREMISES (Ea occurrence) MED EXP (Any one person) PERSONAL & ADV INJURY GENERAL AGGREGATE PRODUCTS - COMP OP AGG GEN'L AGGREGATE LIMIT APPLIES PER: PRO- JECT OTHER: AUTOMOBILE LIABILITY ANY AUTO OWNED AUTOS ONLY SCHEDULED AUTOS HIRED AUTOS ONLY NON-OWNED AUTOS ONLY BODILY INJURY ( Per person) PROPERTY DAMAGE (Per accident) BODILY INJURY (Per accident) COMBINED SINGLE LIMIT (Ea accident) EXCESS LIAB OCCUR CLAIMS-MADE AGGREGATE EACH OCCURRENCE DED UMBRELLA LIAB RETENTION E.L. DISEASE-EA EMPLOYEE E.L. DISEASE-POLICY LIMIT E.L. EACH ACCIDENT OTH-ERPER STATUTE Y / N (Mandatory in NH) ANY PROPRIETOR / PARTNER / EXECUTIVE OFFICER/MEMBER EXCLUDED?N / A WORKERS COMPENSATION AND EMPLOYERS' LIABILITY If yes, describe under DESCRIPTION OF OPERATIONS below Aggregate LimitG7108829700406/30/2025 06/30/2026 Claims Made E&O - Professional Liability - Primary A SIR applies per policy terms & conditions $10,000,000 DESCRIPTION OF OPERATIONS / LOCATIONS / VEHICLES (ACORD 101, Additional Remarks Schedule, may be attached if more space is required) CANCELLATIONCERTIFICATE HOLDER AUTHORIZED REPRESENTATIVECity of San Luis Obispo 990 Palm Street San Luis Obispo CA 93401 USA ACORD 25 (2016/03) ©1988-2015 ACORD CORPORATION. All rights reserved The ACORD name and logo are registered marks of ACORD SHOULD ANY OF THE ABOVE DESCRIBED POLICIES BE CANCELLED BEFORE THE EXPIRATION DATE THEREOF NOTICE WILL BE DELIVERED IN ACCORDANCE WITH THE POLICY PROVISIONS. References Prepared for: City of San Luis Obispo, June 12, 2026 24 References 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. Agency Name - County of Riverside Contact Name - Amy Onopas, County Benefits Plan Administrator Telephone & Email - 951-955-2274 aonopas@rc-hr.com Street Address - 4080 Lemon Street, 12th Floor City, State, Zip Code - Riverside, CA 92501 Description of services provided including contract amount, when provided and project outcome - Recordkeeping, Investment and Employee Communication & Education Agency Name - City of Redding Contact Name - Denae Harris, Senior Personnel Analyst Telephone & Email - 530-225-4436 dharris@cityofredding.org Street Address - 777 Cypress Avenue City, State, Zip Code - Redding CA 96049-6071 Description of services provided including contract amount, when provided and project outcome - Recordkeeping, Investment and Employee Communication & Education Agency Name - City of Foster City Contact Name - David Liu, Human Resources Analyst Telephone & Email - 650-286-3297 dliu@fostercity.org Street Address - 610 Foster City Blvd City, State, Zip Code - Foster City, CA, 94404 Description of services provided including contract amount, when provided and project outcome - Recordkeeping, Investment and Employee Communication & Education 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. Not applicable as Corebridge has not had instances in the last five years where the firm or sub-consultant has been removed from a project or disqualified from proposing on a project. 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. Not applicable as Corebridge has not had instances in the last five years where our firm was required to cancel a consolidation of plans/transfer of plans to our firm. -14- J. PROPOSAL FORM: REFERENCES Provide detailed descriptions of three comparable public agencies your firm has worked with. For each, identify the services performed, how they align with the scope outlined in this RFP, the results you achieved, and how the experience demonstrates your firm’s ability to successfully deliver similar services for the City of San Luis Obispo. Attach additional pages if required. The City reserves the right to contact each of the references listed for additional information regarding your firm's qualifications. Reference No. 1: Agency Name County of Riverside Contact Name Amy Onopas, County Benefits Plan Administrator Telephone & Email 951-955-2274 aonopas@rc-hr.com Street Address 4080 Lemon Street, 12th Floor City, State, Zip Code Riverside, CA 92501 Description of services provided including contract amount, when provided and project outcome Recordkeeping, Investment and Employee Communication & Education -15- Reference No. 2: Agency Name City of Redding Contact Name Denae Harris, Senior Personnel Analyst Telephone & Email 530-225-4436 dharris@cityofredding.org Street Address 777 Cypress Avenue City, State, Zip Code Redding CA 96049-6071 Description of services provided including contract amount, when provided and project outcome Recordkeeping, Investment and Employee Communication & Education Reference No. 3 Agency Name City of Foster City Contact Name David Liu, Human Resources Analyst Telephone & Email 650-286-3297 dliu@fostercity.org Street Address 610 Foster City Blvd City, State, Zip Code Foster City, CA, 94404 Description of services provided including contract amount, when provided and project outcome Recordkeeping, Investment and Employee Communication & Education Sample Service Provider and Trust Agreements Statement of Past Contract Disqualifications Exceptions to the Proposal Prepared For: City of San Luis Obispo, June 12, 2026 2 27. GOVERNING LAW. Any action arising out of this Agreement shall be brought in the Superior Court of San Luis Obispo County, California, or the corresponding federal court, regardless of where else venue may lie. The validity, interpretation, construction and performance of this Agreement, and all acts and transactions pursuant hereto and the rights and obligations of the Parties hereto shall be governed, construed and interpreted in accordance with the laws of the State of California, or, as applicable, Federal law, without giving effect to principles of conflicts of law. RFP Page 33 EXHIBIT B: INSURANCE REQUIREMENTS FOR PROFESSIONAL SERVICES Without limiting CONSULTANT’s indemnification of CITY, and prior to commencement of Work, CONSULTANT shall obtain, provide and maintain at its own expense during the term of this AGREEMENT, policies of insurance of the type and amounts described below, and in a form satisfactory to CITY. General liability insurance. CONSULTANT shall maintain commercial general liability insurance with coverage at least as broad as Insurance Services Office form CG 00 01, in an amount not less than $1,000,000 per occurrence, $2,000,000 general aggregate, for bodily injury, personal injury, and property damage. The policy must include contractual liability that has not been amended. Any endorsement restricting standard ISO “insured contract” language will not be accepted. Professional liability (errors & omissions) insurance. CONSULTANT shall maintain professional liability insurance that covers the Services to be performed in connection with this AGREEMENT, in the minimum amount of $1,000,000 per claim and in the aggregate. Any policy inception date, continuity date, or retroactive date must be before the effective date of this AGREEMENT and CONSULTANT agrees to maintain continuous coverage through a period no less than three (3) years after completion of the services required by this AGREEMENT. Workers’ compensation insurance. CONSULTANT shall maintain Workers’ Compensation Insurance (Statutory Limits) and Employer’s Liability Insurance (with limits of at least $1,000,000). CONSULTANT shall submit to CITY, along with the certificate of insurance, a Waiver of Subrogation endorsement in favor of CITY, its officers, agents, employees, and volunteers. Proof of insurance. CONSULTANT shall provide certificates of insurance to CITY as evidence of the insurance coverage required herein, along with a waiver of subrogation endorsement for workers’ compensation. Insurance certificates and endorsements must be approved by CITY’s Risk Manager prior to commencement of performance. Current certification of insurance shall be kept on file with CITY at all times during the term of this contract. CITY reserves the right to require complete, certified copies of all required insurance policies, at any time, with appropriate confidentiality agreement in place. VALIC’s policies are considered proprietary and confidential. VALIC may provide copies if appropriate confidentiality agreement is in place. Duration of coverage. CONSULTANT shall procure and maintain for the duration of the contract insurance against claims for injuries to persons or damages to property, which may arise from or in connection with the performance of the Work hereunder by CONSULTANT, his agents, representatives, employees or subconsultants. Primary/noncontributing. Coverage provided by CONSULTANT shall be primary and any insurance or self-insurance procured or maintained by CITY shall not be required to contribute with it. The limits of insurance required herein may be satisfied by a combination of primary and umbrella or excess insurance. Any umbrella or excess insurance shall contain or be endorsed to contain a provision that such coverage shall also apply on a primary and non-contributory basis for the benefit of CITY before the CITY’s own insurance or self-insurance shall be called upon to protect it as a named insured. CITY’s rights of enforcement. In the event any policy of insurance required under this AGREEMENT does not comply with these specifications or is canceled and not replaced, CITY has the right but not the duty to obtain the insurance it deems necessary, and any premium paid by CITY will be promptly reimbursed by CONSULTANT or CITY will withhold amounts sufficient to pay premium from CONSULTANT payments. In the alternative, CITY may cancel this AGREEMENT. VALIC will endeavor to maintain all required insurance. VALIC cannot permit City to purchase insurance and charge VALIC, but City can seek an alternate remedy pursuant to the indemnification section of the agreement, if City incurs damages. Prepared For: City of San Luis Obispo, June 12, 2026 3 Acceptable insurers. All insurance policies shall be issued by an insurance company currently authorized by the Insurance Commissioner to transact business of insurance or is on the List of Approved Surplus Line Insurers in the State of California, with an assigned policyholders’ Rating of A- (or higher) and Financial Size Category Class VII (or larger) in accordance with the latest edition of Best’s Key Rating Guide, unless otherwise approved by the CITY’s Risk Manager. Waiver of subrogation. Except for Professional Liability (E&O), All insurance coverage maintained or procured pursuant to this AGREEMENT shall be endorsed to waive subrogation against CITY, its elected or appointed officers, agents, officials, employees and volunteers or shall specifically allow CONSULTANT or others providing insurance evidence in compliance with these specifications to waive their right of recovery prior to a loss. CONSULTANT hereby waives its own right of recovery against CITY and shall require similar written express waivers and insurance clauses from each of its subconsultants. VALIC’s Professional Liability (E&O) does not provide a waiver of subrogation. Enforcement of contract provisions (non estoppel). CONSULTANT acknowledges and agrees that any actual or alleged failure on the part of the CITY to inform CONSULTANT of non-compliance with any requirement imposes no additional obligations on the CITY nor does it waive any rights hereunder. Requirements not limiting. Requirements of specific coverage features or limits contained in this Section are not intended as a limitation on coverage, limits or other requirements, or a waiver of any coverage normally provided by any insurance. Specific reference to a given coverage feature is for purposes of clarification only as it pertains to a given issue and is not intended by any party or insured to be all inclusive, or to the exclusion of other coverage, or a waiver of any type. If the CONSULTANT maintains higher limits than the minimums shown above, the CITY requires and shall be entitled to coverage for the higher limits maintained by the CONSULTANT. Any available insurance proceeds in excess of the specified minimum limits of insurance and coverage shall be available to the CITY. VALIC is providing required limits based on the contract requirements. If City needs additional requirements, please provide applicable requirements. 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