Title
Approval of General Services Agreement No. AGR25-39b with NFP Retirement, Inc., in an Amount Not to Exceed $600,000, Plus Applicable Gross Receipts Tax, for the Purpose of Providing Incorporated County of Los Alamos, New Mexico Pension Plan and Trust, Investment Advisory Services for the Term of Seven (7) Years
Recommended Action
I move that Council approve the General Services, Agreement No. AGR25-39b with NFP Retirement, Inc., for the purpose of providing Incorporated County of Los Alamos, New Mexico Pension Plan and Trust, Investment Advisory services. I further move that Council authorize the County Manager to execute the Agreement on behalf of the County.
County Manager’s Recommendation
The County Manager recommends that Council approve this Contract for General Services as requested.
Body
Basic Description of the Plan
All County employees (except those classified as casual, temporary, limited-term, or elected officials) participate in a single-employer defined contribution pension plan. The Incorporated County of Los Alamos, New Mexico Pension Plan and Trust (hereafter referred to as "the Plan") is administered under authority of the County Council, who has designated the County Manager as the Plan Administrator. The Plan was established in 1978 and is intended to provide benefits to County employees in lieu of retirement benefits provided by the Social Security Administration. The plan has approximately 693 participants, including current regular employees and former employees who have terminated or retired and who have not withdrawn their assets from the Plan.
RFP for Pension Services
On January 14, 2025, the County issued Request for Proposals No. 25-39 for Providers of Pension Services to administer the Plan, to include both Trustee and Recordkeeping Services and Investment Advisory Services. The current agreements for these services expires on June 30, 2025. The contracts for these services will be awarded separately.
The County rec...
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