Specifications include, but are not limited to: 1. Provide the City with a compliant governmental Plan document, Trustee, and Custodian services as well as agreements and other documents necessary for employee participation and warrant that those documents will always be maintained in full accordance with all current federal and state regulations.; 2. Provide the City with such technical assistance as is reasonably necessary to install and implement the Plans.; 3. Provide a secure administrative support system that assures continuity of operations that facilitates employee deferrals and other employee contributions, employer contributions, reconciliations, disbursements to the investment media, and maintenance of the individual and employer account records. In addition, the Plan Administrator(s) will provide periodic statements as required in other sections, coordinate employee withdrawals, loans and distributions, and assure City of proper tax reporting of all financial transactions related to the Plan.; 4. Provide control systems that supply the City and PSB with the following reports separately for each Plan and each entity in addition to any other report that may become necessary for the City to fulfill its Plan sponsor requirements capably: a) A calendar year quarterly report summarizing on a Plan level all participant activity during the reporting period including deferral election, total deferrals invested, employer contributions allocated, current value, and change in value for each investment option in the Plan since the last reporting period.; b) A monthly report summarizing all distributions and in-service withdrawals from the Plans by participant and social security number, including the total amount distributed, the date of such distribution, and the reason for the distribution.; c) A monthly report summarizing all outstanding loans from the Plans by participant and social security number, including date of loan, outstanding loan balance, payment amount and date of maturity.; 5. Prepare and distribute sales/marketing literature, communication materials, video presentations and other material that the Plan Administrator(s) deem necessary or as may be legally required to communicate the Plans to the employees of the City. All such material shall be submitted to and approved by the Director of OMB for the City prior to its use.; 6. Notify, educate, and offer enrollment in the Plans, including auto-enrollment, as applicable, to all eligible employees. Be available at the City’s new employee orientations and at the various uniformed employee academies to explain the Plan. In addition, the Plan Administrator(s) shall establish a program for at least annual contact with each Plan participant to answer questions, review account records and investment strategies and provide additional information and other services reasonably required in connection with the Plans.; 7. Provide participant service for the Plan, including local representatives, a toll-free customer service capability, and Internet access for participant investment services, account balance information and other services related to the Plans.; 8. Compute and deduct from any disbursements made by the Plan Administrator(s) all appropriate federal, state and local income taxes required by law to be withheld from distributions and in- service withdrawals from the Plans and furnish; 9. Provide deferral limit testing services to the City for the 457 Plan, subject to the following: a) Plan Administrator(s) shall accept or reject participant election forms in accordance with current Internal Revenue Code rules and regulations.; b) Plan Administrator(s) shall not be responsible for monitoring inter-plan coordination should the City offer more than one (1) Section 457 plan.; 10. Establish and maintain individual participant account records and calculate daily valuations of participants’ accounts. The participant's records shall contain the individual's social security number, address, birth date, beneficiary designation, and allocation of deferrals to the products available under the Plans, and any other data necessary for administration of the participant's account.
