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Brighton pension board recommends switching retirement recordkeeper to Empower; staff to bring plan change as resolution
Summary
Brighton’s pension board told council it recommends changing the city’s retirement recordkeeper from MissionSquare to Empower after a formal RFP. Staff said fees are paid from plan assets and the city will bring a resolution to adopt the plan and change recordkeepers for council approval.
Brighton staff and the pension board recommended switching the city’s retirement recordkeeper from Mission Square to Empower and told council at the April 22 study session they will return with a resolution to approve the plan change.
Finance staff said the city completed an RFP for record-keeping services, received five responses and evaluated finalists with Innovest, the board’s advisor. The pension board recommended Empower on the basis of in-house recordkeeping (rather than a third party), customer service and transition support. Staff and the board said fees are paid from plan assets (members’ contributions) and the change would not create a direct city general‑fund cost. The city’s legal code requires council approval of benefit‑related plan documents; staff said they will bring the plan change as a resolution and asked to place it on a future consent agenda.
Staff and council discussed continuity of investment options and transition communications to employees; presenters said most investment options will have close equivalents and that Empower offers more robust one‑on‑one assistance than the previous provider. No action was taken at the study session; the council must approve the plan and recordkeeper contract in a future meeting.
