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Punta Gorda pension board signs $5,000 monthly retainer for administrator and outlines member portal outreach
Summary
Trustees approved a contract addendum locking in a $5,000/month retainer for plan administration through Oct. 1, 2026 (with CPI adjustments thereafter), and staff reported 52 portal users and 82 benefit‑estimate runs since the portal launched Nov. 3, with trustees agreeing to monthly reminders and workshops to boost registration.
The City of Punta Gorda General Employees Retirement System approved an amended contract with its administrator to set a $5,000 monthly retainer and discussed a member‑facing portal roll‑out and outreach plan.
Chrissy, the plan staff member who presented the addendum, said invoices have been at $5,000 per month since Jan. 1, 2025 and that the retainer was proposed after the firm reexamined fees in light of increased plan activity following the plan reopening. "The invoices, as you have seen, have been $5,000 a month since 01/01/2025," Chrissy said as she reviewed time sheets and the proposed effective date for CPI adjustments.
Trustees reviewed sampled time logs and debated whether the retainer fairly represents actual time charges; many trustees favored the predictability of a retainer given increased membership and ongoing portal support. The board voted to approve the $5,000 monthly retainer addendum and directed the administrator to execute the revised contract at the next meeting; the addendum includes a CPI‑linked increase scheduled to begin Oct. 1, 2026.
Separately, staff reported the portal — launched Nov. 3 — had 52 registered users and 82 benefit‑calculation estimates as of the most recent report. Trustees discussed outreach strategies to increase registrations before the summer open‑enrollment period, including monthly newsletter reminders, targeted emails to unregistered members, and optional in‑person workshops coordinated with HR.
Why it matters: The retainer affects the plan’s annual operating budget and the contracted support available to members. The portal adoption and outreach plan are intended to improve member access to individualized benefit information and reduce one‑on‑one support burdens on staff.
The board asked staff to coordinate portal workshops with the city’s HR office, send reminders through the newsletter, and provide targeted registration assistance to unregistered members.
