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Council OKs consolidation of retirement recordkeepers; staff says fees will fall
Summary
The council approved consolidation of the city's multiple 457/401-type retirement recordkeepers to a single vendor (Empower) after an RFP and fiduciary review, with staff estimating a significant reduction in participant administrative fees and an expected 2–4 month transition.
The Port Hueneme City Council on Jan. 20 approved staff's recommendation to consolidate multiple retirement plan recordkeepers into a single vendor, following an RFP that selected Empower as the records keeper and a fiduciary services arrangement.
Staff explained the city had four different recordkeepers for various accounts and that consolidating…
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