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Board renews deferred compensation agreement with Empower for five years
Summary
Human Resources recommended and the board approved a five-year contract term with Empower Annuity Insurance Company of America for county deferred compensation services; staff said the longer term reduces recordkeeping fees and has increased employee participation.
The Sedgwick County Board of Bids and Contracts voted June 25 to accept a five-year proposal from Empower Annuity Insurance Company of America to continue providing deferred compensation services for the county.
Jamie O'Loughlin, representing Human Resources, said Empower has served the county for 19 years and that the proposed five-year term reduces the recordkeeping fee (cited reduction to a 15% rate compared with the prior rate) and has supported higher participation. She referenced increases in active contributing employees and an improvement in participant lifetime income scores since program changes in 2016 and 2022.
Board members confirmed the change is primarily a term change and that plan features available to employees will remain the same; staff said employees should see no material change. A motion to accept Empower's five-year quote was moved, seconded and passed on roll call.
Staff did not provide vendor contract number or the exact fee schedule line items in the public meeting record; procurement staff will proceed with contract documentation.
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