The City is seeking to contract for 457 Deferred Compensation Plan Services as outlined in this RFP.  The objective is to obtain a lump sum annual price proposal for services from a qualified and experienced firm, preferably with key staff holding a Chartered Financial Analyst Designation (CFA), Chartered Retirement Plan Specialist (CRPR), or similar designation.  The selected consultant will represent and advise the City of Pasadena on the administration of its 457 Deferred Compensation Plan, assist the City in optimizing Plan performance, and ensuring regulatory compliance.

The City of Pasadena provides its employees the opportunity to participate in a 457 Deferred Compensation Supplemental Plan.  Under the Plan, employees may make pre-tax contributions of salary towards future retirement.  Investments in the Plan are self-directed by participants who may choose from a variety of asset classes. A detailed listing of investment options is provided herein.  At present, the City of Pasadena has a total of 2,109 employees.  As of the quarter ending September 30, 2023, the 457 Plan has approximately 2,768 participants with $350 million in plan assets. 

The Department of Human Resources is responsible for coordinating the operations of the program with Empower Retirement.  The Director of Finance serves as the Plan Administrator and the Deferred Compensation Committee, consisting of elected and appointed members, provides program oversight.  The City Council members are Trustees of the Plan.