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An ordinance approving Amendment 1 to the contract for deferred compensation services between Voya Retirement Insurance and Annuity Company and Voya Financial Partners, LLC and the Metropolitan Government of Nashville and Davidson County, which extends the term of the contract.
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WHEREAS, pursuant to a Request For Proposal, Voya Retirement Insurance and Annuity Company and Voya Financial Partners, LLC (collectively "Voya") were selected by the Metropolitan Government of Nashville and Davidson County ("Metro") to perform deferred compensation services; and,
WHEREAS, the contract commenced on October 9, 2017 and has a termination date of October 9, 2022; and,
WHEREAS, Amendment 1 to the contract extends the term of the contract until August 4, 2025; and,
WHEREAS, Section 4.12.160(A) of the Metropolitan Code limits the term of contracts for services to sixty (60) months, unless otherwise authorized by the Metropolitan Council; and,
WHEREAS, the Metropolitan Treasurer, Purchasing Agent, and Employee Benefit Board have recommended that the term of the Voya contract be extended; and,
WHEREAS, as reflected in the Memorandum from the Metropolitan Treasurer attached hereto, it is in the best interests of the Metropolitan Government to extend the term of the Voya contract.
NOW, THEREFORE, BE IT ENACTED BY THE COUNCIL OF THE METROPOLITAN GOVERNMENT OF NASHVILLE AND DAVIDSON COUNTY:
Section 1. That Amendment 1 to the contract between Voya Retirement Insurance and Annuity Company and Voya Financial Partners, LLC and the Metropolitan Government of Nashville and Davidson County, a copy of which is attached hereto and incorporated herein, is hereby approved.
Section 2. This ordinance shall take effect from and after its passage, the welfare of The Metropolitan Government of Nashville and Davidson County requiring it.
Agenda Analysis
Analysis
This ordinance approves the first amendment to a contract for deferred compensation services between Voya Retirement Insu...
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