City Manager’s Office
Reference: Pension Board Recordkeeper Change and Amendment of Trust Agreement
To: Mayor Gregory Mills and Members of City Council
Through: Michael P. Martinez, City Manager
Prepared By: Karen Borkowski Surine, Assistant City Manager
Catrina Asher, Finance Director
Date Prepared: April 9, 2025
PURPOSE
To consider changing the City of Brighton Pension Board Recordkeeper and amending the Trust Agreement.
BACKGROUND
The City of Brighton recordkeeper for the City of Brighton pension plan for non-sworn, benefitted full-time employees has been MissionSquare Retirement (previously known as ICMA Retirement Corporation) since 1998 and last approved in 2019 for 5 years. Per City of Brighton Municipal Code, a Request for Proposal for a Recordkeeper for the City of Brighton Retirement Plans was issued in May 2024. The City received 5 submittals and, with the assistance of Innovest Portfolio Solutions, LLC, the City’s retirement plan consulting service, the Pension Board believes Empower is the most responsive and responsible bidder. As part of the review process, references were checked and Empower was deemed excellent in providing customer service and overall responsiveness.
The City of Brighton opted out of Social Security and contributes 10.5 percent of a non-sworn, benefitted employees’ salary to the retirement plan and requires the employee to contribute 9 percent of their salary to the retirement plan. Employee can choose from a number of investment options. Options are reviewed quarterly by the Pension Board under the guidance of our retirement plan and investment option consultants, Innovest.
The Pension Board is a total of five members: three employees elected by the participants for staggered, three-year terms, Finance Director Catrina Asher, and Assistant City Manager Karen Borkowski Surine.
This item was discussed with the City Council in the Study Session on April 22, 2025.
FINANCIAL IMPACT
None. Retirement plan participants pay all fees and Empower has the lowest overall fees.
OPTIONS FOR COUNCIL CONSIDERATION
• Approve the Resolution approving Empower as the recordkeeper of the Employee Money Purchase Pension Plan and amending the Trust Agreement; or
• Provide further direction to staff.
ATTACHMENT(S)
Resolution