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Regular City Council Meeting <br />July 12„ 2004 <br />Page 5 <br />it is fine. <br />Mayor Fendley asked the City Council if they wanted Mr. Anderson to go <br />forward and bring the City Council three different proposals from brokers. <br />The consensus of the City Council was to go out and advertise in the <br />newspaper for proposals and bring that back to the Council. <br />Ms. Reed advised that there are not many brokers or individual investors that <br />offer the 457 Programs because that is a specialty field as it is city government <br />only and there are not many that will do the Roth IRA's through the payroll <br />deduction. Ms. Reed said she specialized in that field for almost 18 years. <br />Councilman Wilson wanted to know if there is a fee split the 457 Plan. Ms. <br />Reed advised that there is no fee for the service of the 457 nor the Roth IRA. <br />Mr. Anderson said that it would be the employee who would have to pay any <br />fees for these plans. <br />City Attorney Schenk asked if it would be a combined proposal to provide all <br />of those services. <br />Mayor Fendley stated that there are three different things, the IRS Section 125 <br />for the Premium Only Plan, the 457 Plan Flexible Spending, and the Roth IRA <br />Plan. <br />Councilman Wilson wanted city staff to make sure that the others have the <br />capability of doing this, because if they do not, it is not an apple to apple bid. <br />Mr. Anderson advised that in a bid situation where it is not costing the city <br />anything, those type criteria are something they would be able to make a <br />decision. <br />Councilwoman Wilkerson asked if they wanted one company to provide all the <br />services. Councilman Bell said that the city might get a better deal on the 457 <br />and it might be two separate companies. Mr. Anderson advised that they can <br />