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Consent-General Government   #
Board of Supervisors
457 Trust Resolution
Howard Newens, Chief Financial Officer, Department of Financial Services
Ryan Pistochini, Manager of Procurement, Department of Financial Services, x8218
Adopt resolution removing Reliance Trust Company as Trustee of the MassMutual administered portion of the County's 457 deferred compensation plan. (No general fund impact) (Newens/Pistochini)
Adopt resolution removing Reliance Trust Company as Trustee of the MassMutual administered portion of the 457 Deferred Compensation Plan; and
Authorize the Chief Financial Officer or his designee to execute any other documents necessary to facilitate the transfer of assets and accounts from the existing MassMutual administered portion of the 457 Deferred Compensation Plan into the newly consolidated ICMA-RC administered 457 deferred compensation plan.
Strategic Plan Goal(s)
Reason for Recommended Action/Background
On April 24, 2018, the Board of Supervisors approved an agreement with ICMA-RC to be the County's sole 457 deferred compensation plan administrator. The assets and accounts of the other existing provider, MassMutual, will transfer to ICMA-RC on July 27, 2018. The County has been working with ICMA-RC and MassMutual since April to facilitate a smooth transition. MassMutual recently notified the County that they require a resolution of the Board of Supervisors adopting this change before conducting the transfer. A trustee, Reliance Trust Company, exists for the MassMutual portion of the 457 deferred compensation plan. This resolution contains language removing Reliance Trust Company as trustee since the MassMutual administered portion of the plan will no longer exist.
Collaborations (including Board advisory groups and external partner agencies)
The Department collaborated with the Human Resources Department and the County Counsel's Office. The Department also collaborated with the County's independent advisor for the deferred compensation plan, Hyas Group.
Competitive Bid Process
The County conducted a formal Request for Proposals in late 2017. On April 24, 2018, the RFP evaluation committee recommended that the Board of Supervisors approve an agreement with ICMA-RC for ICMA-RC to be the sole 457 deferred compenation plan administrator for the County.
No Fiscal Impact
Fiscal Impact of this Expenditure
Total cost of recommended action
Amount budgeted for expenditure
Additional expenditure authority needed
On-going commitment (annual cost)
Source of Funds for this Expenditure
Att. A. 457 Resolution
07/17/2018 05:13 PM
Form Started By:
07/13/2018 11:22 AM
Final Approval Date:
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