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Consent-General Government # 10.
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| Board of Supervisors |
County Administrator |
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| Subject |
| Adopt 457 Deferred Compensation Plan Committee Charter and appoint members of committee. (No general fund impact) (Peterson) |
| Recommended Action |
- Adopt the 457 Deferred Compensation Plan Committee Charter to formally establish the parameters and obligations of the 457 Deferred Compensation Plan Committee for monitoring and advising the County Administrator on the County 457 Deferred Compensation Plan.
- Appoint the initial nine members of the Committee included in Attachment A.
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| Strategic Plan Goal(s) |
| Operational Excellence |
| Reason for Recommended Action/Background |
The County has two 457 deferred compensation plans available to employees as voluntary supplemental retirement plans. One plan is administered by ICMA Retirement Corporation, and the second plan is administered by Mass Mutual Financial Group. Employees may elect to make tax deferred contributions to the plan of their choice. These two plans are similar in providing a variety of investment options and charge an administrative fee to employees for account services. As such, it is important for the County to have an active committee to conduct ongoing plan review, serve as fiduciaries and monitor the investment menu and plan expenses.
County staff have worked with the Hyas Group, a consulting firm that provides services to defined contribution retirement plan clients, to form a 457 Deferred Compensation Plan Committee (the "Committee") to monitor, evaluate and advise the County Administrator on the County 457 Deferred Compensation Plan. The Hyas Group has provided fiduciary education to the Committee and assisted with the plan review of the existing plans. The Committee has drafted the attached Charter to establish a governance document for committee activities. This Committee is intended to replace the County Deferred Compensation Advisory Committee established when the Deferred Compensation Investment Agreement was adopted on February 17, 1987. Staff recommends adopting the attached 457 Deferred Compensation Plan Committee Charter. |
| Collaborations (including Board advisory groups and external partner agencies) |
| The charter was submitted for review by members of the 457 Deferred Compensation Committee members and their comments were taken into account in the final draft attached. |
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| Fiscal Impact |
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| Source of Funds for this Expenditure |
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