File #: 22-0845   
On agenda: 6/6/2023 Final action: 6/6/2023
Enactment date: Enactment #: Agreement No. 23-243
Recommended Action(s)
 		1. Approve and authorize the Chairman to execute Participation Agreement (which includes the Amended and Restated Declaration of Trust, T. Rowe Price Strategic Common Trust Fund, effective October 1, 2018, and the T. Rowe Price Strategic Common Trust Fund, T. Rowe Price Retirement Blend Trusts, Amended and Restated Supplemental Declaration of Trust, effective March 2, 2023), with T. Rowe Price Trust Company, for its target retirement date investments, as an investment option for participants in the County of Fresno 457(b) Deferred Compensation Plan ("457(b) Plan") and County of Fresno 401(a) Defined Contribution Plan ("401(a) Plan"). 2. Approve Investor Information to be provided to T. Rowe Price Trust Company. 3. Authorize the Administrator for the 457(b) Plan and the 401(a) Plan to take all necessary actions, that the Administrator deems necessary or appropriate, to implement the foregoing action of the Board.
Attachments: 1. Agenda Item, 2. Agreement A-23-243 Investor Information & Participation Agreement, 3. Amended and Restated Declaration of Trust, 4. Supplemental Declaration of Trust, 5. Attachment A
DATE: June 6, 2023

TO: Board of Supervisors

SUBMITTED BY: Hollis Magill, Director of Human Resources

SUBJECT: T. Rowe Price Retirement Blend Trusts

RECOMMENDED ACTION(S):
TITLE
1. Approve and authorize the Chairman to execute Participation Agreement (which includes the Amended and Restated Declaration of Trust, T. Rowe Price Strategic Common Trust Fund, effective October 1, 2018, and the T. Rowe Price Strategic Common Trust Fund, T. Rowe Price Retirement Blend Trusts, Amended and Restated Supplemental Declaration of Trust, effective March 2, 2023), with T. Rowe Price Trust Company, for its target retirement date investments, as an investment option for participants in the County of Fresno 457(b) Deferred Compensation Plan ("457(b) Plan") and County of Fresno 401(a) Defined Contribution Plan ("401(a) Plan").
2. Approve Investor Information to be provided to T. Rowe Price Trust Company.
3. Authorize the Administrator for the 457(b) Plan and the 401(a) Plan to take all necessary actions, that the Administrator deems necessary or appropriate, to implement the foregoing action of the Board.
REPORT
Your Board's approval of the recommended actions will enable participants who utilize the target retirement date investment options in the 457(b) Plan and the 401(a) Plan (collectively, the "Plans") to reduce their trustee fees paid to the trustee for those investments by (1) providing the T. Rowe Price Retirement Blend Trust Series in place of the current Great-West (Empower) Lifetime Trust Target Date Series, and (2) enabling the Administrator for the Plans to move all of such participants' investments from the current Great-West (Empower) Lifetime Trust Target Date Series investments to the T. Rowe Price Retirement Blend Trust Series investments. The recommended actions are based on the investment decision of the Deferred Compensation Management Council ("Council"), after the Council considered investment advice of Northwest Capital Management, the investment consult...

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