DATE: March 5, 2024
TO: Board of Supervisors
SUBMITTED BY: Hollis Magill, Director of Human Resources
SUBJECT: Amend and Restate the County of Fresno 401(a) Defined Contribution Plan
RECOMMENDED ACTION(S):
TITLE
1. Adopt a Resolution amending and restating the County of Fresno 401(a) Defined Contribution Plan.
2. Approve and authorize the Chairman to execute the amended Adoption Agreement for Nationwide Financial Services, Inc. Non-Standardized Governmental 401(a) Pre-Approved Plan amending and restating the County of Fresno 401(a) Defined Contribution Plan.
REPORT
There is no Net County Cost associated with the recommended actions.
Collectively, the recommended actions will amend the County of Fresno 401(a) Defined Contribution Plan (the "401(a) Plan") to 1) allow the County the flexibility to offer an employer matching contribution amount, which the County, in its sole discretion, elects to make to the 401(a) Plan on behalf of employees who are actively contributing to their County of Fresno 457(b) Deferred Compensation Plan (the "457(b) Plan") account; 2) allow the County to offer non-matching contributions and leave conversion contributions to the 401(a) Plan on behalf of employees in its sole discretion; and 3) update certain elections in order to confirm the treatment of various bargaining groups under the 401(a) Plan and to facilitate the overall administration of the 401(a) Plan.
This item is countywide.
ALTERNATIVE ACTION(S):
The alternative to the recommended actions is to direct staff to revise the proposed amended Adoption Agreement to remove any elections related to employer 457(b) Plan non-matching contributions and/or leave conversion contributions to the 401(a) Plan and bring an item to the Board of Supervisors at a later date for the revised amended Adoption Agreement.
However, there is no alternative to the changes related to the employer 457(b) Plan matching contributions, as changes need to be made in order to effectuate prior Board ...
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