DATE: March 9, 2021
TO: Board of Supervisors
SUBMITTED BY: Hollis Magill, Interim Director of Human Resources
SUBJECT: Second Amendment to Agreement No. 13-417 with Great-West Trust Company, LLC
RECOMMENDED ACTION(S):
TITLE
Approve and authorize the Chairman to execute a Second Amendment to Agreement No. 13-417 with Great-West Trust Company, LLC., to add the 2060 Great-West Lifetime target retirement date option to the current County of Fresno 457(b) Deferred Compensation Plan investment lineup.
REPORT
There is no Net County Cost associated with the recommended action. Approval of the recommended action will add the 2060 Great-West Lifetime target retirement date option to the current County of Fresno 457(b) Deferred Compensation Plan investment lineup. This item is countywide.
ALTERNATIVE ACTION(S):
The alternative to the recommended action would be to continue using the current lineup of Great-West Lifetime Trust target-date funds.
FISCAL IMPACT:
There is no Net County Cost associated with the approval of the recommended action.
DISCUSSION:
The County of Fresno 457(b) Deferred Compensation Plan (the "Plan") allows employees to defer pre-tax and/or after-tax dollars into a variety of investment options in order to save for retirement. Currently, the Plan has over $330 million in assets and more than 6,800 participants (including active and separated/retired employees). In addition, nearly 4,000 or approximately 55% of all active County employees currently contribute to their Plan accounts.
The Board of Supervisors has delegated the authority to oversee the Plan to the Deferred Compensation Management Council (the "Council"), which is comprised of the County Administrative Officer (CAO), Auditor-Controller/Treasurer-Tax Collector, Director of Human Resources, Retirement Administrator, one (1) Department Head appointed by the CAO and two (2) Members-At-Large appointed by the Board of Supervisors. The Council is responsible for the selection and oversi...
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