DATE: May 26, 2020
TO: Board of Supervisors
SUBMITTED BY: Paul Nerland, Director of Human Resources
SUBJECT: Amendment to the Bylaws of the Deferred Compensation Management Council
RECOMMENDED ACTION(S):
TITLE
Approve the Amended Bylaws of the Deferred Compensation Management Council.
REPORT
The recommended action has no fiscal impact on the County. At its September 26, 2019 meeting, the Deferred Compensation Management Council (DCMC) amended its bylaws by a unanimous vote of its members and is now seeking your Board's approval. The terms of the bylaws require that your Board approve amendments to the bylaws. This item is countywide.
ALTERNATIVE ACTION(S):
Your Board may choose not to approve the amended bylaws and recommend that the DCMC revise and resubmit the bylaws for Board approval.
FISCAL IMPACT:
The recommended action has no fiscal impact on the County.
DISCUSSION:
On April 17, 2012, your Board adopted Resolution No.12-154, delegating the authority to oversee the County of Fresno 457(b) Deferred Compensation Plan (the "Plan") and its investment options to the DCMC, which is comprised of the County Administrative Officer (CAO), Auditor-Controller/Treasurer-Tax Collector, Director of two (2) members at-large appointed by your Board. The duties and responsibilities granted to the DCMC include:
? Enforcement of the provisions of the Plan Document;
? Direction of the third-party administrator on behalf of the County to make disbursement of Plan benefits;
? Selection and review of any investment currently offered or under consideration to be offered as an investment option under the Plan;
? Make recommendations to your Board, as appropriate, regarding the appointment of such agents, advisors, and counsel, including a third-party administrator as necessary for the administration and operation of the Plan.
On December 11, 2012 your Board approved the original bylaws of the DCMC. The bylaws are being proposed for amendment for the following reaso...
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