DATE: November 8, 2022
TO: Board of Supervisors
SUBMITTED BY: Hollis Magill, Director of Human Resources
SUBJECT: Amend the Deferred Compensation Management Council Bylaws
RECOMMENDED ACTION(S):
TITLE
Approve the Amended Deferred Compensation Management Council Bylaws.
REPORT
The recommended action has no fiscal impact on the County. At its September 27, 2022 meeting, the Deferred Compensation Management Council (the "Council") 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 Council revise and resubmit the bylaws for Board approval.
FISCAL IMPACT:
The recommended action has no fiscal impact on the County.
DISCUSSION:
On January 20, 1976, the Board of Supervisors adopted Resolution No. 76-102, which created the County of Fresno 457(b) Deferred Compensation Plan (the "457(b) Plan") and the Council. On April 17, 2012, the Board of Supervisors adopted Resolution No.12-154, which modified the membership of the Council to its current composition: 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. In addition, on April 5, 2022 your Board adopted Resolution No. 22-114 which also delegated the authority to oversee the County of Fresno 401(a) Defined Contribution Plan (the "401(a) Plan") to the Council. The duties and responsibilities granted to the Council include:
? Enforcement of the provisions of the 457 (b) and 401(a) Plan Documents;
? Direction of the third-party administrator on behalf of the County to make disbursement of 457 (b) and 401(a) Plan benefits;
? Selection and review of any investment current...
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