DATE: December 14, 2021
TO: Board of Supervisors
SUBMITTED BY: Hollis Magill, Director of Human Resources
SUBJECT: Amend and Restate the County of Fresno 457(b) Deferred Compensation Plan
RECOMMENDED ACTION(S):
TITLE
Adopt a Resolution to amend and restate the County of Fresno 457(b) Deferred Compensation Plan.
REPORT
Approving the recommended action will amend and restate the County of Fresno 457(b) Deferred Compensation Plan to incorporate provisions related to the Coronavirus Aid, Relief, and Economic Security (CARES) Act, American Miners Act of 2019, and the Setting Every Community Up for Retirement Enhancement (SECURE) Act.
ALTERNATIVE ACTION(S):
There are no viable alternatives to amending and restating the County of Fresno 457(b) Deferred Compensation Plan (the "Plan") to incorporate the legally required changes. Your Board may choose not to adopt any or all of the optional proposed changes.
FISCAL IMPACT:
There is no Net County Cost associated with the recommended action.
DISCUSSION:
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 $360 million in assets and over 7,000 participants, including active and separated/retired employees. Of those 7,000 participants, over 4,000 are active County employees contributing to their Plan accounts (approximately 56% participation).
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 oversight of the Plan investment options, creating policies and procedures related to the Plan, and making r...
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