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File #: 18-0732    Version: 1 Name: Amendment and Restatement of the County of Fresno 457(b) Deferred Compensation Plan Document
Type: Agenda Item Status: Approved
File created: 6/19/2018 In control: Human Resources
On agenda: 6/4/2019 Final action: 6/4/2019
Enactment date: Enactment #: Resolution No. 19-222
Title: Adopt resolution amending and restating the County of Fresno 457(b) Deferred Compensation Plan.
Attachments: 1. Agenda Item, 2. Resolution No. 19-222, 3. Attachment B: Current 457(b) Deferred Compensation Plan
DATE: June 4, 2019

TO: Board of Supervisors

SUBMITTED BY: Paul Nerland, Director of Human Resources

SUBJECT: Amending and Restating the County of Fresno 457(b) Deferred Compensation Plan

RECOMMENDED ACTION(S):
TITLE
Adopt resolution amending and restating the County of Fresno 457(b) Deferred Compensation Plan.
REPORT
The recommended action will amend and restate the County of Fresno 457(b) Deferred Compensation Plan to update the Plan to ensure compliance with current law and to incorporate streamlined and recommended administrative practices.

ALTERNATIVE ACTION(S):

The alternative to the recommended action would include (1) take no action to update the County of Fresno 457(b) Deferred Compensation Plan ("Plan") and (2) remove or amend specific provisions within the proposed amended and restated County of Fresno 457(b) Deferred Compensation Plan Document.

FISCAL IMPACT:

There is no net County cost associated with the recommended actions.

DISCUSSION:

The County established the Plan as authorized by Internal Revenue Code (IRC) Section 457, in 1976. The Plan allows employees to defer pre-tax dollars into a variety of investment options for the purpose of saving for retirement. Currently, the Plan has nearly 6,400 participants (figure includes active and non-active County employees) with over $260 million in assets. Your Board 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 your Board. The Council is responsible for: the selection and oversight of the Plan investment options, creating policies and procedures related to the Plan, and making recommendations to your Board regarding Plan record-keeping and consulting services.

The Plan was previou...

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