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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