DATE: November 3, 2020
TO: Board of Supervisors
SUBMITTED BY: Paul Nerland, Director of Human Resources
SUBJECT: Letter Agreement to Agreement No. 09-530
RECOMMENDED ACTIONS:
TITLE
1. Approve and authorize the Chairman to execute a retroactive Letter Agreement amending Agreement No. 09-530 with Great-West Life & Annuity Insurance Company, reducing the Investment Management Fee effective June 1, 2019.
2. Authorize the Chair of the Deferred Compensation Management Council to execute future Letter Agreements, upon approval of County Counsel, to the extent that such Letter Agreements amend investments as set forth in Agreement No. 09-530, consistent with the authority granted by Section 8.02 of the County of Fresno 457(b) Deferred Compensation Plan Document.
REPORT
There is no increase in Net County Cost associated with the recommended actions. Approval of the first recommended action will reduce the Investment Management Fee to County of Fresno 457(b) Deferred Compensation Plan (the "Plan") participants invested in the Stable Value Fund investment option from 0.35% to 0.34%, retroactive to June 1, 2019. Approval of the second recommended action will allow the Chair of the Deferred Compensation Management Council (the "Council"), to execute future Letter Agreements to Agreement No. 09-530, but only if such Letter Agreements amend the investment guidelines related to the County of Fresno Stable Value Fund. This item is countywide.
ALTERNATIVE ACTION(S):
There is no alternative to the first recommended action. Great-West Life & Annuity Insurance Company ("Great-West") reduced the Investment Management Fee charged to eligible Plan participants on June 1, 2019. If your Board does not approve the second recommended action, future Letter Agreements amending the investment guidelines related to the County of Fresno Stable Value Fund will be presented to your Board for approval.
RETROACTIVE AGREEMENT:
The recommended Letter Agreement 3 to Agreement No. 09-530 with...
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