To: Board of Supervisors
From: Treasurer/Tax Collector
Agenda Section: Departmental
SUBJECT:
title
Adding CalPERS as Additional Provider for County 457(b) Savings Plan
end
RECOMMENDATION(S):
Recommendation
That the Board of Supervisors:
1. Adopt Board Resolution No._____ to approve and adopt the CalPERS 457 Plan
2. Authorize the Board Chair to sign the attached CalPERS Employer Information Sheet
3. Authorize the Board Chair to sign the attached CalPERS 457 Adoption Agreement
4. Authorize the Board Chair to sign the attached CalPERS 457 Loan Program
5. Authorize the Board Chair to sign the attached CalPERS 457 Roth Provision
6. Return copy of each document with original signatures to the Treasurer-Tax Collector
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SOURCE OF FUNDING:
General Fund (1100)
DISCUSSION:
The county has had a 457(b) Deferred Compensation Plan (Plan) since it was adopted on Dec.16, 1986. The Plan is a tax-advantaged retirement savings program offered by state and local governments to employees; known as "Participants" once they are enrolled. The county originally established the Plan with the Hartford Life Insurance Company as the Plan Provider, offering record-keeping services related to plan administration and accounting, participant and beneficiary transactions (e.g., enrollment, payroll deductions and contributions, Participant loans, withdrawals and distributions), as well as maintenance of the plan, participant accounts, records, and statements. The county Plan has since been sold to two different companies in succession; the first was to MassMutual in Dec. 2017. MassMutual then sold the Plan to the Empower Company in Dec. 2020. The Plan has assets of more than $120,000,000 and over 1,600 county Participants, comprised of both current and former employees.
The Treasurer-Tax Collector (TTC), as the designated Plan Administrator for the county, reached out and received three proposals from potential additional Plan Providers in spring 2019 from the foll...
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