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HomeMy WebLinkAboutMINUTES - 09212004 - C.68 TO: BOARD OF SUPERVISORS Contra FROM: Leslie T. Knight, Director of Human Resources !, - Costa DATE: September 21, 2004 'A - County SUBJECT: Approve the removal of current investment options and approve the addition of new investment options for the County Deferred Compensation Program ek? SPECIFIC REQUEST(S)OR RECOMMENDATION(S)&BACKGROUND AND JUSTIFICATION RECOMMENDATION: APPROVE the removal of twenty-two (22) current investment options and the addition of twenty-five (25) new investment options for the County Deferred Compensation Program as described below. BACKGROUND: The County Deferred Compensation Advisory Committee and The Hartford met and evaluated the status of the fifty-one (51) investment options currently offered to the plan participants and concurred on the closure and removal of twenty-two (22) funds (refer to list of funds on following page). The decision to close and remove specific fund options is based on one or all of the following reasons: • Overall continuous poor investment performance over the past several years; • Key management and portfolio manager turnover; • Recent net withdrawal and loss of customer confidence; and • Ongoing investigation by the State Attorney General or the SEC concerning improper trading practices by a firm. Procedures for implementing Man investment channe: Plan investment communications will be mailed directly to participants by The Hartford along with an "Investment Option and Mapping Guide". The Mapping Guide may be used by participants as a reference for similar fund alternatives to the closed plan options for fund transfers. CONTINUED ON ATTACHMENT: X YESSIGNATURE ; --- ------------------__ ------------------- -- --- ----------------------------------------- - r -e------ = -------------------------------- A.,,_RECOMMENDATION OF COUNTY ADMINISTRATOR RECOMMENDATION OF BOARD COMMITTEE _APPROVE. OTHER SIGNATURE S): —_-- -----�-'_ -F ---------------- --------- i -------- ------------ --—'--— - ------- ACTION OF BOZ N I #s...� : f_ Zt5 J€ APPROVE AS RECOMMENDED O ER VOTI;OF SUPERVISORS I HEREBY CERTIFY THAT THIS IS A TRUE UNANIMOUS{ABSENT r'"s,`"''f',.�_- AND CORRECT COPY OF AN ACTION TAKEN } AND ENTERED ON THE MINUTES OF THE BOARD OF SUPERVISORS ON THE DATE AYES: NOES: SHOWN. ABSENT: ABSTAIN: ATTESTED\ KI ! rTHE"TNCLEOCONTACT: JOHN sem.. BOARD OF SUPERVISORS AND COUNTY ADMINISTRATOR CC: Human Resources Department(5-1747) By County Counsel DEPUTY Auditor-Controller Benefits Service Unit,Human Resources Department Plan participants will be provided an eight (8) week period to transfer their funds. For participants who fail to transfer funds, all balances in the closed fund(s) will automatically be transferred to the General (Declared Rate) Account. Plan participants whose balances are transferred to the General Account will always have an option to transfer their funds to other available options at their convenience. FISCAL IMPACT: There will be no fiscal impact to the County. Plan participants, as always, experience gainsllosses dependent upon their asset allocation decisions. FUNDS AFFECTED: 11:' almillin MEN= i Janus Twenty GE Premier Growth Equity Janus American Funds: The Growth Fund of America MFS Massachusetts Investors Growth Stock HartfordLargeCap Growth HLS Dre us Premier Third Century Davis New York Venture Fidelit Advisor Growth Opportunities Calvert Social Investment Equity__ MFS Capital Opportunities AIM Basic Value Scudder Growth & Income Van Kampen Comstock American Century Income and Growth Fidelity Advisor Mid Ca Franklin Small-Mid Cap Growth Artisan Mid Cap Mid Putnam Vista Davis Opportunity ; Janus Enterprise Hotchkls and Wile Mid-Cap Value INVESC© Small Company Growth ; Baron Small Ca Janus Advisor International Growth TCW Galileo Opportunity Putnam International New Opportunities American Centur y Small Cap Value Janus Worldwide MFS International New Discovery Putnam Global Equity Artisan International [Fidelity Advisor Balanced American Funds: EuroPacific Growth Janus Balanced American Funds: Capital World Growth and Income Dreyfus Premier Core Bond --Oppenheimer Global _.Dreyfus LifeTime Growth Hartford Global Advisers HLS -Drelfts LifeTime Growth & Income Van Kampen Equity and Income F.Dreyfus LifeTime Income American Century Strategic Allocation: Aggressive American Century Strategic Allocation: Moderate American Century Strategic Allocation: Conservative PIMC4 Total Return ,