HomeMy WebLinkAboutMINUTES - 04242012 - SD.3RECOMMENDATION(S):
1. DETERMINE that a loan provision shall be included in the County Deferred
Compensation Plan with parameters identified in Attachment A;
2. DIRECT the Assistant County Administrator - Director of Human Resources to take the
next steps in the process and return to the Board with an amended plan document for
approval;
3. TERMINATE referral to the Internal Operations Committee to evaluate the feasibility of
implementing a loan provision to the County Deferred Compensation Plan.
FISCAL IMPACT:
Costs related to the origination and maintenance of loans are assessed to employees directly
by The Hartford during the term of the loan.
BACKGROUND:
On September 13, 2011, the Board of Supervisors referred to the Internal Operations
Committee for review and consideration a proposed revision to the County Deferred
APPROVE OTHER
RECOMMENDATION OF CNTY ADMINISTRATOR RECOMMENDATION OF BOARD COMMITTEE
Action of Board On: 04/24/2012 APPROVED AS RECOMMENDED OTHER
Clerks Notes:
VOTE OF SUPERVISORS
AYE:John Gioia, District I
Supervisor
Mary N. Piepho, District III
Supervisor
Karen Mitchoff, District IV
Supervisor
Federal D. Glover, District V
Supervisor
ABSENT:Gayle B. Uilkema, District II
Supervisor
Contact: Timothy Ewell,
925-335-1036
I hereby certify that this is a true and correct copy of an action taken and entered on the minutes of the
Board of Supervisors on the date shown.
ATTESTED: April 24, 2012
David Twa, County Administrator and Clerk of the Board of Supervisors
By: , Deputy
cc:
SD. 3
To:Board of Supervisors
From:INTERNAL OPERATIONS COMMITTEE
Date:April 24, 2012
Contra
Costa
County
Subject:IMPLEMENTATION OF A LOAN PROVISION WITHIN THE COUNTY DEFERRED
COMPENSATION PLAN
Compensation Plan to include a loan provision for plan participants.
On October 25, 2011, the Internal Operations Committee directed Human Resources
Department staff to develop a proposal for implementing a conservative Loan Provision
Program for participants in the County Deferred Compensation Plan.
On February 13, 2012, the Internal Operations Committee considered loan provision
parameters recommended by the Deferred Compensation Plan Advisory Committee
(Attachment A). The IOC voted to accept the parameters as proposed and forward to the
Board of Supervisors for consideration.
If approved, below is a timeline for implementation of the new loan provision:
BACKGROUND: (CONT'D)
February - April: Meet and confer process, as necessary, to offer benefit to represented
employees.
March - April: Human Resources Department and County Counsel to prepare Plan
Document Amendment, loan provision, loan application and all forms necessary to
administer plan.
April 24: Board of Supervisor direction to amend the Deferred Compensation Plan
Document to include the loan provision.
May - June: Board of Supervisors adoption of amended Deferred Compensation Plan
Document.
May - June: County Administrator (or designee) approval of amended Administrative
Services Agreement between Contra Costa County and The Hartford Life Insurance
Company.
May - June: Development of data transfer, funds transfer and all other administrative
functions.
May - June: Development of employee communications regarding enhanced Plan
Provisions.
July 1: Deferred Compensation Loan Provision becomes available
CONSEQUENCE OF NEGATIVE ACTION:
The County Deferred Compensation Plan will remain in its current state.
CHILDREN'S IMPACT STATEMENT:
No impact.
CLERK'S ADDENDUM
Speaker: Rollie Katz, Public Employees' Union, Local One.
ATTACHMENTS
Attachment A