HomeMy WebLinkAboutMINUTES - 09081992 - 1.113 TO: BOARD OF SUPERVISORSCon® 11lra
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FROM: Harry D. Cisterman, Director of Personnel Costa
DATE: August 2.7, 1992 County
SUBJECT: Approval of Amendment to the Group Annunity Contract (No. 60002) with
The Hartford
SPECIFIC REQUEST(S) OR RECOMMENDATION(S) ac BACKGROUND AND JUSTIFICATION
RECOMMENDATION:
Authorize the Director of Personnel , on behalf of County and Districts
participating in the County Deferred Compensation Plan, to execute an amendment
agreement to the Group Annuity Contract No. 60002 with the Hartford to add the
AMS/Twentieth Century Balanced Investor Fund Account, AMS/Twentieth Select
Investors Fund Account, and the AMS/Twentieth Ultra Investors Fund Account to
the list of available investment options and to incorporate the approved
amendments of January 1, 1991.
FINANCIAL IMPACT:
There should be no financial impact to the County. Participants electing
the new options will be subject to a $5.00 monthly administrative fee per
account.
BACKGROUND:
Since its initial contract with the County, The Hartford contracted with
AMS/Twentieth Century in order to offer higher risk investment opportunities than
the comparable Hartford funds. The Hartford selected AMS/Twentieth Century
based on their investment philosophy which complimented The Hartford and their
past performance record.
The Deferred Compensation Advisory* Committee and the County Risk Manager,
after review and discussion, recommended the AMS/Twentieth Century Funds be
added. This amendment will allow The Hartford to offer this additional
investment option to interested plan members.
L:ANNUNITY
CONTINUED ON ATTACHMENTt YES SIONATUREt
RECOMMENDATION OF COUNTY ADMINISTRATOR RECOMMENDATION OF BOARD COMMITTEE
APPROVE OTHER
SIGNATURE(S)
ACTION OF BOARD ON APPROVED AS RECOMMENDED. OTHER
VOTE OF SUPERVISORS
�.. UNANIMOUS (ABSENT ) 1 HEREBY CERTIFY THAT THIS IS A TRUE
AYES: __. NOESs AND CORRECT COPY OF AN ACTION TAKEN
ABSENTS ABSTAIN: AND ENTERED ON THE MINUTES OF THE BOARD
OF SUPERVISORS ON THE DATE SHOWN.
Originating Department: Personnel a a
CC. County Counsel ATTESTED
County Administrator's Office Ail Batchelor, Cterk of the Board of
Auditor-Controller Supervisors and County Admin,;strator
Personnel - Benefits Division
MAR7/7•AA BY .. _ �� DEPUTY