HomeMy WebLinkAboutMINUTES - 12201994 - 1.61 TO: BOARD OF SUPERVISORS Contra
FROM: Leslie T. Knight, Director of Personnel j � •
- _ s Costa
DATE: December 20, 1994 Coun� Ly
SUBJECT: Deferred Compensation Contract
SPECIFIC REOUEST(S)OR RECOMMENDATION(S)&BACKGROUND AND JUSTIFICATION
RECOMMENDATION-
Authorize the Director of Personnel, on behalf of County and Special Districts participating
in the County Deferred Compensation Plan, to execute a contract amendment of Contract No. GA-50002,
Fixed Income Contract with The Hartford for the period of January 1, 1995 through December 31, 1998.
FINANCIAL IMPACT:
There should be no fiscal impact to the County. Participants in the Deferred Compensation
Plan will have minimum guaranteed rates for the General Accounts for the above period as follows:
Contributions Minimum Floor Guarantee Current Rates(] )
1. For contributions made 1995 - 5.55% 5.70%
prior to 1/1/94 1996 - 5.00%
1997 - 4.75%
1998 - 4.50%
2. For contributions made between 1995 - 6.05% 6.50%
1/1/94 a 7/31/94 1996 - 5.50%
1997 - 5.00%
1998 - 4.50%
3. For contributions made between 1995 - 6.55% 6.90%
8/1/94 U 12/31/94 1996 - 6.00%
1997 - 5.50%
1998 -
CONTINUED ON ATTACHMENT: X X YES SIGNATURE: Q
RECOMMENDATION OF COUNTY ADMINISTRATOR RECOMMENDATION OF BOARD COMMITTEE
APPROVE OTHER
SIGNATURES
ACTION OF BOARD ON APPROVED AS RECOMMENDED OTHER
VOTE OF SUPERVI30RS
I HEREBY CERTIFY THAT THIS IS A TRUE
UNANIMOUS(ABSENT + AND CORRECT COPY OF AN ACTION TAKEN
AYES: NOES: AND ENTERED ON THE MINUTES OF THE BOARD
ABSENT: ABSTAIN: OF SUPERVISORS ON THE DATE SHOWN.
CC: C=ACr: Jean . F.. Soares - 6-1727 ATTESTED DEC 2
County' Counsel PHIL BATCHELOR,CLERK OF THE BOARD OF
COunty AaMinistrator I s:office SUPERVISORS AND COUNTY ADMINISTRATOR
Auditor-controller ;.
Benefits. Division
M382 ('woo/ BY ,DEPUTY
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2-
4.
4. For contributions made on or 1995 - 6.80% 7.15%
after 1/1/95 1996 - 6.20%
1997 - 5.70%
1998 - 5.20%
(1) "Current Rate" means ITT Hartford can adjust these rates upward or downward as market conditions
warrant, but never below the floor minimum.
(2) These rates are guaranteed for calendar years 1995 through 1998 and are five base points higher
than that provided other Hartford clients with similar contracts. For contributions made between
8/l/94 & 12/31/94, the rate is 10 base points higher than provided other Hartford clients with
similar contracts.
BACKGROUND:
The Deferred Compensation Advisory Committee previously recommended to the Board of
Supervisors to elect a one year guaranteed General Account rate for 1994 for the purpose of consideration
of renegotiating new guaranteed floor rates for the remaining years of the contract. The Deferred
Compensation Advisory Committee, after meeting with the Hartford on December 7, 1994, recommended
the County opt.for a guaranteed interest floor rates for the General Account for the remaining contract
years ('1995 - 1998) as described above.
D:DC95-98
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