HomeMy WebLinkAboutMINUTES - 10031995 - C38 TO: BOARD OF SUPERVISORS
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FROM: Leslie T. Knight, Director of Human Resources -- Costa
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DATE: October 3, 1995 County
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SUBJECT. Approval of Amendment to the Group Annunity Contract
(No. 60002) with ITTi Hartford
SPECIFIC REOUEST(S)OR RECOMMENDATION(S)&BACKGROUND AND JUSTIFICATION
RECOMMENDATION:
Authorize the Director of Human Resources, on behalf of County and Districts participating
in the County Deferred Compensation Plan, to execute an amendment agreement to the Group Annuity
Contract No. GC 60002 with'the Hartford to add the Dividend and Growth Fund Account to the list of
available.investment options.
FINANCIAL IMPACT:
None to the County.
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BACKGROUND:
ITT Hartford added a new investment option to it's portfolio in order to offer plan participants
the ability to possibly earn higher rates of return while keeping the risk of investment as low as possible.
ITT Hartford is!'offering this new investment option because they believe it offers the following
investment advantages:
• Improved chances for capital appreciation with stock in the nation's largest
corporations. The fund's investment manager selects stocks issued by the
1,000 largest companies in the U.S.
• Strong dividend income. Stocks selected for the fund must have above-
average dividend yields and the ability to maintain those dividends.
• Cushioned downside risk. The total return is comprised of dividend income
and price appreciation. Because dividend income is generally more stable
than price change, dividends help reduce total return volatility.
The Deferred Compensation Advisory Committee and the Director of Human Resources
recommend the Dividend and Growth Fund be added. This amend will allow ITT Hartford to offer this
additional investment option to',interested plan members.
CONTINUED ON ATTACHMENT: YES SIGNATURE: �. dtw
RECOMMENDATION OF COUNTY ADMINISTRATOR RECOMMENDATION OF BOARD COMMITTEE
APPROVE OTHER
SIGNATURE (S),
ACTION OF BOARD ON eA 9�S- APPROVED AS RECOMMENDED OTHER
VOTE OF SUPERVISORS
1 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: Orginating Department : Human Resources ATTESTED '-t��-J 3 Ins-
- County
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COunty Counsel PHIL BATCHELOR.CLERK OF THE BOARD OF
County Admini8tratOr SUPERVISORS AND COUNTY ADMINISTRATOR
Auditor-Controller
-Benefits Service Unit Human Resources -
.DEPUTY
M382 (10/88)
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