HomeMy WebLinkAboutMINUTES - 12161997 - C101 f
='TO: BOARD OF SUPERVISORS
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FROM: f \'
Phil Batchelor, County Administrator Costa
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DATE: December 16, 1997
SUBJECT:
CONTRACT TO CONTINUE EMPLOYEE'S DEFERRED COMPENSATION PLAN
SPECIFIC REQUEST(S)OR RECOMMENDATION(S)&BACKGROUND AND JUSTIFICATION
RECOMMENDATION:
1. AUTHORIZE the Human Resources Director to execute a contract with Hartford Life
Insurance company for the continuation of the County Deferred Compensation Plan.
BACKGROUND:
Over much of 1997, the Deferred Compensation Advisory Committee has been negotiating
with representatives from the Hartford Life Insurance Company to improve the County's
Deferred Compensation. The current contract will expire on December 31, 1998.
As a result of these negotiations, a five year extension was agreed to ending on December
31, 2003, with significant improvements to the County's Plan. The improvements are listed
below.
1. A self directed investment option will be offered whereby employees may purchase
any stocks or mutual funds provided by the designated Brokerage .for the Plan.
Contra Costa County will be the first public agency to be granted this option by
Hartford.
2. Hartford will reimburse each active plan member $25 per year, with the first
reimbursement given January, 1999. To be eligible, a member must have
participated the entire year. In addition, members will receive annual refunds on
account assets pursuant to an established schedule.
CONTINUED ON ATTACHMENT: YES SIGNATURE: ✓ D�`�`�(
RECOMMENDATION OF COUNTY ADMINISTRATOR RECOMMENDATION OF BOARD COMMITTEE
APPROVE OTHER
SIGNATURE(S):
ACTION OF BOARD ON / -��Q -/9�� 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. Q p
CC: Hunan Resources ATTESTED Da-�`--��+M L- 1/ / 7 7,
PHIL BATCHELOR,CLERK OF THE BOARD OF
SUPERVISORS AND COUNTY ADMINISTRATOR
M382 (10/88) BY DEPUTY
Page 2
3. At the end of the new contract, all charges and liabilities which were attached to the
old contract will be eliminated. This provision allows the County to pursue other
company plans, free of penalty, in the future.
4. Hartford will enhance its information and education services to participants.
The new contract would not allow additional funds to be placed in the General Account
after December 31, 1997. Beginning in January, 1998, participants wishing a fixed interest
rate on contributions will contribute to a "Stable Value Fund", which will provide similar
benefits.