HomeMy WebLinkAboutMINUTES - 10071997 - C41 ,A )+e
TO: BOARD OF SUPERVISORS 5.... Contra
\.
FROM: Leslie T. Knight, Director of Human Resources i` !f►
Costa
County
DATE:
October 7, 1997
SUBJECT: Approval of Amendment to The Hartford Group Annuity Contract (No. 60002)
SPECIFIC REQUEST(S)OR RECOMMENDATION(S)3 BACKGROUND AND JUSTIFICATION
RECOMMENDATION:
Authorize the Director of Human Resources, on behalf of the County and Special Districts in the County
Deferred Compensation Plan, to execute an amendment agreement to the Group Annuity Contract No.
60002 with The Hartford increasing the investment choices for participating plan members. The new
investment options are:
PUTNAM INTERNATIONAL NEW OPPORTUNITIES ACCOUNT
This option focuses on long term capital appreciation and invests in foreign stock investment options with
fast-growing companies that have superiorcompetitive positions within their industries. There are no
geographical boundaries and targets both established and emerging markets.
JANUS WORLDWIDE ACCOUNT
This option focuses on foreign and domestic issuers. It typically invests in issuers from at least five
different countries including the United States and has the flexibility to invest in companies and
organizations of any size.
PUTNAM VISTA ACCOUNT
This option focuses on mid cap growth investment options by investing in midsized companies believed to
offer above-average growth potential.
JANUS TWENTY ACCOUNT
This option focuses on long-term growth of capital by concentrating investments in a core position of 20-30
common stocks.
v CONTINUES ON PAGE
CONTINUED ON ATTACHMENT: _2LYES SIGNATURE:
RECOMMENDATION OF COUNTY ADMINISTRATOR RECOMMENDATION OF BOARD COMMITTEE
APPROVE OTHER
SIGNATURE (S):
ACTION OF BOARD ON October APPROVED AS RECOMMENDED OTHER
VOTE OF SUPERVISORS
XI HEREBY CERTIFY THAT THIS-IS A TRUE
UNANIMOUS(ABSENT III 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.
Originating Department: Human Resources Department(Benefits Unit)
October 7 , 1997
CC: ATTESTED
County Administrator's Office PHIL BATCHELOR,CLERK OF THE BOARD OF
Auditor-Controller
County Counsel's Office SUPERVISORS AND COUNTY ADMINISTRATOR
Human Resources Department
BY 1,� �li�/Z/ DEPUTY
M382 (10/88)
PAGE TWO--Approval of Amendment to The Hartford Group Annuity Contract (No. 60002
SKYLINE SPECIAL EQUITIES H ACCOUNT
This fund focuses exclusively on investing in undervalued small companies (small cap values) that have
above-average growth potential.
FIDELITY ADVISOR GROWTH & INCOME ACCOUNT
This fund focuses on new large cap blend investment options and seeks a high total return through a
combination of capital appreciation and current income from equity securities.
AMERICAN CENTURY INCOME & GROWTH ACCOUNT
This fund focuses on large cap value investment options and seeks dividend growth, current income and
capital appreciation by investing primarily in United States common stocks.
SCUDDER GROWTH & INCOME ACCOUNT
This fund focuses on large cap blend investment options and seeks long-term growth and income from
stocks paying high-dividend yields relative to the S & P 500. It is a that is designed for both up and down
markets.
AMERICAN CENTURY VALUE ACCOUNT
This fund focuses on mid cap value investment options and seeks long-term capital growth with income as a
secondary objective. Typically at least 80% of its assets are invested in equities of well-established medium
and large-sized companies.
FINANCIAL IMPACT
There is no financial impact to the County. Participants electing to participate in all of the above accounts
will be charged 0.85% mortality and expense fee per investment options selected.
BACKGROUND
The Deferred Compensation Advisory Committee had requested that Hartford include more investment
options to the County'.s current deferred compensation program allowing employees more flexibility in
meeting their investment strategy objectives. In addition to reviewing some of the Committee's
recommended investment options, Hartford also included reviewing other mutual funds comparing
performance, experience, ratings and investment styles before deciding on the current options.
The Deferred Compensation Advisory Committee, after review and discussion, recommended that the above
fund options be made available to participants in the Deferred Compensation Plan. This contract
amendment will allow interested plan members the ability to elect any or all of these additional options.