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TO: BOARD OF SUPERVISORS E
5 Contra
FROM: Leslie T. Knight,Director of Human Resources i
Costa
DATE: May 20, 1997 �'"`'�• County
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SUBJECT: Deferred Compensation Consultant Contract
SPECIFIC REQUEST(S)OR RECOMMENDATION(S)&BACKGROUND AND JUSTIFICATION
RECOMMENDATION:
IT IS BY THE BOARD ORDERED THAT the Director of Human Resources is authorized to
execute a contract agreement with Buck Consultants to work with the Deferred Compensation
Advisory Committee to issue a Request for Proposal to interested vendors for administration of the
Section 457 Deferred Compensation Program.
BACKGROUND:
The current Hartford contract for third party administration services for the Section 457 Deferred
Compensation Plan is expiring December 31, 1998.
In anticipation of the contract expiration date, the Deferred Compensation Advisory Committee and
the County Administrator met and agreed to issue a Request for Proposal to interested vendors.
The Committee's decision is based on the fact that there are many more vendors available as third
party administrators for Section 457 Plans thanin the past and it was in the best interest of employees
to seek out investment instruments that provide participating employees the opportunity to select
options that meet their investment needs.
The consultant will work with the Advisory Committee to draft, issue and analyze the Request for
Proposals.
FISCAL IMPACT:
The estimated consulting costs will not exceed $30,000 and will be funded by the Human Resources
Employee Benefits Service Unit program budget.
CONTINUED ON ATTACHMENT: YES SIGNATURE:
RECOMMENDATION OF COUNTY ADMINISTRATOR RECOMMENDATION OF BOARD COMMITTEE
APPROVE OTHER
SIGNATURE(S):.
ACTION OF BOARD ON APPROVED AS RECOMMENDED OTHER
7UNANIMOUS
OF SUPERVISORS
I HEREBY CERTIFY THAT THIS IS A TRUE AND
(ABSENT CORRECTED COPY OF AN ACTION TAKEN AND
AYES: NOES: ENTERED ON THE MINUTES OF THE BOARD OF
ABSENT: ABSTAIN: SUPERVISORS ON THE DATE SHOWN.
ATTESTED a ��, / /7
Orig.Dept: Human Resources Department (5-1766) PHIL BATC19LOR,CLERK OF THE BOARD OF
cc: County Administrator SUPERVISORS AND COUNTY ADMINISTRATOR
Auditor-Controller 4
County Counsel 0
BDEPUTY
M382 (10/88)