To: Board of Supervisors
From: Ann Elliott, Human Resources Director
Report Title: Contract with Empower Annuity Insurance Company of America for Administrative Services for the 457(b) Deferred Compensation Plan[RH1] & 401(a) Defined Contribution Plan, and Agreement with Empower Trust Company, LLC for Benefit Trust Fund
?Recommendation of the County Administrator ? Recommendation of Board Committee
RECOMMENDATIONS:
APPROVE and AUTHORIZE the County Administrator, or designee, to execute a contract with Empower Annuity Insurance Company of America for recordkeeping and administrative services for the 457(b) Deferred Compensation Plan & 401(a) Plan for the period January 1, 2025, through December 31, 2027, subject to approval as to form by County Counsel; and
APPROVE and AUTHORIZE the County Administrator, or designee, to execute a Trust Agreement between Contra Costa County and Empower Trust Company, LLC, for the period January 1, 2025, through December 31, 2027, to administer an exclusive benefit trust fund for the assets of the 457(b) Deferred Compensation Plan & 401(a) Defined Contribution Plan, subject to approval as to form by County Counsel.
FISCAL IMPACT:
The contract is funded by fees charged to participants' 457(b) Deferred Compensation Plan & 401(a) Defined Contribution Plan accounts. There is no fiscal impact beyond overhead administrative support costs, which are partially offset through the Contra Costa County Deferred Compensation Plan (I.R.C. ? 457) and 401(a) Defined Contribution Plan (I.R.C. ? 401(a) ("the Plan").
BACKGROUND:
A Request for Proposals (RFP) for the 457(b) Plan & 401(a) Defined Contribution Plan Recordkeeper Services was issued in April 2024. Empower Annuity Insurance Company of America ("Empower") was determined to be the best match for the County's requirements. The anticipated contract with Empower sets forth the specific administrative and recordkeeping services that Empower will provide in connection with the Plan inclu...
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