RECOMMENDATION(S):
APPROVE and AUTHORIZE the Director of Human Resources, or designee, to execute a contract amendment effective December 1, 2016 with Massachusetts Mutual Life Insurance Company (MassMutual) to clarify the distribution process for the Reimbursement Budget Account (RBA) associated with the County 457 Deferred Compensation Plan.
FISCAL IMPACT:
This contract amendment will allow the County to request an annual disbursement from the Reimbursement Budget Account (RBA) for allowable administrative fees and distribute the excess funds to plan participants. (No Fiscal Impact)
BACKGROUND:
MassMutual and the County have agreed upon a Target Net Annual Revenue for administrative services with respect to the plan of 0.10% of plan assets, or 0.025% per calendar Quarter. In the event that MassMutual’s calculated net revenue for administrative services for any Quarterly period exceeds the Quarterly per Participant charge payable to MassMutual, they will credit the difference to the RBA for the plan. The plan consistently exceeds this threshold and
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