Agenda

Return

C. 57

To:	Board of Supervisors
From:	David Twa, County Administrator
Date:	February 4, 2014

Contra

Costa

County

Subject:

Contract Extension with Mass Mutual Financial Group for Administrative Services for the Deferred Compensation Plan

APPROVE	OTHER
RECOMMENDATION OF CNTY ADMINISTRATOR	RECOMMENDATION OF BOARD COMMITTEE

Action of Board On: 02/04/2014

APPROVED AS RECOMMENDED

OTHER

Clerks Notes:

VOTE OF SUPERVISORS

AYE:

John Gioia, District I Supervisor
Candace Andersen, District II Supervisor
Mary N. Piepho, District III Supervisor
Karen Mitchoff, District IV Supervisor
Federal D. Glover, District V Supervisor

Contact:	Christine Penkala, County Benefits Manager (925) 335-1747
cc:	Robert Campbell, Auditor-Controller

I hereby certify that this is a true and correct copy of an action taken and entered on the minutes of the Board of Supervisors on the date shown.
ATTESTED: February 4, 2014
David Twa,

BY:	, Deputy

RECOMMENDATION(S):

APPROVE and AUTHORIZE the County Administrator, or designee, to execute a contract extension with Mass Mutual Financial Group for administrative services for the Internal Revenue Code Section 457 Deferred Compensation Plan. The contract extension will be for the period of February 1, 2014 through March 31, 2014.

FISCAL IMPACT:

The program is funded by fees charged to employee participants. There is no fiscal impact beyond over-head administrative support costs.

BACKGROUND:

At their meeting on September 24, 2013, the Board of Supervisors directed the extension of the current administrative services contract with Mass Mutual Financial Services for the period of January 1, 2014 through January 31, 2014 to allow the County and the Vendor the time necessary to complete contract negotiations and investment review.

BACKGROUND: (CONT'D)

The County and the vendor are continuing this negotiation and review process.

CONSEQUENCE OF NEGATIVE ACTION:

As of February 1, 2014, the Contra Costa County Deferred Compensation Plan would not have a Plan Administrator.

CHILDREN'S IMPACT STATEMENT:

None.