Agenda

Return

C. 43

To:	Board of Supervisors
From:	Dianne Dinsmore, Human Resources Director
Date:	March 26, 2019

Contra

Costa

County

Subject:

Mass Mutual contract extension

APPROVE	OTHER
RECOMMENDATION OF CNTY ADMINISTRATOR	RECOMMENDATION OF BOARD COMMITTEE

Action of Board On: 03/26/2019

APPROVED AS RECOMMENDED

OTHER

Clerks Notes:

VOTE OF SUPERVISORS

AYE:

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

ABSENT:

Diane Burgis, District III Supervisor

Contact:

Dianne Dinsmore 925-335-1776

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: March 26, 2019
David Twa,

BY:	, Deputy

RECOMMENDATION(S):

APPROVE and AUTHORIZE the Human Resources Director, or designee, to execute a three-month extension to the Administrative Services Agreement with Massachusetts Mutual Life Insurance Company, to extend the term from April 1, 2019 to June 30, 2019 to continue to provide plan administration for the 457 Deferred Compensation Plan as the County transitions to the new recordkeeper.

FISCAL IMPACT:

The program is funded through plan participant fees. There is no fiscal impact beyond overhead administration support costs, which are reimbursed annually by the plan.

BACKGROUND:

Massachusetts Mutual Life Insurance Company (MassMutual) is the current recordkeeper for the County’s 457 Deferred Compensation plan. Following a recent Request for Proposal process, the Board of Supervisors, on February 26, 2019, authorized negotiation of a contract with Empower Retirement as the new recordkeeper with a tentative conversion date of July 1, 2019. The MassMutal contract expires March 31, 2019. A 90-day extension is necessary to provide time sufficient time for employee outreach and education to ensure a smooth transition.

CONSEQUENCE OF NEGATIVE ACTION:

If this extension is not granted, the MassMutual contract will expire before the plan can be transitioned to the new recordkeeper, Empower Retirement.