SUBSTITUTE
Public Hearing: YES ☐ NO ☒ Department: Finance - Risk Management
SUBJECT:
Title
Commission District(s): N/A
Resolution to adopt amended plan documents for 457(b) and 401(a) plans and new Administrative Committee Charter for 457(b) and 401(a) plans, to become effective on August 1, 2017.
Body
Information Contact: Larry Jacobs, Assistant Director of Finance
Phone Number: (404) 371-2050
PURPOSE:
To adopt amended and updated plan documents for DeKalb County’s 457(b) Deferred Compensation Plan and 401(a) Defined Contribution Plan and a new Administrative Committee Charter for the 457(b) and 401(a) plans, to become effective on August 1, 2017. Substitute version contains revisions to 457(b) plan document and Administrative Committee Charter to allow addition of two governing authority-appointed investment professionals to the Administrative Committee, and a few minor adjustments to 457(b) plan document requested by Nationwide to achieve consistency with its systems/processes and terminology or for clarification.
NEED/IMPACT:
To implement the consolidation of DeKalb’s 457(b) plan with one recordkeeper, Nationwide; add a Roth option for the 457 plan; make administration of the 457(b) and 401(a) plans more efficient by creating a committee to act as plan administrator for both plans; and otherwise update the plan documents
FISCAL IMPACT:
No specifically quantifiable impact
RECOMMENDATION:
Recommended Action
Adopt the attached amended Plan Document for the DeKalb County 457(b) Deferred Compensation plan; adopt the attached amended Plan Document for the DeKalb County 401(a) Defined Contribution Plan; and adopt the attached Administrative Committee Charter for the 457(b) and 401(a) plans, all to become effective on August 1, 2017.