Title
Treasurer/Tax Collector and Deferred Compensation Committee recommending approval of the Nationwide Retirement Solutions Deferred Compensation Plan Administration Agreement.
RECOMMENDED ACTION: Approve.
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REASON FOR RECOMMENDATION:
Nationwide Retirement Solutions Administration Agreement provides the county with the following benefits:
1) Lowers annual costs $47 per participant (from $324 to $277); and achieves a total plan reduction of $22,036 (from $173,061 to $151,038).
2) Secures an agreement to share revenue - rebate if revenue exceeds an agreed upon capped amount. Overall effect will be to lower plan and participant costs.
3) Streamlines the investment selections to eliminate redundancy and avoid "overwhelming" participants with too many choices.
4) Eliminates underperforming funds.
5) Secures access to a website for online account information, ability to make account changes and perform research.
6) Provides online access to investment advice (for a nominal fee).
7) Offers a Self Managed account to increase the investment options available to participants.
County Counsel has approved the Nationwide contract as to form, noting areas of concern. A synopsis of the areas of concern is provided as an attachment.
FISCAL IMPACT: NONE
ACTION TO BE TAKEN FOLLOWING APPROVAL: NONE