Deferred Compensation Management Council Meeting

June 24, 2020

Out of an abundance of caution regarding the COVID-19 virus,the meeting will be held at 1:30 p.m. via Webex teleconference.

Click here at 1:30 p.m. on Wednesday, June 24, 2020 to join the meeting.

The Access Code is 146 282 1259 and the Password is t3D83KA8yPi.

To join by telephone, dial 1-855-282-6330.

 

• Meeting Agenda - June 24, 2020

• Item 1 - Call to Order.

• Item 2 - Public Comment.

• Item 3 - Approve the June 24, 2020 Agenda.

• Item 4 - Approve the Action Summary Minutes from the March 11, 2020 meeting.

• Item 5 - Receive and File the 2019-20 Fiscal Year Third Quarter Deferred Compensation Plan Budget Report, prepared by County staff.

• Item 6 - Approve Actions related to the Fiscal Year 2020-21 Deferred Compensation Plan Budget.

  • a. Approve the Fiscal Year 2020-21 discretionary administrative fee of 0.09%.

  • b. Approve the Fiscal Year 2020-21 budget, either as recommended or with amendments.

  • c. Select up to two (2) members of the Deferred Compensation Management Council to join County staff (three (3) attendees in total) in representing the Plan at the 2020 National Association of Governmental Defined Contribution Administrators conference in Seattle, WA, October 4-7.

• Item 7 - Approve Actions related to the CARES Act.

  • a. Approve a proposed Board of Supervisors Resolution, either as recommended or with amendments, which allows qualified participants to take an in-service distribution from their account, increases the dollar amount and proportion of an account from which an eligible participant may borrow, temporarily allows qualified participants to initiate a second loan, allows qualified participants to delay repayment of existing loans and suspends payment of required minimum distributions for calendar year 2020.

  • b. Direct staff to take the proposed Resolution to the Board of Supervisors for recommended adoption following compliance with Meyers-Milias-Brown Act requirements.

• Item 8 - Receive and File the Deferred Compensation Plan Investment Report as of March 31, 2020, prepared by Northwest Capital Management.

• Item 9 - Receive and File the Deferred Compensation Plan Review as of March 31, 2020, prepared by Nationwide Retirement Solutions.