SUBJECT
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Approve the First Amendment to the Amended and Restated Administrative Agreement for the Governmental 457(b) Deferred Compensation Plan. (No Fiscal Impact)
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DESCRIPTION
Polk County is the sponsor of a deferred compensation retirement plan created to meet the requirements stated in Section 457(b) of the Internal Revenue Code of 1986, as amended. NACo Services has entered into an agreement with Nationwide whereby it has determined NACo members will benefit from access to Nationwide’s services related to personal, employee-directed, employer-funded, and long-term retirement, investment, accumulation, payout, and savings programs.
On August 7, 2014, the parties entered into the Administrative Services Agreement for third-party administrative services, which is being amended and restated. Through this agreement, Polk County is the Plan Sponsor and through Nationwide will continue to offer a 457(b) Deferred Compensation Plan, where employees can contribute a portion of their salary to select funds in a retirement account.
The changes in this amendment include a change in the fees charged by Nationwide from various percentages of the employees’ investment to an annual flat fee of $30 per participant and will be assessed at $7.50 per quarter. These changes were approved and are recommended by the Deferred Compensation Committee.
RECOMMENDATION
Approve the First Amendment to the Amended and Restated Administrative Services Agreement in the form attached to this item and authorize the Chairman to execute the same.
FISCAL IMPACT
There is no fiscal impact. The County is not required to pay Nationwide Retirement Solutions, Inc. or NACo Services, Inc. for the performance of their respective agreement services. Employees that elect to participate in this plan will pay the $30 annual flat fee to Nationwide and any additional fees charged by the funds they select to invest in.
CONTACT INFORMATION
Todd Bond
Deputy County Manager
(863) 534-6444
toddbond@polk-county.net