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187 KB
Agreement/Amendment Printout
187 KB
Extracted
AI Summary
The source text indicates this attachment appears to be a draft document.
This document outlines updates to the Defined Contribution Plans governing documents, including a restated 457(b) Governmental Deferred Compensation Plan Document. The updates include new features such as a Roth contribution option and automatic enrollment for new employees, as well as compliance updates related to the SECURE and CARES Acts. The recommended actions include receiving a report on the Investment Policy Statement and approving the restated plan document, which has been reviewed by County Counsel.
Key points
- The document is addressed to the Board of Supervisors from David Huebner, Director of the Employee Services Agency.
- The recommended actions include receiving a report on the Defined Contribution Plans Investment Policy Statement and approving the restated 457(b) Plan Document.
- The restated plan document includes updates such as a Roth contribution option and automatic enrollment for new employees.
- Key changes also include updates related to the SECURE Act and CARES Act.
- There is no fiscal impact on the County General Fund from the recommended actions.
- The document states that the recommended actions will have no/neutral impact on children, seniors, and sustainability.
Limitations
- The document appears to be a draft as it includes placeholders and unresolved sections.
- Specific dates, votes, and dollar amounts are not provided in the text.
Generated for convenience from extracted text using AI. Review the official source document before relying on this summary.
Extracted text preview · 5,559 chars
County of Santa Clara Employee Services Agency 129895 DATE: August 11, 2026 TO: Board of Supervisors FROM: David Huebner, Director, Employee Services Agency SUBJECT: Defined Contribution Plans Updates to Governing Documents RECOMMENDED ACTION Consider recommendations from the Defined Contribution Plans Committee. Possible action: a. Receive report relating to the Defined Contribution Plans Investment Policy Statement. b. Approve the restated 457(b) Governmental Deferred Compensation Plan Document, that has been reviewed and approved by County Counsel as to form and legality. FISCAL IMPLICATIONS There is no impact to the County General Fund as a result of the recommended action. CONTRACT HISTORY On November 7, 2017, the Board of Supervisors approved an Agreement for recordkeeping services with Fidelity Workplace Services beginning December 8, 2017. The current Agreement runs through December 31, 2029. On May 1, 2018, the Board of Supervisors approved an Agreement for Defined Contribution Plans Consultant with Innovest Portfolio Solutions beginning June 1, 2018. The current Agreement runs through May 31, 2028. REASONS FOR RECOMMENDATION AND BACKGROUND Investment Policy Statement...