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BOARD OF SUPERVISORS AGENDA-2019
- Approve a change to the Guaranteed Minimum Interest Rate of the fixed annuity contract in the County's Nationwide 457 plan and authorize the Human Resources Director to sign all required documents.
Brief Explanation of Need
Nationwide Retirement Solution is the adminstrative services provider for the County's deferred compensation plan (457). Nationwide has recently recognized a need to change the Guaranteed Minimum Interest Rate of the fixed annuity contract available in our plan (currently the Guaranteed Minimum Interest Rate for fixed annuities is 3.5%). After revewing the available options, Human Resources is recommending election of Option #3. Option #3 allows the existing balance in the current Fixed Contract to maintain the current 3.5% interest rate for existing balances only. New contributions, including payroll contributions, rollovers, transfers and exhanges, starting in January 2019 will fall under a new Fixed Annuity contract, which will be established with an initial Crediting Rate of 1.2% and a 0.5% Guaranteed Minimum Interest Rate.
Wendy Ross, Director of Human Resources and RIsk Management and Caleb Lennon, Nationwide Investment Advisor Representative
Source of Revenue
Have Notice/Publication Requirements Been Met
Contract or Agreement
Legal Approval Notes
Option #3 and Contract
Yes- Legal Counsel has reviewed the attached agreement/contract
and has found it to be in proper form
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