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Meeting Date: 02/06/2019  
Submitted For: Wendy Ross
Department: Human Resources  

Action Requested
Human Resources - Approve a change to the Guaranteed Minimum Interest Rate of the fixed annuity contract in the County's Nationwide 457 plan, approve an updated Administrative Services Agreement and Adoption Agreement, and authorize the Human Resources Director to sign all required documents.
Brief Explanation of Need
Nationwide Retirement Solutions is the administrative 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 reviewing 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 exchanges, starting in March 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 Matt Gayman, Nationwide Retirement Specialist
Source of Revenue
Have Notice/Publication Requirements Been Met
Contract or Agreement
Legal Approval Notes

Fiscal Impact
Option 3
Admin Services Agreement
Adoption agreement

Legal Approval: Yes- Legal Counsel has reviewed the attached agreement/contract
and has found it to be in proper form

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