Special Notice / Hearing: None__
Vote Required: Majority
To: Honorable Board of Supervisors
From: Rocio Kiryczun, Director of Human Resources
Subject: Agreement with MassMutual Mutual Life Insurance Company to provide recordkeeping services for the County's Deferred Compensation Program
RECOMMENDATION:
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Adopt a resolution waiving the request for proposal process and authorizing a two-year extension to the current agreement with MassMutual Mutual Life Insurance Company to provide recordkeeping services for the County's deferred compensation program for the term of March 21, 2021, to March 21, 2023, for an amount not to exceed $550,000.
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BACKGROUND:
By resolution, the County's deferred compensation program is governed by the Deferred Compensation Advisory Committee (DCAC), the nine-member committee with fiduciary responsibility for the program and its assets. Under the direction of the County's Deferred Compensation Advisory Committee, Human Resources conducted a request for proposals (RFP) in 2015 for recordkeeping services. That RFP resulted in a six-year agreement with MassMutual, approved by the Board of Supervisors on November 17, 2015. The term of that current agreement is March 21, 2016, through March 21, 2021.
DISCUSSION:
Over the course of 2020, the DCAC discussed the upcoming expiration of the current agreement with MassMutual. The DCAC's options were 1) to conduct the next RFP, 2) to extend the current agreement under the same terms and conditions, or 3) to renegotiate the current agreement with concessions for areas in which the DCAC sought better performance. At its meeting of November 5, 2020, the DCAC directed staff to pursue option 2-extend the current agreement under the same terms and conditions. The challenge with option 1 was that the DCAC's agreement with its investment consultant needed to be renewed at the same time, and that same resource is the lead for the RFP process. Option 3 was deemed unnecessary based on i...
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