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AI- 3417   9. B. 5.    
BOC Regular
Meeting Date: 12/17/2020  
Revised 457(b) Plan Document
Submitted For: Kelli Scott
FROM: Kelli Scott, Administrator/Controller, Administration
Department: Administration  

Information
RESOLUTION:
 
RECOMMENDATION:
 County Administration /HR recommends approval of the Revised 457(b) Plan Document as prepared by outside legal counsel, as presented, so that it can be effective January 1, 2021.
BACKGROUND:
 The County is in the process of consolidating all of our separate 457(b) retirement savings plans, and has engaged Midwest Capital Advisors to facilitate the process.  Outside legal counsel Warner Norcross, Judd LLP has prepared the attached updated plan document, to be effective January 1, 2021.  Next steps will include a future item to ask Board consideration of a new agreement with the company selected to manage and hold the plan assets, Alerus, and then the transition of all participant assets and employee education, within the 1st quarter of 2021.
ALTERNATIVES:
 
SUMMARY:
 

Fiscal Impact
Attachments
Revised 457(b)

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