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9. B. 5.
Kim Archambault, HR Director, Human Resources
Resolved that the Board of Commissioners approve the board chair signing the remaining documents/agreements that are needed for the 457 plan consolidation.
It is recommended that the Board of Commissioners approve the remaining documents/agreements needed for the 457 plan consolidation.
On December 17, 2020, the Board approved the consolidation of three existing 457 plans into one plan. Then on January 21, 2021 the Board approved the consolidation of the 457 plan assets with the 401(k) under the administration of Alerus (as custodian and already managing the exiting 401(k) plan). The attached paperwork for signature by the Board chair is simply the final paperwork acknowledging those items and administrative set-up of the new plan.
There is no budgetary impact to the County.
Service Agreements - 457 Plan
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