REPORT/RECOMMENDATION TO THE BOARD OF SUPERVISORS
OF SAN BERNARDINO COUNTY
AND RECORD OF ACTION
September 26, 2023
FROM
DIANE RUNDLES, Assistant Executive Officer, Human Resources Department
SUBJECT
Title
Amendment to Contract with Voya Retirement Insurance and Annuity Company and Voya Institutional Trust Company for Administration, Recordkeeping and Investment Services
End
RECOMMENDATION(S)
Recommendation
Approve the following Amendments to Contract No. 21-909, between San Bernardino County and Voya Retirement Insurance and Annuity Company as the provider for administration, investment, and recordkeeping services for the San Bernardino County and San Bernardino County Superior Court Retirement Medical Trust Plans, adding the following sub-agreements to the contract:
1. Amendment No. 2 to add Voluntary Employees' Beneficiary Association Custodial Agreement with Voya Institutional Trust Company, for the period of September 26, 2023 through December 31, 2026, with an option to extend for one additional two-year term.
2. Amendment No. 3 to add Employer Services Agreement with Voya Retirement Insurance and Annuity Company, including a non-standard term, for the period of September 26, 2023 through December 31, 2026, with an option to extend for one additional two-year term.
(Presenter: Diane Rundles, Assistant Executive Officer, 387-5570)
Body
COUNTY AND CHIEF EXECUTIVE OFFICER GOALS & OBJECTIVES
Improve County Government Operations.
Operate in a Fiscally-Responsible and Business-Like Manner.
FINANCIAL IMPACT
Approval of this item will not result in the use of Discretionary General Funding (Net County Cost). Costs associated with recordkeeping services provided by Voya Retirement Insurance and Annuity Company and Voya Institutional Trust Company (collectively, Voya) are paid for by plan participants. The recommended action will reduce fees for all participants in the Retirement Medical Trust (RMT) plans from 0.036% to 0.03%.
BACKGROUND I...
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