REPORT/RECOMMENDATION TO THE BOARD OF SUPERVISORS
OF SAN BERNARDINO COUNTY
AND RECORD OF ACTION
August 10, 2021
FROM
DIANE RUNDLES, Director, Human Resources Department
SUBJECT
Title
Amendment to Agreement with Voya Retirement Insurance and Annuity Company for the Voluntary Retirement Plans and Retirement Medical Trust Plan
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RECOMMENDATION(S)
Recommendation
Approve Amendment No. 5 to Agreement No. 14-954 between San Bernardino County and Voya Retirement Insurance and Annuity Company as the provider for administration, investment, and recordkeeping services for the Voluntary Retirement Plans and the Retirement Medical Trust Plan amending the following in the plan sub-agreements:
1. Administrative Services Agreement between San Bernardino County and Voya Retirement Insurance and Annuity Company and Voya Financial Partners, LLC, for the San Bernardino County Defined Contribution Plans to reduce Voya's recordkeeping fees.
2. Administrative Services Agreement between San Bernardino County and Voya Retirement Insurance and Annuity Company and Voya Financial Partners, LLC, for the San Bernardino County Retirement Medical Trust Plan to reduce the Retirement Medical Trust plan fees.
(Presenter: Diane Rundles, Director, 387-5570)
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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 Financial Partners, LLC, (collectively, Voya) are paid for by plan participants. The San Bernardino County Defined Contribution Plans (DC ASA) requires that Voya reimburse the County for the plans' reasonable and necessary administrative expenses.
BACKGROUND INFORMATION
Approval of this item authorizes amendments to the DC ASA and ...
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