San Bernardino header
File #: 3028   
Type: Consent Status: Passed
File created: 9/28/2020 Department: Human Resources
On agenda: 10/6/2020 Final action: 10/6/2020
Subject: Approve amendment to Administrative Services Agreement between the County of San Bernardino and Voya Retirement Insurance and Annuity Company to restructure participant administrative fee collection and reimbursement.
Attachments: 1. ADD-CON-HR-10-06-2020-Amendment No. 4 to Agreement No. 14-954A4, 2. Item #18 Executed BAI, 3. 14-954-A-4 Executed Contract
REPORT/RECOMMENDATION TO THE BOARD OF SUPERVISORS
OF THE COUNTY OF SAN BERNARDINO
AND RECORD OF ACTION

October 6, 2020

FROM
DIANE RUNDLES, Director, Human Resources Department

SUBJECT
Title
Approve amendment to Administrative Services Agreement between the County of San Bernardino and Voya Retirement Insurance and Annuity Company to restructure participant administrative fee collection and reimbursement.
End

RECOMMENDATION(S)
Recommendation
1. Approve Amendment No. 4 to Agreement No. 14-954 between the County of San Bernardino 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-agreement:
a. Administrative Services Agreement between the County of San Bernardino and Voya Retirement Insurance and Annuity Company and Voya Financial Partners, LLC, (collectively, Voya) for the County of San Bernardino Defined Contribution Plans (DC ASA) to restructure administrative fee collection from participants by removing the asset based fee collection language and move to collecting a flat dollar fee in the amount of $126,250 quarterly on a pro-rata basis across all plan assets based on participant account balances.

(Presenter: Diane Rundles, Director, 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 are paid for by plan participants. The DC ASA requires that Voya reimburse the County for the plans' reasonable and necessary administrative expenses.

BACKGROUND INFORMATION
Approval of this item authorizes an amendment to the DC ASA (referred to as Voya Contract or Administrati...

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