REPORT/RECOMMENDATION TO THE BOARD OF SUPERVISORS
OF SAN BERNARDINO COUNTY
AND RECORD OF ACTION
December 7, 2021
FROM
DIANE RUNDLES, Director, Human Resources Department
SUBJECT
Title
Agreement with Voya Retirement Insurance and Annuity Company, Voya Financial Partners, LLC, and Voya Institutional Trust Company for Recordkeeping Services of the Voluntary Retirement Plans and the Retirement Medical Trust Plan
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RECOMMENDATION(S)
Recommendation
Approve Contract between San Bernardino County and Voya Retirement Insurance and Annuity Company, Voya Financial Partners, LLC, and Voya Institutional Trust Company, as the provider for administration, investment, and recordkeeping services for the Voluntary Retirement Plans and the Retirement Medical Trust Plan, for the period of January 1, 2022, through December 31, 2026, with an option to extend one additional two-year term.
(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, Voya Financial Partners, LLC, and Voya Institutional Trust Company (collectively, Voya) are paid for by plan participants. The San Bernardino County Defined Contribution Plans Administrative Services Agreement (Exhibit 1) requires that Voya reimburse the County for the plans' reasonable and necessary administrative expenses.
BACKGROUND INFORMATION
Approval of this item authorizes a five-year agreement between the County and Voya making Voya the contracted service provider for administrative, investment, and recordkeeping services for the County's 401(k) Defined Contribution, 401(a) Defined Contribution, 457(b) Deferred Compensation, Part-time/Seasona...
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