Item Description:
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Negotiate Agmt A2512840 with Voya Retirement Insurance and Annuity Company for the provision of deferred compensation plan services for county employees, 04/01/25-03/31/32, with the option to extend for three (3) additional one-year periods
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Resolution:
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BE IT RESOLVED, that the Hennepin County Board authorizes the County Administrator to negotiate Agreement A2512840 and all necessary related documents with Voya Retirement Insurance and Annuity Company to provide deferred compensation recordkeeping services for county employees, consistent with the direction of the county's Deferred Compensation Committee, during the period April 1, 2025 through March 31, 2032, with the option to extend for three (3) additional one-year periods; that following review and approval by the County Attorney's Office, the Chair of the Board be authorized to execute the Agreement on behalf of the county; and that the Controller be authorized to disburse funds as directed.
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Background:
Hennepin County has established a Deferred Compensation Plan for the benefit of its employees, to permit employees to defer a portion of their income that can supplement their other retirement benefits. Employees choosing to participate, elect to save by designating a portion of their paycheck for their deferred compensation account. The county has contracted with Voya Retirement Insurance and Annuity Company and Fidelity Investments Tax Exempt Services Company to act as recordkeepers and maintain investment accounts for those employees participating in the Plan.
The county's Deferred Compensation Committee oversees the county's Plan. The committee oversees the investment strategy and objectives of the Plan; the investment portfolio; administration of the Plan by the Human Resources Benefits Division; and continually evaluates the Plan considering the many competing and valid interests of Hennepin County and its diverse employee population.
An investment consultan...
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