RESOLUTION NO. 2008-07
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BOARD OF SUPERVISORS, COUNTY OF SAN MATEO, SITTING AS THE BOARD OF COMMISSIONERS OF THE HOUSING AUTHORITY OF THE COUNTY OF SAN MATEO, STATE OF CALIFORNIA
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RESOLUTION AUTHORIZING THE DIRECTOR OF THE DEPARTMENT OF HOUSING TO ENTER A SERVICE PROVIDER AGREEMENT AND ASSOCIATED DOCUMENTS WITH AIG RETIREMENT SERVICES COMPANY TO PROVIDE 401(a) AND 457 RETIREMENT PLAN ADMINISTRATIVE SERVICES FOR THE EMPLOYEES OF THE HOUSING AUTHORITY OF THE COUNTY OF SAN MATEO (HACSM) FOR THE PERIOD STARTING SEPTEMBER 24, 2008 THROUGH SEPTEMBER 30, 2012
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RESOLVED, by the Board of Supervisors of the County of San Mateo, sitting as the Board of Commissioners of the Housing Authority of the County of San Mateo, State of California, that
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WHEREAS, the Housing Authority of the County of San Mateo (HACSM) employs forty-five staff as a separate and distinct employer within the County’s Department of Housing; and
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WHEREAS, the HACSM retirement system is composed of two defined contribution plans: a mandatory participation 401(a) plan which receives contributions from both the employer and employees per arrangements contained in the union MOU and a 457 plan in which employees participate on a voluntary basis; and
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WHEREAS, the 401(a) plan has not been regularly reviewed for legal compliance and financial performance; and
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WHEREAS, a labor-management committee was formed in 2007 to comprehensively review the current plans’ administration and performance; and
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WHEREAS, a retirement plan consultant was engaged to aid with the analysis of existing plan conditions, current legal requirements and selection of a new plan administrator; and
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WHEREAS, after a Request for Proposals was issued and three competitive responses were received, the labor-management committee recommended that all assets of the 401(a) plan and 457 plan be managed by AIG Retirement; and
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WHEREAS, the contract term with AIG Retirement is for four years because it is the minimum amount of time necessary for a provider to absorb existing plan conversion charges and still significantly improve the fee structure borne by participants; and
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WHEREAS, there has been presented to the Board of Commissioners for its consideration the AIG Retirement Service Provider Agreement and associated documents, and the Board of Commissioners has examined and approved the same as to form and content.
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NOW, THEREFORE, IT IS HEREBY DETERMINED AND ORDERED that the Board of Commissioners of the Housing Authority, approve the resolution authorizing the Director of the Department of Housing to enter a four-year Services Provider Agreement with AIG Retirement Services to provide 401(a) and 457 retirement plan administrative services for the employees of the Housing Authority of the County of San Mateo
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