BC 1989 12 04 - Laserfiche WebLink

Home Browse Search

261 UPON MOTION of Commissioner Melvin, seconded by Commission Moss and unanimously, carried, the Board authorized Chairman Lentz to execute the following agreement between NACoServices, a subsidiary of the National Association: of Counties (NACo), the County of Cabarrus (Member County), and Public Employees Benefit Services Corporation (PEBSCO). NATIONAL ASSOCIATION OF COUNTIES DEFERRED COMPENSATION PROGRAM MEMBER COUNTY ADMINISTRATIVE AGREEMENT This Agreement is executed this 4th day of December, 1989, by and between NACoServices, a subsidiary of the National Association of Counties (NACo), the County of Cabarrus (Member County), and Public Employees Benefit Services Corporation (PEBSCO). WHEREAS, NACo endorses add NACoServices sponsors a prototype deferred compensation program (Program) pursuant to Section 457 of the Internal Revenue Code of 198.6, as amended, for the benefit of NACo's Member Counties or other entities approved by NACo's President; and WHEREAS, the Member County recognizes that such tax deferred savings benefits as may be derived from adoption of a deferred compensation plan (Plan) under the Program will act as incentives for employees to voluntarily set aside and invest portions of their current income to meet their future financial requirements and supplement their retirement income; and WHEREAS, the Member County recognizes that through the adoption of a Plan under the Program, all such regulatory, operational, administrative, and other Plan management responsibilities are assumed by NACoServices on behalf of the Member County, in accordance with the Program document, and certain responsibilities have been and may be delegated by NACoServices, to the Program Administrator; and WHEREAS, the Member County recognizes the important contribution of NACoServices' technical expertise in the design, implementation, and administration of a national Program established and administered in compliance with all applicable regulatory authorities; and WHEREAS, the Member County recognizes the advantages and economies of scale secured by the mass purchasing leverage of NACoServices and NACo's Member Counties through a comprehensive national bid selection analysis; and WHEREAS, the Member County recognizes the benefit of NACoServices' making arrangements on behalf of Member Counties for a functional administrative system to administer the Program; and WHEREAS, the Member County has enacted the necessary resolution/court order to adopt the NACo Deferred Compensation Program and this Member County Administrative Agreement and to establish its Plan for its employees. NOW, THEREFORE, in consideration of the premises set forth hereinabove, and the promises contained hereinafter, the parties agree as follows: I. THE PROGRAM A. NACo endorses a prototype Section 457 Program developed in cooperation with NACoServices and PEBSCO, a third party administrator, which permits the Member County and its employees to enjoy the advantages derived from Section 457 of the Internal Revenue Code, as amended. B. The Program is intended to assist the Member County in providing an increased measure of financial security to its employees by providing for additional retirement income through the deferral of before-tax dollars and the reduction of current income tax liability. C. Plans adopted pursuant to the Program will be provided at no cost to the Member County other than incidental expenses related to payroll deductions. II. REGULATORY CONSIDERATIONS PEBSCO has represented and warranted to NACoServices that the Program and the Plans adopted thereunder met all necessary criteria for approval by all federal and state regulatory authorities governing such programs. III. COMPETITIVE BID PROCESS The Program makes available to the Member County a third party administrator and investment and insurance products which as a result of a careful evaluation of administrative abilities and experience, and the combination of costs, benefits, and services, provide a quality deferred compensation program. National bid selection processes for these administrative and investment services were performed by NACoServices.