Executive/Council Action Form (ECAF)
ITEM TITLE:
Title
Motion 24-281, authorizing the County Executive to sign the agreement for 457 Trust Agreement between Snohomish County and Nationwide Trust Company
body
DEPARTMENT: Finance
ORIGINATOR: Nathan Kennedy
EXECUTIVE RECOMMENDATION: Ken Klein 7/3/24
PURPOSE: To approve a motion for Executive signature for a new trust agreement between Snohomish County and Nationwide Trust Company for Nationwide Trust Company to provide custodial services on the Snohomish County Deferred Compensation Plan (457b). This updated Trust Agreement allows for all forms of mutual funds available, in particular institutional share classes for lower fees to plan participants.
BACKGROUND: Nationwide Trust Company and Snohomish County have mutually agreed to execute a trust agreement where the Snohomish County Deferred Compensation Plan is intended to meet the requirements of an eligible deferred compensation plan under Section 457 of the Internal Revenue Code of 1986, as amended (“Code”) and intends to keep such Plan in compliance with the then applicable requirements of the Code. Further, Snohomish County Deferred Compensation Committee represents and warrants that Snohomish County is an employer of all individuals eligible to participate in the Snohomish County Deferred Compensation Plan is a state, political subdivision of a state, or an agency or instrumentality of either.
FISCAL IMPLICATIONS:
|
EXPEND: FUND, AGY, ORG, ACTY, OBJ, AU |
CURRENT YR |
2ND YR |
1ST 6 YRS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL |
|
|
|
|
REVENUE: FUND, AGY, ORG, REV, SOURCE |
CURRENT YR |
2ND YR |
1ST 6 YRS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL |
|
|
|
DEPARTMENT FISCAL IMPACT NOTES: N/A
CONTRACT INFORMATION:
|
ORIGINAL |
X |
CONTRACT# |
Replace previous agreement |
AMOUNT |
|
|
AMENDMENT |
|
CONTRACT# |
|
AMOUNT |
|
Contract Period
|
ORIGINAL |
START |
|
END |
|
|
AMENDMENT |
START |
|
END |
|
OTHER DEPARTMENTAL REVIEW/COMMENTS: Reviewed/approved by: Risk Management (Diane Baer 7/2/24) and Finance (Nathan Kennedy 7/3/24)