Lake County, IL
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File #: 19-1371    Version: Name: Deferred Compensation Recordkeeping and Plan Administration Services
Type: resolution Status: Passed
File created: 8/15/2019 In control: Financial & Administrative Committee
On agenda: Final action: 11/12/2019
Title: Resolution authorizing an agreement with ICMA-RC for deferred compensation record-keeping and plan administration services.
Attachments: 1. Overall Scoresheet for County Board.pdf, 2. Vendor Disclosure.pdf, 3. ICMA-RC Administrative Services Agreement Sample.pdf, 4. 19047 Award Recommendation.pdf, 5. 457(b) Point_Paper - Final.pdf
Title
Resolution authorizing an agreement with ICMA-RC for deferred compensation record-keeping and plan administration services.

Staff Summary
* Lake County extended Requests for Proposals (RFPs) to 26 potential vendors for deferred compensation record-keeping and plan administration services; nine responses were received.
* The Lake County 457 Retirement Plan Committee, in consultation with retirement plan consultants Gallagher Consultants, reviewed and scored the RFP responses and three finalists were invited to provide presentations. The 457 Retirement Plan Committee members scored the finalists following their presentations.
* At the August 29, 2019 Financial and Administrative (F&A) Committee meeting, the resolution was introduced, and ICMA-RC was recommended as the firm that would best meet the needs of the County's employees.
* Human Resources has begun active communication with all employees.
* The resolution, unanimously recommended for approval by the F&A Committee on September 26, 2019, was referred back to the F&A Committee by the County Board at its October 9, 2019 Board meeting to respond to additional questions.

Body
RESOLUTION

WHEREAS, Requests for Proposals were called for by publication for Plan Administration and Recordkeeping Services for the Lake County Supplemental Deferral Compensation Plan under IRC 457(b); and

WHEREAS, subsequent to said publication, requests were extended to 26 vendors; and

WHEREAS, responses were received from nine vendors and opened in the County Building, Waukegan, Illinois, on May 7, 2019; and

WHEREAS, The Lake County 457 Retirement Plan Committee reviewed all responses with our Retirement Plan Consultants at Gallagher; and

WHEREAS, the Committee determined that three vendors be invited in for finalist presentations; and

WHEREAS ICMA-RC offered the most advantageous proposal for the County and Plan participants; and

WHEREAS the agreement with ICMA-RC will result in a fee reduction of more 58 perc...

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