4.05 t
4.5
DEFFERED COMP\Deferred Comp Plan—1 Year Extension to MassMutual—12-7-2020
RESOLUTION AUTHORIZING ONE-YEAR EXTENSION OF
MASSACHUSETTS LIFE INSURANCE COMPANY (MASS MUTUAL) TO
CONTINUE AS ADMINISTRATOR FOR TOWN OF QUEENSBURY'S
DEFERRED COMPENSATION PLAN
RESOLUTION NO.: , 2020
INTRODUCED BY:
WHO MOVED ITS ADOPTION
SECONDED BY:
WHEREAS, in accordance with New York State Finance Law §5 and the New York State
Deferred Compensation Board Regulations, the Queensbury Town Board previously adopted and
currently administers the Deferred Compensation Plan for Employees of the Town of Queensbury,
and
WHEREAS, by Resolution No.: 470.2008, the Town Board selected The Hartford Life
Insurance Company and Reliance Trust Company as the Deferred Compensation Plan
Administrators pursuant to Section 9003.2 of the Rules and Regulations of the New York State
Deferred Compensation Board for a five year contract period with the Town's contract to expire
on January 1st, 2014, and
WHEREAS, the Massachusetts Life Insurance Company (Mass Mutual), acquired The
Hartford's Retirement Plans Group effective January 1st, 2013 and Mass Mutual has been appointed
by The Hartford to provide all administrative series necessary to support the contract, and
WHEREAS, by Resolution No.: 285,2015, the Town Board selected Mass Mutual for a
five year contract period or through January 1, 2021, and
WHEREAS, in accordance with Section 9003.5(b) of the Rules and Regulations of the
New York State Deferred Compensation Board, the Town of Queensbury may extend, in writing,
by a vote duly taken, any contract or agreement entered into an administrative services agency
for a period having a duration of one (1) year twice upon the expiration of the initial term of such
contract or agreement, and
WHEREAS, the Town's Deferred Compensation Plan Committee has recommended that
the Town Board exercise a one (1) year extension of the Town's agreement with Mass Mutual or
through December 31, 2021, and
WHEREAS, the Town Board finds it to be in the best interest of the Plan to extend the
agreement with Mass Mutual for a period of one (1) year from the date of expiration of such
agreement's five (5) year term in order to provide less disruption to employees and to preserve
the stability of the Plan's administration, recordkeeping and account maintenance and
compliance with reporting requirements,
NOW, THEREFORE, BE IT
RESOLVED, upon due deliberation, that the Queensbury Town Board hereby extends for
a period of one year from its expiration date, or through December 31, 2021, with the
administrator's consent, the selection and agreement with The Massachusetts Life Insurance
Company (Mass Mutual) to act as the Town of Queensbury Deferred Compensation Plan
Administrators, and
BE IT FURTHER,
RESOLVED, that the Town Board authorizes and directs the Chairperson of the Town of
Queensbury Deferred Compensation Committee to make, execute, and deliver all documents
necessary to effectuate the contents of this Resolution and the Town Supervisor, Town Budget
Officer and/or Chairperson to take any actions necessary to further effectuate the terms of this
Resolution.
Duly adopted this 7th day of December, 2020, by the following vote:
AYES :
NOES :
ABSENT:
RESOLUTION AUTHORIZING AWARD OF CONTRACT FOR
ADMINISTRATION OF THE TOWN OF QUEENSBURY'S DEFERRED
COMPENSATION PLAN TO MASSACHUSETTS LIFE INSURANCE
COMPANY (MASS MUTUAL)
RESOLUTION NO.: 285,2015
INTRODUCED BY: Mr. Doug Irish
WHO MOVED ITS ADOPTION
SECONDED BY: Mr. William VanNess
WHEREAS, in accordance with New York State Finance Law §5 and the New York State
Deferred Compensation Board Regulations, the Queensbury Town Board previously adopted and
currently administers the Deferred Compensation Plan for Employees of the Town of Queensbury,
and
WHEREAS, by Resolution No.: 268, 2014, the Town Board authorized: 1) its second of
its allowable one (1) year extensions or through December 31 st, 2015, the selection and
agreement with The Massachusetts Life Insurance Company (Mass Mutual) to act as the Town of
Queensbury Deferred Compensation Plan Administrators; and 2) preparation of a Request for
Proposals in 2015 for the selection of an administrative services agency of the Town's Deferred
Compensation Plan effective January 1, 2016, and
WHEREAS, the Town Purchasing Agent issued such Request for Proposals, and
WHEREAS, the Town's Deferred Compensation Committee accepted and reviewed all
received Proposals for administration of the Town's Deferred Compensation Plan for a five-year
contract period as set forth in §9003 of Subtitle II, Title 9 NYCRR, and
WHEREAS, the Deferred Compensation Committee has recommended that the Town
Board award the contract to Mass Mutual in accordance with §9003 of Subtitle II,Title 9 NYCRR,
NOW, THEREFORE, BE IT
RESOLVED, that the Queensbury Town Board hereby awards the contract for
administration of the Town's Deferred Compensation Plan for a five-year contract period to The
Massachusetts Life Insurance Company (Mass Mutual) in accordance with §9003 of Subtitle II,
Title 9 NYCRR, and
BE IT FURTHER,
RESOLVED, that the Town Board further authorizes and directs the Town Supervisor to
execute all necessary documentation to contract with Mass Mutual for administrative, financial and
trustee services for the Town of Queensbury's Deferred Compensation Plan for the period January
1, 2016 or as soon thereafter as possible through January 1, 2021,and
BE IT FURTHER,
RESOLVED, that the Town Board further authorizes and directs the Town Supervisor,
Town Budget Officer and/or Town Counsel to file this Resolution, make any necessary
notifications and take any and all actions necessary to effectuate the terms of this Resolution.
Duly adopted this 17th day of August, 2015, by the following vote:
AYES : Mr. Strough, Mr. Metivier, Mr. Clements, Mr. Irish, Mr. VanNess
NOES : None
ABSENT: None
:.� MassMutual
November 17, 2020
Barbara H. Tierney
Budget Officer for the Town of Queensbury
The Town of Queensbury
742 Bay Road
Queensbury, NY 12804
RE: The Town of Queensbury, NY Deferred Compensation Plan; One-Year Extension of
Hartford Life Group Variable Annuity Contract and Group Fixed Annuity Contract
through December 31, 2021 (Contract No. GC 030015)
Dear Barbara,
The purpose of this Letter Agreement is to memorialize the agreement between Hartford
Life Insurance Company ("Hartford Life"), acting through Massachusetts Life Insurance
Company ("MassMutual") as its Administrator, and the Town of Queensbury, New York
("Town of Queensbury") to amend the group variable annuity contract and the group fixed
annuity contract (Contract No. GC — 030015, Form HL — 16925 and HL-16926 (NY), and
hereinafter collectively referred to as the "Contract"), issued by Hartford Life to the Town
of Queensbury Deferred Compensation Plan (the"Plan").
The Expiration Date of the Contract is currently December 31, 2020 (the last day of the 5-
year initial term). MassMutual, on behalf of Hartford Life, and the County of Ontario have
now agreed to amend the Expiration Date from December 31, 2020 to December 31, 2021.
MassMutual, in its role as Administrator for Hartford Life, and the County of Ontario
hereby agree that the aforementioned amendment of the Contract will be subject to the
following terms and conditions (i.e., including certain modifications of the original
Contract provisions):
1. The parties have agreed to amend the Expiration Date of the Contract, and the Contract
will now continue through December 31, 2021.
2. The credited interest rate of 2.00% per annum currently being paid on amounts held in
the General Account will be the minimum interest rate for the period from January 1, 2021
through December 31, 2021.
3. The guaranteed minimum interest rate under the Contract will continue to be 1.00% per
annum; provided however, in no event will the interest rate credited be less than 2.00% per
annum prior to January 1, 2022.
1
4
We look forward to our continued relationship with the City of Queensbury and the Plan.
Please indicate your acceptance of the foregoing by signing below and returning a copy to
the undersigned.
Sincerely,
HARTFORD LIFE INSURANCE COMPANY,
BY: MASSACHUSETTS LIFE INSURANCE COMPANY, AS ADMINISTRATOR
liocTs -
Una Morabito
Senior Vice President
MassMutual Workplace Solutions
The foregoing is agreed to and accepted by the City of Queensbury, as Plan Sponsor, as of
this day of ,2020.
By:
Name:
Title:
2