389.2020 One Year Ext. Mass Mutal Deferred Comp Plan
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.: 389, 2020
INTRODUCED BY: Mr. George Ferone
WHO MOVED ITS ADOPTION
SECONDED BY: Mrs. Amanda Magee
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
st
on January 1, 2014, and
WHEREAS, the Massachusetts Life Insurance Company (Mass Mutual), acquired The
st
Hartford’s Retirement Plans Group effective January 1, 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.
th
Duly adopted this 7day of December, 2020, by the following vote:
AYES : Mr. Freer, Mr. Ferone, Mrs. Magee, Mr. Strough, Mr. Metivier
NOES : None
ABSENT:None