2.02 2.2
DEFFERED COMP\Deferred Comp Plan—1 Year Extension to MassMutual—Formerly The Hartford—8-4-14
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.: , 2014
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 Queensbury 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, 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, by Resolution No.: 334, 2013, the Town Board authorized an extension for
a period of one year from its expiration date, or through January 1, 2015, 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
WHEREAS, the Town's Deferred Compensation Plan Committee has recommended that
the Town Board exercise its second of its allowable one (1) year extensions or through
December 31St, 2015 and then in 2015, move forward with preparation of a Request for
Proposals for the selection of an administrative services agency of the Town's Deferred
Compensation Plan, and
WHEREAS, the Queensbury 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 or through December 31St
2015 for reasons which include, but are not limited to: the preservation of the stability of the
Plan's administration, recordkeeping and account maintenance; compliance with pending
reporting requirements; and the determination to develop thorough internal procedures for the
solicitation and prudent evaluation of competitive proposals in accordance with Section 9003.3
of the Rules and Regulations of the New York State Deferred Compensation Board prior to such
solicitation, in order that the Town of Queensbury may act with care, skill, prudence and
diligence under the circumstances, such procedures to include the establishment of an advisory
committee to include Town of Queensbury administrative personnel and representatives of the
Town of Queensbury's employee organizations, and
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 31St, 2015, 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 4th day of August, 2014, by the following vote:
AYES :
NOES :
ABSENT: