285.2015 Authorizing Award of Contract with MASS Mutual - Deferred Comp Plan 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 31St, 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 17'h day of August, 2015, by the following vote:
AYES Mr. Strough, Mr. Metivier, Mr. Clements, Mr. Irish, Mr. VanNess
NOES None
ABSENT: None