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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