3.11 3.11
DEFFERED COMP\Deferred Comp Plan—1 Year Extension to MassMutual—Formerly The Hartford—8-5-13
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.: , 2013
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, the Town's Deferred Compensation Committee accepted and reviewed
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 recommended that the Town Board
award the contract to The Hartford as Administrative Services Agency and Financial Organization
in accordance with §9003 of Subtitle II, Title 9 NYCRR, and
WHEREAS, by Resolution No.: 470.2008, the Queensbury Town Board awarded the
contract for administration of the Town's Deferred Compensation Plan for a five-year contract
period to The Hartford as Administrative Services Agency and Financial Organization in
accordance with §9003 of Subtitle II, Title 9 NYCRR, 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, the Town's contract will expire on January 1St, 2014, and
WHEREAS, in accordance with 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 the one (1) year extension and then in 2014, 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 Town Board finds it to be in the best interest of the Plan to extend the
agreement with Mass Mutual for an additional period of one (1) year from the date of expiration
in order to preserve stability of the Plan's administration, recordkeeping and account
maintenance while the Town of Queensbury begins the process of a Request for Proposals for
prudent evaluation of competitive proposals in accordance with the Rules and Regulations of the
New York State Deferred Compensation Board,
NOW, THEREFORE, BE IT
RESOLVED, that the Queensbury Town Board hereby extends 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
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 5th day of August, 2013, by the following vote:
AYES :
NOES :
ABSENT: