CONSENT AGENDA REQUEST

Sponsor:

Board of Supervisors Meeting Date: 

Personnel Committee

October 9, 2008

Staff Lead:

Department: 

Janelle Downes, Director

Human Resources

Topic: 

A Resolution to Authorize the County Administrator the ability to Remove Non-Performing Funds on the 457(B) Plan in conjunction with the School Division Superintendent

Topic Description:

The Fauquier County Board of Supervisors and School Board has elected to have a single provider service the 403(b) and 457(b) supplemental retirement plans for County and School employees. A joint County and School Division committee has been formed, with assistance from CAPTRUST Financial Group, to monitor the performance of the 403(b) and 457(b) funds. The Committee will from time-to-time, on advice from CAPTRUST Financial Group, recommend to the County Administrator and School Division Superintendent the removal of non-performing 403(b) and 457(b) funds. The attached Resolution authorizes the County Administrator the ability to remove non-performing Funds on the 457(B) plan in conjunction with the School Division Superintendent.

Requested Action of the Board of Supervisors: 

Consider adoption of the attached resolution.

Financial Impacts Analysis:

None

Identify any other Departments, Organizations or Individuals that would be affected by this request:

Human Resources Department

All County and School Division Employees who participate in a 403(B) and/457(B) Fund.