Action 17.
Regular Board of Supervisors Meeting
Human Resources
- Meeting Date:
- 08/08/2023
- Title:
- Approval of Nationwide Retirement Solutions Participating Employer Addendum
- Submitted By:
- Jennifer Graeme, Human Resources
- Department:
- Human Resources
Presentation:
No A/V Presentation
Recommendation:
Approve
Document Signatures:
BOS Signature Required
# of ORIGINALS
Submitted for Signature:
Submitted for Signature:
1
NAME
of PRESENTER:
of PRESENTER:
Jennifer L. Graeme
TITLE
of PRESENTER:
of PRESENTER:
HR Director
Docket Number (If applicable):
Mandated Function?:
Not Mandated
Source of Mandate
or Basis for Support?:
or Basis for Support?:
Information
Agenda Item Text:
Approve Nationwide Retirement Solutions (NRS) Participating Employer Addendum, broadening deferred compensation plans for Public Safety Personnel Retirement System (PSPRS) members with the addition of a 457(b) plan specifically for public safety employees.
Background:
Nationwide Retirement Solutions (NRS) provides members of the Public Safety Personnel Retirement System (PSPRS) and Arizona State Retirement (ASRS) with deferred compensation plan options. In September of 2022, Governer Ducey signed legislation into law limiting PSPRS members ability to participate in the ASRS SSDP 457 plan. In order to increase funding options for these members, another plan is required to be put into place. Approval of the "Participating Employer Addendum" will broaden eligible deferred compensation plans for PSPRS members with the addition of a 457(b) plan specifically for these public safety employees. This document has been reviewed and approved by Chief Civil Deputy Roberts for approval by the Board of Supervisors.
Department's Next Steps (if approved):
Upon approval and signature by Board of Supervisors, document will be sent to Nationwide Retirement Solutions.
Impact of NOT Approving/Alternatives:
Would limit PSPRS member funding options.
To BOS Staff: Document Disposition/Follow-Up:
Please provide HR with signed addendum.