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PROPOSED RESOLUTION
PROSPECTIVE AGREEMENT WITH NATIONWIDE RETIREMENT SOLUTIONS
WHEREAS, on February 2, 1978, the County adopted the County of Cook Employees Deferred Compensation Plan for employees of the County of Cook and Cook County Forest Preserve District pursuant to Section 457 of the Internal Revenue Code of the United States; Public Act 78-1277 of the Illinois General Assembly (40 ILCS 5/24-101 et seq.) and Article VII, Section 6 of the Illinois Constitution of 1970; and
WHEREAS, effective July 1, 2025, the County updated The Deferred Compensation Plan for Public Employees as Amended and Restated for the County of Cook (“Plan”); and
WHEREAS, the declared purpose of the Plan is to enable all participants to better provide for their retirement security; and
WHEREAS, the Plan entails no County or taxpayer funds as the funds are voluntarily contributed by employees as payroll deductions; and
WHEREAS, an Administrative Services Provider is required to perform reasonable and necessary third party administrative services to the Plan on behalf of the 20,000 Plan participants; and
WHEREAS, in exercising its duties and responsibilities, the Deferred Compensation Committee (“Committee”) has the authority to “issue from time to time competitive Requests for Proposals and take such other action as necessary or appropriate to negotiate prospective agreements with selected Administrative Services Providers(s) or professional consultants;” and
WHEREAS, in exercising its duties and responsibilities, the Committee also has the authority to enter into contracts with an Administrative Services Providers as deemed necessary, advisable or prudent by the Committee; and
WHEREAS, the Committee has determined it is necessary and in the best interest of the participants to continue with the current Administrative Services Provider, Nationwide Retirement Solutions, who was selected in 2019 pursuant to a competitive Request for Proposals, with agreement to reduce plan fees evidenced by a Letter of Intent; ; and
NOW, THEREFORE, BE IT RESOLVED, in accordance with the Plan, the Cook County Board of Commissioners does hereby support the Committee’s decision to negotiate an Administrative Services Provider contract with Nationwide Retirement Solutions for the Plan; and
BE IT RESOLVED, that the Cook County Board of Commissioners recognizes that the Chair of the Committee is authorized to execute the negotiated contract with Nationwide Retirement Solutions on behalf of Cook County in accordance with the Plan.
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