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RESOLUTION ADOPTING A PROTOTYPICAL SERVICE AGREEMENT WITH RESPECT TO AN EXISTING DEFERRED COMPENSATION PLAN PURSUANT TO THE INTERNAL REVENUE CODE
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WHEREAS, the County of Passaic (“County”) is a body politic and corporate pursuant to N.J.S.A. 40:18-1 and vested with all rights contained therein; and
WHEREAS, the County previously adopted a deferred compensation plan provided by Empower Annuity Insurance Company of America (f/k/a Great-West Life & Annuity Insurance Company) for the purposes of: attracting and retaining qualified employees; accruing tax benefits to eligible employees through participation in a deferred compensation plan pursuant to Section 457 of the Internal Revenue Code; and enhancing retirement security for eligible employees, with no cost to the County for the adoption and administration of such plan (“Plan”); and
WHEREAS, Empower Annuity Insurance Company of America has assigned the provision of services under the Plan, which shall remain in full effect without any changes, to its wholly owned subsidiary, Empower Retirement, LLC, who will continue to provide the same services under the approved Service Agreement attached hereto; and
WHEREAS, pursuant to N.J.A.C. 5:37-5.7, there has been no collusion, or evidence or appearance of collusion, between any local official and a representative of contractor, in the selection of a contractor for the administration of the Service Agreement; and
WHEREAS, this matter was discussed at the July 30, 2025 meeting of the Administration and Finance Committee and is being recommended to the Board for approval.
NOW, THEREFORE, LET IT BE RESOLVED, that the Board of County Commissioners of the County of Passaic authorizes the Director of the Board to execute of the attached Service Agreement with Empower Retirement, LLC and Service Agreement Identifier 21-SA-EMPOWER-110121.
LET IT BE FURTHER RESOLVED that the Clerk to the Board is directed to forward all necessary documents for approval to the Director of the Division of Local Government Services within the New Jersey Department of Community Affairs.
LET IT BE FURTHER RESOLVED that the Clerk to the Board, County Counsel, Chief Financial Officer, and Director of the Board are authorized to take any action necessary to carry out the purpose of this Resolution.
NB August 12, 2025