Deferred Compensation Committee

Committee Purpose

Creation of an appropriate mechanism for administration of money and other assets, resulting from compensation deferred under the Plan. Administer the Plan for participating employees, retirees and beneficiaries, including necessary research, request for proposals and follow up on possible providers. Contracting with a private person, corporation, institution, or other entity. Either directly or through a state agency, for services necessary to the administration of the Plan. Including, without limitation, consolidated billing and the keeping of records for each participating employee in the Plan. The purchase, lease and safeguarding of assets, programs for communication and education of employees and administration of the Plan.

Obtain advice of qualified counsel when appropriate. Establish objectives and policies relating to investments. Discharge its duties regarding each decision made in administering the Plan, solely in the interests of the Plan. Make decisions using the following standard, under the circumstances existing at the time of the decision. The decision a prudent person would make, who is familiar with similar investments. While acting in a similar capacity in conducting an enterprise of similar character and purpose. Not less than every 12 months, the committee shall consider the advisability of soliciting proposals from qualified providers.

Investment Policy Statement

Committee Composition

The committee is made up of:

• Auditor-Controller or designee
• County Executive Officer or designee
• Human Resources Director or designee
• One representative of the Deputy Sheriff's Association
• One representative of the miscellaneous employees associations
• One representative of a Placer County retired employee
• Treasurer-Tax Collector or designee

Election of a new or re-election of the Chair is elected by majority vote of current members. The election shall occur as the first item of business, at the first quarterly meeting in the calendar year. The Chair shall serve a two-year term and be eligible for re-election. When a vacancy exists for the retired employees member, the Committee shall submit nominations for a replacement and alternate. The nominations are submitted to the BOS for appointment. The new member shall serve a four year term. The employee association representative shall be designated by the respective employee association. Resignation must be received in writing by the Chair. All representative members may be removed with good cause by a 3/4 vote of the remaining committee members.

Committee Meetings

The committee meets quarterly. The dates, time and place to be determined by the Chair. Special meetings may be called at any time by the Chair or the CEO. Notice and Agenda posting shall comply with the Brown Act, California Government Code Section 54950 et seq. A quorum of at least four Committee members must be present.

If the Chair is absent, the CEO shall Chair. If both are absent, the order shall be Treasurer-Tax Collector, Auditor Controller, Human Resources Director. The Chair shall designate a staff person to act as Secretary. The secretary shall be responsible for meeting announcements, posting agendas, distributing copies and taking of minutes. The secretary is also responsible for keeping records of actions and assuring appropriate records are maintained.

You can contact the Committee Chair or the Committee Clerk by phone or email.

Member Compensation

Members shall receive no compensation for their services. However, any member traveling on official business for the Committee shall be reimbursed for his actual and necessary traveling expenses.