TO: Board of Supervisors
FROM: Christine Brice?o, Director of Human Resources
REPORT BY: Joy Cadiz, Senior Human Resources Analyst
SUBJECT: Adoption of a Resolution Authorizing a Matching Employer Contribution for the Benefit of 401(a) Retirement Savings Plan Participants for the 2023 Calendar Year
RECOMMENDATION
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Interim County Executive Officer and Director of Human Resources request adoption of a Resolution establishing a $1,600 Matching Employer Contribution for Management, Confidential, and Non-Classified officers and employees who are participants in Napa County's 401(a) Retirement Savings Plan during calendar year 2023 and a $600 Matching Employer Contribution for SEIU employees who are participants in Napa County's 401(a) Retirement Savings Plan during calendar year 2023.
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EXECUTIVE SUMMARY
In 2002, the County established the 401(a) Retirement Savings Plan ("Plan") for the benefit of Management, Confidential, and Non-Classified officers and employees. The Plan provides that the County may offer an Employer Contribution involving a Match ("Match") to be allocated to the 401(a) pre-tax sub-account of each eligible officer or employee. The Board of Supervisors must annually establish by resolution the maximum amount of the Match and the conditions under which the Match will be made. The Match recommended by the County Executive Officer to be made available in 2023 is $1,600 per participant.
In 2022, in its collective bargaining agreement with Service Employee International Union, Local 1021 (SEIU), the County agreed to provide a deferred compensation Match during the calendar year 2023 for the benefits of County employees who are SEIU members and participate in the Plan. The Match recommended by the County Executive Officer to be made available in 2023 for SEIU members who are participants in the Plan is $600 per participant.
FISCAL & STRATEGIC PLAN IMPACT
Is there a Fiscal Impact?
Yes
Is it currently budgeted?
Yes
Where is it budgeted?
Fund...
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