TO: Board of Supervisors
FROM: Christine Brice?o - Director of Human Resources
REPORT BY: Kevin Lemieux - Staff Services Manager
SUBJECT: Adoption of a Resolution Authorizing a 401(a) Matching Employer Contribution for the Benefit of 401(a) Retirement Savings Plan Participants for the 2022 Calendar Year
RECOMMENDATION
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County Executive Officer and Director of Human Resources request adoption of a Resolution establishing a $1,000 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 2022.
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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 2022 is $1,000 per participant. The funds to cover the recommended Match are included in the County's Fiscal Year 2021-2022 Approved Budget.
FISCAL & STRATEGIC PLAN IMPACT
Is there a Fiscal Impact?
Yes
Is it currently budgeted?
Yes
Where is it budgeted?
Funds to cover the Match are included in the Fiscal Year 2021-2022 Approved Budget for each County department. Match costs projected to be incurred in Fiscal Year 2022-2023 will be included in each department's Fiscal Year 2022-2023 budget request.
Is it Mandatory or Discretionary?
Discretionary
Discretionary Justification:
Promoting increased savings for retirement is important. Aggressive deferred compensation programs also are a valuable retention and recruitment tool. The annual cost of the ...
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