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Enhancements to the County of Monterey 457 Deferred Compensation Plan

  • Six new funds

  • Self-Directed Brokerage Account (SDBA)

  • Online Enrollment and Deferral Processing

  • NEW FUNDS

    As part of the ongoing maintenance for the Monterey County Deferred Compensation plan, funds are added and funds are deleted. This is done for two primary reasons. Funds that do not meet the plans investment policy performance benchmarks are replaced. New funds are added to fill “gaps” in the available core investment options.

    Two funds are being added as replacements for the two funds being eliminated from the plan. The Columbia Marsico 21st Century Z will be the replacement for the American Century Ultra Fund and the Fidelity Advisor Leveraged Company Stock A will be the replacement fund for the Ariel Appreciation Fund.

    To fill some gaps the plan is adding the T. Rowe Price Real Estate Fund, which as its name suggests will give plan participants a core investment option that invests in Real Estate. The plan is also adding three new Index Options to supplement the current BGI S & P 500 Index. The new Index Funds will be:

  • BGI EAFE Index which attempts to replicate the return of the EAFE international index.

  • BGI Small-Cap Index which attempts to replicate the Russell 2000 Index

  • BGI Mid-Cap Index which attempts to replicate the S & P 400 Mid-Cap Index

  • SELF DIRECTED BROKERAGE ACCOUNT (SDBA)

  • A new Self Directed Brokerage Account (SDBA) is being added to the plan. The SDBA is managed by Ameritrade Corporate Services. This new option will make more than 11,000 new mutual funds available to plan participants through the SDBA window. Plan participants will also be able to purchase individual stocks and bonds as well as investment options in the plan. All funds will first be directed to the core investment options and then once a participant has set up an account with Ameritrade, money can be moved into Ameritrade. Ameritrade can be reached at (866) 766-4015 or www.ameritradretirement.com. The minimum transfer is $1,000 and a minimum balance of at least $2,500 must be kept in the core options at all times.

  • (The SDBA does have additional fees and other requirements and restrictions. Information regarding the specifics of the SDBA account will be available on the Great-West website in the next few weeks. )

    ONLINE ENROLLMENT & DEFERRAL PROCESSING

    The online enrollment feature allows employees, (who are not currently taking advantage of the features and benefits of Deferred Compensation) to enroll very simply. Employees will obtain a PIN number from the Great-West customer service line at (800) 701-8255 (if they do not already have one) and log on to the Great-West website. Most of the information necessary will have been previously entered so new participants will only need to select a bi-weekly contribution amount, select which investment options they want their contributions to be deposited into, and complete a hard copy of the Beneficiary and Disclaimer Forms which are located on the Monterey County website at http://www.co.monterey/personnel/DefComp.htm. Once the forms are completed, employees are to forward the forms to the County’s Risk Management Department for processing.

    The new online Salary Deferral processing system will eliminate the need for any plan participant to complete a hard copy of the salary deferral form. To make a change in the bi-weekly contribution amount, a participant will need to either make the change by going to the Great-West website or call the Great-West customer service number. All changes made by the 25th of the month will be effective for the first pay period of the following month.

    CHANGE IMPLEMENTATION DATES

  • New funds will be added to the plan on June 29, 2007

  • Funds being eliminated from the plan will occur on June 13, 2007

  • The SDBA account will be available for use on approximately May 15, 2007

  • Online Enrollment and Deferral is scheduled to go live June 1, 2007

  • We hope you are as thrilled with these plan enhancements, as the Deferred Compensation Committee is to have the opportunity to make them available to you. If you have questions about these new features please feel free to contact either our local service representative Ed Lopez or the local Great-West Retirement Services office. Ed can be reached at either (831) 682-0014 or Edward.lopez@gwrs.com. The number for the local Great-West office is (800) 274-8491.

    Sincerely,

    Lou Solton, Chair
    County of Monterey Deferred Compensation Committee

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