RFP-LC-04-01 - Defined Contribution Investment Program(s)

Summary of Specifications:
The County of Livingston has introduced a new defined contribution investment program for retiree health care savings for the non-union and some union employees of the County and it's agencies hired after 3/17/03. Employees hired prior to that date are eligible for a defined benefit, shared cost program for health care insurance in retirement. A special "opt out" has been offered to those employees who wish to take a buy out of the old program and participate in the new defined contribution investment program. At this time, the only investment option available for these employees is one of the deferred compensation plans currently made available by the Employer. There are certain tax advantages and disadvantages to the employees utilizing these deferred compensation plan. To maximize potential tax savings and to allow for as much flexibility in the management and use of the monies saved, the County would like to offer some other investment options beyond that of the deferred compensation plans. There are approximately 400 employees eligible to participate in the various options available by virtue of their status as a non-union employee or as a member of a specified bargaining unit.