The Orange County, New York (“County”) Deferred Compensation Plan (“Plan”) is a defined contribution plan covering all the employees of the County. The Plan is intended to qualify as an "eligible deferred compensation plan" under Section 457 ("Section 457") of the Internal Revenue Code of 1986 ("Code"), as now in effect or hereinafter amended. To become an "eligible deferred compensation plan" in the State of New York (“NYS”), the Plan must meet the requirements of the rules and regulations codified at Subtitle II of Title 9 New York Code, Rules and Regulations Parts 9000 to 9006 (“Regulations”) promulgated by the NYS Deferred Compensation Board ("Board") pursuant to the authority granted to the Board by NYS State Finance Law, Article 2, Section 5. The Regulations are attached to this RFP and marked Appendix A.
As of December 31, 2020, the Plan has the assets, investment distribution, participants and contributions (among other information) as are detailed in the “Frequently Asked Questions” and “Plan Summary,” copies of which are attached to this RFP and marked Appendix B and Appendix C respectively.
Empower Retirement, LLC is the Plan's current third-party administrator performing recordkeeping, enrollment, and educational services for the Plan.
The County’s Deferred Compensation Plan Committee (“Committee”) developed this RFP to obtain proposals from qualified certified public accounting firms to provide the Committee with audit services for the Plan that are in compliance with Section 9005.1 of the Regulations. The contract term will be for five (5) years and shall consist of the audit of the Plan’s 2022, 2023, 2024, 2025 and 2026 fiscal (calendar) years.
