Page 34 - DCAC November 2023 Files
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HUMAN RESOURCES DEPARTMENT
                                       Inter-Departmental Correspondence

               DATE:                 November 2, 2023

               TO:                   Deferred Compensation Advisory Committee

               FROM:                 Jay Castellano, Employee Benefits

               SUBJECT:              De Minimis Accounts Recommendations


               RECOMMENDATION

               Approve the following recommendations related to the management of de minimis
               accounts in the County’s deferred compensation plans:

                    •  Liquidate all existing de minimis accounts
                    •  Prospectively, annually liquidate all de minimis accounts as of December 31
                    •  Increase the threshold for de minimis accounts from $5,000 to $7,000 as
                       enabled in SECURE 2.0
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