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31.

Meeting Date:	12/01/2015
Nationwide Retirement Systems Loan Procedures
Submitted By:	Shelley Loughrey, Human Resources
Department:	Human Resources
Agenda Category:	Regular Agenda Items

Information

Agenda Item

Discuss, consider and take appropriate action on an Amendment to the Plan Loan Procedures for Refinancing between Nationwide and Williamson County, Texas in relation to the Nationwide Retirement Solutions Government 457(b) Plan Loan Procedures.

Background

Nationwide Retirement Solutions updated the Plan Loan Procedures Document to be easier to read and to align with its systems. Williamson County, as the Plan Sponsor, already allows for such loans and refinancing and Nationwide Retirement Solutions is requesting this amendment to also formally set same out in writing. The updates that are incorporated into this amendment are as follows:

1. Easy selection of Plan provisions; we’ve included our current policy for each provision;
2. An updated Cure Period provision; the Cure Period is the amount of time a participant has to make a missed repayment before the loan defaults and becomes a deemed distribution; and
3. Updates to online loan capabilities to expedite participant loan requests.

The participation in the Nationwide Retirement Solutions Government 457(b) Plan is offered to county employees on a voluntary basis and the loan terms and details only affect a participant that chooses to obtain a loan from his or her plan.

Fiscal Impact

From/To	Acct No.	Description	Amount

Attachments
Nationwide Retirement System Loan Procedures

Form Review

Inbox	Reviewed By	Date
County Judge Exec Asst.	Wendy Coco	11/23/2015 09:04 AM
Form Started By: Shelley Loughrey		Started On: 11/18/2015 04:17 PM
Final Approval Date: 11/23/2015