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Committee reviews code change to allow transition of county deferred compensation vendor as MetLife contract nears expiration
Summary
Ordinance 25-083 would amend New Castle County Code Chapter 26, Article 3, Section 26.03.206 to update the deferred compensation plan and planning committee language to accommodate a vendor transition from MetLife to Empower; council discussion praised administration for finding a cost-effective vendor. No committee vote was recorded.
The New Castle County Council Finance Committee on June 24 considered Ordinance 25-083, which would amend the county code governing the deferred compensation plan to facilitate a vendor transition as the county's contract with MetLife nears expiration.
The ordinance, described in committee as an amendment to "New Castle County Code chapter 26, human resources, article 3, merit system, section 26.03.206, deferred compensation plan," would update code language to streamline processes for the county's 401(a) and 457(b) plans and permit administrative changes needed for a transition to a third-party vendor, Empower, after a transition period.
"I want to thank members of the administration involved in this," Councilman Carter said during committee discussion. "The plan with MetLife was costly... I'm really glad that the administration's looked at this, found a cost effective vendor, Empower, to substitute for the MetLife folks. So I think I'm applauding their effort, and I'm looking forward to, you know, voting on this this evening." The transcript records no public comment on the measure; one committee member had raised a hand but no public speaker took the floor online.
The item was presented for committee consideration; the transcript does not record a committee vote on Ordinance 25-083 at the June 24 meeting. Any formal change to the vendor or the county code would require follow-up steps consistent with county procurement and ordinance-adoption procedures.
