HomeMy WebLinkAboutMINUTES - 11011994 - 1.26 I.Ac-o
To: BOARD OF SUPERVISORS ...... Contra
FROM: Leslie T. Knight, Director of Personnel
Costa
County
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DATE: r�sr•..---•'•-••�r
November 1, 1994
SUBJECT:
Deferred Compensation Plan Document
SPECIFIC REQUEST(S)OR RECOMMENDATION(S)&BACKGROUND AND JUSTIFICATION
RECONMENDATION
Amend the Deferred Compensation Plan Document, effective August 1, 1994, in order to implement the
recommendations of the County Administrator and by the Deferred Compensation Advisory Committee as
follows:
I. Change Section 3, 3.5 (1) to read as follows:
(1) The amount deferred shall not be less than $25 per month.
11. Add to Section 3, 3.5 (3) to read as follows:
(C) participants who were eligible to participate in a 457 Deferred Compensation Plan with a
qualified entity within the State of California prior to employment with Contra Costa County
may include any unused deferred compensation from the other entity when applying for
participation in the catch-up program.
BACKGROUND
The proposed amendment to Section 3.5 (1) is recommended in-order to encourage employees to participate
in the plan because the current $50 per month minimum tends to discourage employees.
The proposed amendment to Section 3.5 (3) will permit employees who were eligible to participate in a 457
Deferred Compensation Plan with other employers within California to use that time as qualifying for the
catch-up program.
FISCAL IMPACT
Neither amendment should have a fiscal impact on the County. The first should encourage more employees
to participate in the deferred compensation program. The second should enable qualifying employees to
maximize the use of this program for their retirement planning.
CONTINUED ON ATTACHMENT: YES SIGNATURE:
s v
RECOMMENDATION OF COUNTY ADMINISTRATOR RECOMMENDATION OF BOARD COMMITTEE
APPROVE OTHER
SIGNATURE(S):
ACTION OF BOARD ON NOV 1 1994 APPROVED AS RECOMMENDED OTHER
VOTE OF SUPERVISORS
I HEREBY CERTIFY THAT THIS IS A TRUE
X UNANIMOUS(ABSENT AND CORRECT COPY OF AN ACTION TAKEN
AYES: NOES: AND ENTERED ON THE MINUTES OF THE BOARD
ABSENT: ABSTAIN: OF SUPERVISORS ON THE DATE SHOWN.
CC: CONTACT: Eileen Bitten (6-4054) ATTESTED NOV 1 1994
Personnel Department PHIL BATCHELOR,CLERK OF THE BOARD OF
County Administrator SUPERVISORS AND COUNTY ADMINISTRATOR
County Counsel
Auditor-Controller
BY �f+���+� ` DEPUTY
M382 (10/88)