HomeMy WebLinkAboutMINUTES - 12112001 - C.88 THE BOARD O) SUPERVISORS OF ,CONTRA COSTA COUNTY CALIFORNIA
Adopted this Resolution on December 11 , 2001 by the following vote:
AYES: SUPERVISORS GIOIA, GERBER, DESAULNIER, GLOVER and UILKEMA
NOES: NONE
ABSENT: NONE
ABSTAIN: NONE
SUBJECT: AMENDMENT TO RESOLUTION 98/597 ) Resolution No. 2001/588
DEFERRED COMPENSATION PLAN )
The Contra Costa County Board of Supervisors adopted the subject Resolution
98/597 on December 1 , 1998; AND
The Contra Costa County Board of Supervisors, in its capacity as the governing
board of the County and all Special Districts of which it is the governing board
RESOLVES THAT:
WHEREAS: (1) President Bush, on June 7, 2001 , signed into law the Economic
Growth and Tax Relief Reconciliation Act (EGTRRA) of 2001
that provides many updates to Internal Revenue Code; and
WHEREAS: (2) Contra Costa County desires to conform with changes in the
federal law brought about the EGTRRA of 2001 ; and
WHEREAS: (3) The changes are intended as good faith compliance with the
requirements of EGTRRA and guidance issued thereunder,
and
WHEREAS: (4) It is necessary that immediate steps be taken to amend and
restate the plan document;
NOW, THEREFORE, BE IT RESOLVED THAT effective January 1 , 2002, the
Contra Costa County Deferred Compensation Plan Document is amended and
restated as attached hereto.
Page 1 of 2 RESOLUTION NO. 2001/588
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The plan amendment will provide the following new EGTRRA enhancements as
additions to the County's Deferred Compensation Program:
• Increased Contribution Limits
• Pre-Retirement Catch-Up Contribution Limits
• Age 50+Catch-Up Contribution Limits
• Rollover Contributions
• Distribution Eligibility
• Installment Payments
• Distribution On or After Age 70-1/2 or Severance From Employment
• Distribution On Account of the Participant's Death
• Minimum Distribution Requirements
• Domestic Relation Orders
• Direct Rollovers to Other Eligible Retirement Plans
• Distribution for Certain Non-Participating Participants
• Transfers In
• Transfers Out
• Trustee to Trustee Transfers to Purchase Permissive Service Credit
Orig. Dept Human Resources-Jean Soares, 335-1747
cc: County Administrator's Office
County Counsel
Auditor-Controller
I hereby certify that this is a true and correct
copy of an action taken and entered on the
minutes of the Board of Supervisors on the date
shown:
ATTESTED:
JOHN SWEETEN, Clerk of the Board of
Supervisors and County Administrator
By Deputy
Page 2 of 2 RESOLUTION NO. 2001/588