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HomeMy WebLinkAboutMINUTES - 10222002 - C66 THE BOARD OF SUPERVISORS OF CONTRA COSTA COUNTY, CALIFORNIA Adopted this Resolution on October 22 2002 the following vote: AYES: Supervisors Uilkema, Gerber, DeSaulnier, Glover and Gioia NOES; None ABSENT: None. ABSTAIN: None SUBJECT: RESOLUTION RATIFYING ADOPTION OF IRS 401 ) Resolution No. 2002/673 (A) RETIREMENT PLAN CONTRACT AND } AUTHORIZING THE HUMAN RESOURCES ) DEPARTMENT DIRECTOR TO EXECUTE PLAN ) DOCUMENTS NECESSARY TO TERMINATE THE ) IRS 401 (A)PLAN ) WHEREAS: (1) In the ordinary course of business, Contra Costa County applied for a group Annuity Contract for a IRS 401 (a) Retirement Plan in August 2000 to allow management employees to invest after tax dollars with no cost or contribution by the County; and WHEREAS: (2) The Hartford Life Group Annuity Contract #007103 was issued October 11, 2000 and participation began January 2001; and, WHEREAS: (3) Clue to changes in the law effective 2001 applicable to IRS 457 deferred compensation plans, only five management employees elected to participate; and WHEREAS: (4) Changes in the federal law required restatement of the IRS 401 (a) Retirement Plan; and WHEREAS: (5) The small number of participants in the IRS 401 (a) Retirement Plan does not justify continuing the Plan; now, therefore, be it RESOLVED: (a) That the Board of Supervisors ratify the adoption of the IRS 401 (a) Retirement Plan in August 2000 and acceptance of the Group Annuity Contract #00713, and authorize the execution of any necessary or appropriate documents in furtherance of such ratification; and be it further RESOLVED: (b) That the Human Resources Director or designated representative be authorized to execute the required restated Plan document to comply with GUST and Economic Growth and Tax Relief Reconciliation Act (EGTRAA); and be it further RESOLUTION NO. 2002/673 v RESOLVED: (c) To execute any and all documents necessary or appropriate to freeze future contributions effective November 1, 2002 and terminate the IRS 401 (a) Retirement Plan effective December 31, 2002, advise the participants of their options, and distribute account balances in accordance with the plan and applicable law. Adopted at a regular meeting of THE BOARD OF SUPERVISORS OF CONTRA COSTA COUNTY at Martinez, California this 22nd day of October 2002. Orig. Dept. Duman Resources Department -- 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: October 22 , 2002 JOHN SWEETEN, Clerk of the Board of Supervisors and County Administrator By ;k"" -, � - ,Deputy Clerk RESOLUTION NO. 2002/673 IRS 401 (a) Resolution • The Management Council had originally requested an employer contributed 401 (a) plan for management employees with the former CAO. Upon review of this plan option and casts, it was n©t (scally feasible to offer an employer contributed plan but a plan was implemented on a voluntary employee after tax basis beginning January 2001. • Since the implementation of the plan, a total of five (5) employees (one now retired) have elected to enroll. • Due to low participation, it has been agreed that the plan will be terminated Dec. 31, 2402 with contributions to the plan terminating November 1, 2002. • Plan participants will be notified of this action as well as their options to .rollover to IRA accounts of their choice. Submitted by Date r ` x 'J