HomeMy WebLinkAboutMINUTES - 12202005 - C.40 TO: BOARD OF SUPERVISORS Contra
FROM: Christine J. Penkala, Benefits Manager Costa
DATE: December 20, 2005 •'"� �°
c°srA cou.��� County
SUBJECT: Deferred Compensation Plan
i
SPECIFIC REQUEST(S)OR RECOMMENDATION(S)&BACKGROUND AND JUSTIFICATION
RECOMMENDATION:
1. ADOPT Resolution NO. 2005/785 approving the Contra Costa County Deferred
Compensation Plan (I.R.C. §457) as amended and restated effective December 20,
2005.
2. Authorize the Benefits Manager to take all necessary actions in implementing the
revised plan document.
FISCAL IMPACT:
There is no fiscal impact to county general funds in implementing the revised plan.
BACKGROUND:
On December 11, 2001, the Board of Supervisors adopted Resolution No. 2001/588 to
approve amendments to the county's deferred compensation plan that became effective
January 1, 2002. The amendments were adopted to conform with changes in the federal law
brought on by the Economic Growth and Tax Relief Reconciliation Act (EGTRRA) of 2001.
The final regulations of EGTRRA were subsequently issued on September 28, 2004. In
order to comply with the final regulations and to clarify the intended-operation of the plan, the
county's deferred compensation plan has been further amended and restated. The plan
amendments include the following:
• Allows employees of other entities, such as the Superior Court, to
participate in the County's plan.
• Allows new employees to participate in the Plan earlier.
• Increases the total amount of compensation that may be deferred each
year by eliminating the requirement that the total amount to be deferred
be reduced by deferrals.
• Allows the plan administrator to charge participant's accounts to pay for
reasonable expenses of administering the plan.
• Currently, Participants may request voluntary in-service distributions
under certain conditions if their account balance is $5,000 or less. The
revised plan does not apply the amount of rollover contributions towards
the $5,000 limit.
• Restates and expands provisions relating to direct rollovers to the plan.
• Describes the effect of qualified domestic relations orders.
CONTINUED ON ATTACHMENT: a"�ES SIGNATURE"
.�F2ECOMMENDATION OF COUNTY ADMINISTRATOR RECOMMENDATrow&F ARD COMMITTEE
�APPROVE _OTHER
r
SIGNATURE(S): y
ACTION OF BOA Nf y�t APPROVE AS RECOMMENDED —_' OTHER
—tom f - rte ,
VOTE OF SUPERVISORS I HEREBY CERTIFY THAT THIS IS A TRUE
AND CORRECT COPY OF AN ACTION TAKEN
UNANIMOUS(ABSENT _) AND ENTERED ON THE MINUTES OF THE
BOARD OF SUPERVISORS ON THE DATE
AYES: NOES: SHOWN.
ABSENT: ABSTAIN:
ATTESTED___E_�
CONTACT: Christine Penkala 335-1747 JOHN SW E CLERK OF THE BOARD OF
SUPERVISORS AND COUNTY ADMINISTRATOR
CC: County Administrator t
County Counsel
BY DEPUTY
Page 1 of 1
THE BOARD OF SUPERVISORS OF CONTRA COSTA COUNTY, CALIFORNIA
Adopted this Order on December 20. 2005 ,by the following vote:
AYES: Gioia,Piepho,DeSaidnier, Glover and Uilkema
NOES: None
ABSENT: None
„ABSTAIN: None
SUBJECT:
Amendments to )
Contra Costa County ) RESOLUTION NO. 2005/785
Deferred Compensation Plan )
WHEREAS the Contra Costa County Board of Supervisors adopted Resolution 2001/588 on
December 11, 2001 approving the current form of the County's deferred compensation plan as amended and
restated; AND
WHEREAS further amendments are necessary to comply with the final regulations of the Economic
Growth and Tax Relief Reconciliation i Act of 2001 and to clarify the intended operation of the plan;
IT IS BY THE CONTRA COSTA COUNTY BOARD OF SUPERVISORS RESOLVED
THAT effective December 20, 2005, the Contra Costa County Deferred Compensation Plan document is
amended and restated as attached hereto and the Benefits Manager is authorized to take all necessary actions to
implement the revised plan document.
I HEREBY CERTIFY THAT THIS IS A TRUE AND CORRECT COPY OF
AN ACTION TAKENAND ENTERED ON THE MINUTES OF THE
BOARD OF SUPERVISORSONTHE DATE SHOWN.
ATTESTED
JOHN SWEE EN,CLERK OF THE BOARD OF
SUPERVISORS AND COUNTY ADMINISTRATOR
BY_ TY
Orig. Dept. Human Resources
cc: County Administrator
County Counsel
-1-
RESOLUTION NO. 2005/785