HomeMy WebLinkAboutRESOLUTIONS - 01012002 - 2002-673 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
1140ES: bone
ABSENT: None
ABSTAIN: None
SUBJECT: RESOLUTION RATIFYING ADOPTION OF IRS 441 } Resolution No. 20021673
(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) Due 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
R ESOLVED: (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
`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
C"O STA COUNTY at Martinez, California this 22nd day of October 2002.
Orig. Dept. Human 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
JC7l-]N SWEETEN, Clerk of the Board of Supervisors
and County Administrator
t
$y "-`"."�, •. ••'�• ,Deputy Clerk
RESOLUTION NO. 2002/673
IRS 401 (a) Resolution
• The Management Council had originally requested an employer
contributed 441 (a) plan for management employees with the former
CAO. Upon review of this plan option and costs, it was not fiscally
feasible to offer an employer contributed plan but a plan was
implemented on a voluntary employee after tax basis beginning January
2441.
* 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, 2442 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. � •c Date ` � l '