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Approve the County's amended Deferred Compensation Plan Committee Charter, which includes the County's Internal Revenue Code 457(b) deferred compensation program, to incorporate the County's Internal Revenue Code 401(a) deferred compensation program and the Retirement Health Savings plan and to specify the composition of the Deferred Compensation Plan Committee
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Published Notice Required? Yes ____ No _X _
Public Hearing Required? Yes ____ No _X _
DEPARTMENTAL RECOMMENDATION:
The County's Deferred Compensation Plan Committee recommends that the County amends the adopted Deferred Compensation Plan Committee Charter by incorporating the County's Internal Revenue Code 401(a) deferred compensation program and the Retirement Health Savings plan and by specifying the composition of the Deferred Compensation Plan Committee.
SUMMARY:
The County's Deferred Compensation Plan Committee Charter was last amended in 2001 when the Director of Human Resources was designated as both the Plan Administrator and a member of the Committee. At present, the Charter designates the fiduciaries of the County's Internal Revenue Code 457(b) deferred compensation plan. The proposed revision of the Charter also incorporates the County's existing Internal Revenue Code 401(a) and the Retirement Health Savings plan within the Charter and specifies the committee's full membership.
FINANCIAL IMPACT:
There is no cost in adopting the new Plan document.
DISCUSSION:
The County's Internal Revenue Code 457 deferred compensation plan was amended by the Board of Supervisors on December 11, 2001 (Resolution 2001-262) when the Director of Human Resources was designated as the Plan Administrator and a member of the Deferred Compensation Plan Committee. Previously, the Plan document specified that the Deferred Compensation Plan Committee is comprised of the Assistant County Administrator (who serves as chair), the Treasurer/Tax Collector/County Clerk, the Auditor-Control...
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