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Home My WebLink About20092647.tiffRESOLUTION RE: APPROVE AMENDMENT TO 401(K) SAVINGS PLAN AND AUTHORIZE CHAIR TO SIGN - PRINCIPAL FINANCIAL GROUP WHEREAS, the Board of County Commissioners of Weld County, Colorado, pursuant to Colorado statute and the Weld County Home Rule Charter, is vested with the authority of administering the affairs of Weld County, Colorado, and WHEREAS, the Board has been presented with an Amendment to the 401(K) Savings Plan between the County of Weld, State of Colorado, by and through the Board of County Commissioners of Weld County, and Principal Financial Group, effective January 1, 2007, with further terms and conditions being as stated in said amendment, and WHEREAS, after review, the Board deems it advisable to approve said amendment, a copy of which is attached hereto and incorporated herein by reference. NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld County, Colorado, that the Amendment to the 401(K) Savings Plan between the County of Weld, State of Colorado, by and through the Board of County Commissioners of Weld County, and Principal Financial Group be, and hereby is, approved. BE IT FURTHER RESOLVED by the Board that the Chair be, and hereby is, authorized to sign said amendment. The above and foregoing Resolution was, on motion duly made and seconded, adopted by the following vote on the 7th day of October A.D., 2009, nunc pro tunc January 1, 2007. ATTEST: ,44/,1%) Weld County Clerk to the Bo 1 BY:: ti /A 12,17 Deo ty Cler to the Board APPROaIEC;PAS oufity Atforney Date of signature: IOI)Wri BOARD OF COUNTY COMMISSIONERS ELD COU-w/ , COLORADO , Pro-Tem Sean P. Conway ara Kirkmeyer / David E. Long 00 -PC 2009-2647 1 0 r/au(Oc PE0010 AMENDMENT TO COMPLY WITH THE PENSION PROTECTION ACT OF 2006 This amendment of the Plan is adopted to comply with the requirements of the Pension Protection Act of 2006 and the technical corrections to the Pension Protection Act of 2006 in accordance with the Worker, Retiree, and Employer Recovery Act of 2008. This amendment is to be construed in accordance with such laws. This amendment shall continue to apply to the Plan, including the Plan as later amended, until such provisions are integrated into the Plan or the provisions of this amendment are specifically amended. The effective dates stated in the amendment shall be the later of the stated date or the effective date of the Plan. This amendment shall supersede any previous amendment and the provisions of the Plan to the extent those provisions are inconsistent with the provisions of this amendment. WELD COUNTY 401(K) SAVINGS PLAN The Plan named above gives the undersigned the right to amend it at any time. According to that right, the Plan is amended as follows: Effective as of January 1, 2007, by adding to the DEFINITIONS SECTION of Article I, the following: Designated Beneficiary means the individual who is designated by the Participant (or the Participant's surviving spouse) as the Beneficiary of the Participant's interest under the Plan and who is the designated beneficiary under Code Section 401(a)(9) and section 1.401(a)(9)-4 of the regulations. Effective as of January 1, 2008, by striking the definition of Eligible Retirement Plan in the DEFINITIONS SECTION of Article I and substituting in lieu thereof the following: Eligible Retirement Plan means an eligible plan under Code Section 457(b) which is maintained by a state, political subdivision of a state, or any agency or instrumentality of a state or political subdivision of a state and which agrees to separately account for amounts transferred into such plan from this Plan, an individual retirement account described in Code Section 408(a), an individual retirement annuity described in Code Section 408(b), for taxable years beginning on or after January 1, 2008, an individual retirement plan described in Code Section 408A(b) subject to any limitations described in Code Section 408A(c), an annuity plan described in Code Section 403(a), an annuity contract described in Code Section 403(b), or a qualified plan described in Code Section 401(a), that accepts the Distributee's Eligible Rollover Distribution. The definition of Eligible Retirement Plan shall also apply in the case of a distribution to a surviving spouse, or to a spouse or former spouse who is an Alternate Payee under a qualified domestic relations order, as defined in Code Section 414(p). For taxable years beginning on or after January 1, 2006, if any portion of an Eligible Rollover Distribution is attributable to payments or distributions from a designated Roth account, an Eligible Retirement Plan with respect to such portion shall include only (i) another designated Roth account of the individual from whose Account the payments or distributions were made under an annuity plan described in Code Section 403(a) or a qualified plan described in Code Section 401(a); (ii) another designated Roth account of such individual under an annuity contract described in Code Section 403(b); or (iii) a Roth IRA described in Code Section 408A of such individual. Effective for distributions made in taxable years beginning on or after January 1, 2007, by striking the definition Of Eligible Rollover Distribution in the DEFINITIONS SECTION of Article I and substituting in lieu thereof the following: Subtype 110218 1 66947 2009-2647 Eligible Rollover Distribution means any distribution of all or any portion of the balance to the credit of the Distributee, except that an Eligible Rollover Distribution does not include: (i) any distribution that is one of a series of substantially equal periodic payments (not less frequently than annually) made for the life (or life expectancy) of the Distributee or the joint lives (or joint life expectancies) of the Distributee and the Distributee's Designated Beneficiary, or for a specified period of ten years or more; (ii) any distribution to the extent such distribution is required under Code Section 401(a)(9); (iii) any hardship distribution; (iv) the portion of any other distribution(s) that is not includible in gross income (determined without regard to the exclusion for net unrealized appreciation with respect to employer securities); and (v) any other distribution(s) that is reasonably expected to total less than $200 during a year. A portion of a distribution shall not fail to be an Eligible Rollover Distribution merely because the portion consists of after-tax employee contributions that are not includible in gross income. However, such portion may be transferred only to (i) an individual retirement account or individual retirement annuity described in Code Section 408(a) or (b); (ii) for taxable years beginning on or after January 1, 2007, a qualified plan (defined contribution or defined benefit) or an annuity contract described in Code Section 403(b) that agrees to separately account for amounts so transferred including separately accounting for the portion of such distribution which is includible in gross income and the portion of such distribution which is not so includible; or (iii) for taxable years beginning on or after January 1, 2008, an individual retirement plan described in Code Section 408A(b) subject to any limitations described in Code Section 408A(c) that agrees to separately account for amounts so transferred, including separately accounting for the portion of such distribution which is includible in gross income and the portion of such distribution which is not so includible. A portion of a distribution shall not fail to be an Eligible Rollover Distribution merely because the portion consists of the portion of a designated Roth account that is not includible in a Participant's gross income. However, for taxable years beginning on or after January 1, 2006, such portion may be transferred only to a Roth IRA described in Code Section 408A or to a designated Roth account under another plan that agrees to separately account for amounts so transferred, including separately accounting for the portion of such distribution which is includible in gross income and the portion of such distribution which is not so includible. If the distribution includes any portion of a designated Roth account, in determining if (v) above applies: (i) any portion of the distribution from the designated Roth account shall not be treated as an Eligible Rollover Distribution if it is reasonably expected to total less than $200 during a year and (ii) the balance of the distribution, if any, shall not be treated as an Eligible Rollover Distribution if it is reasonably expected to total less than $200 during a year. In addition, for taxable years beginning on or after January 1, 2006, a designated Roth account and all other accounts under the Plan shall be treated as accounts held under two separate plans and shall not be combined in determining a mandatory distribution of an Eligible Rollover Distribution greater than $1,000 in the DIRECT ROLLOVERS SECTION of Article X. If Rollover Contributions are allowed, effective as of January 1, 2007, by adding to the ROLLOVER CONTRIBUTIONS SECTION of Article III as a Rollover Contribution accepted by the Plan, the direct rollover of after-tax employee contributions from an annuity contract described in Code Section 403(b). Effective as of January 1, 2009, by adding the following definition to the DEFINITIONS SECTION of Article I: Qualified Reservist Distribution means any distribution to an individual if: (i) such distribution is from an individual retirement plan, or from amounts attributable to employer contributions made pursuant to elective deferrals described in Code Section 402(g)(3)(A) or (C), or Code Section 501(c)(18)(D)(iii); (ii) such individual was (by reason of being a member of a reserve component (as defined in Section 101 of Title 37 of the U.S. Code)) ordered or called to active duty after September 11, 2001 for a period in excess of 179 days or for an indefinite period; and (iii) such Subtype 110218 2 66947 distribution is made during the period beginning on the date of such order or call and ending at the close of the active duty period. Effective as of that same date by adding the following as the last permitted distribution under subparagraph (b) in the WHEN BENEFITS START SECTION of Article V: Meeting the requirements for a Qualified Reservist Distribution as permitted in the WITHDRAWAL BENEFITS SECTION of this article. Effective as of that same date by adding the following as the next to last paragraph in the WITHDRAWAL BENEFITS SECTION of Article V: A Participant may withdraw any part of his Vested Account resulting from Elective Deferral Contributions if such distribution would be a Qualified Reservist Distribution. Effective for Plan Year beginning on or after January 1, 2008, by modifying the EXCESS AMOUNTS SECTION of Article III, where applicable, to remove the calculation of gap period income for purposes of Excess Elective Deferrals, Excess Contributions, and Excess Aggregate Contributions. If the optional forms of retirement benefit (if any) include survivorship life annuities with installment refund and survivorship percentages of 50%, 66 2/3%, or 100%, effective for Plan Years beginning on or after January 1, 2008, by adding a 75% survivorship percentage to the survivorship percentages listed in the OPTIONAL FORMS OF DISTRIBUTION SECTION of Article VI. Effective as of January 1, 2007, by adding to the end of the first paragraph in the DIRECT ROLLOVERS SECTION of Article X the following: For distributions made after December31, 2006 (or the effective date above, if later), a Designated Beneficiary of a Participant who is not the surviving spouse of the Participant may elect, at the time and in the manner prescribed by the Plan Administrator, to have any portion of a distribution, that would be an Eligible Rollover Distribution if the Designated Beneficiary were a Distributee, paid in a Direct Rollover to an individual retirement plan described in Code Section 402(c)(8)(B)(i) or (ii) established for the purposes of receiving the distribution on behalf of the Designated Beneficiary. If such Direct Rollover is made: (i) such Direct Rollover shall be treated as an Eligible Rollover Distribution; (ii) the individual retirement plan shall be treated as an inherited individual retirement account or individual retirement annuity (within the meaning of Code Section 408(d)(3)(C)); and (iii) Code Section 401(a)(9)(B) (other than clause (iv) thereof) shall apply to such plan. For this purpose, certain trusts shall be treated as a Designated Beneficiary as provided in Code Section 402(c)(11)(B). Effective for Plan Years beginning on or after January 1, 2008, by striking the reference to Code Section 412(c)(8) in the AMENDMENTS SECTION of Article X and replacing it with Code Section 412(d)(2). This amendment is made an integral part of the aforesaid Plan and is controlling over the terms of said Plan with respect to the particular items addressed expressly therein. All other provisions of the Plan remain unchanged and controlling. Unless otherwise stated on any page of this amendment, eligibility for benefits and the amount of any benefits payable to or on behalf of an individual who is an Inactive Participant on the effective date(s) stated above, shall be determined according to the provisions of the aforesaid Plan as in effect on the day before he became an Inactive Participant. Subtype 110218 3 66947 Signing this amendment, the undersigned, as plan sponsor, has made the decision to adopt this plan amendment. The undersigned is acting in reliance on their own discretion and on the legal and tax advice of their own advisors, and not that of any member of the Principal Financial Group or any representative of a member company of the Principal Financial Group. Signed this 7th day of October For the Employer C_ By: Subtype 110218 4 William F. ,2009 . r Garcia Chair, Weld County Board of Commissioners Title 66947 :�LC`i , 1 4 Hello