HomeMy WebLinkAbout20093237.tiffRESOLUTION
RE: APPROVE AMENDMENT TO 457 PLAN AND AUTHORIZE CHAIR TO SIGN
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 457 Plan, known as
the Deferred Compensation Plan, between the County of Weld, State of Colorado, by and through
the Board of County Commissioners of Weld County, on behalf of the Department of Finance, and
Principal Life Insurance Company, with 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 457 Plan, known as the Deferred Compensation Plan,
between the County of Weld, State of Colorado, by and through the Board of County
Commissioners of Weld County, on behalf of the Department of Finance, and Principal Life
Insurance Company 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 14th day of December, A.D., 2009.
ATTEST:1
Weld County Clerk to the
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Date of signature: I21DS IC
BOARD OF.CAUNTY COMMISSIONERS
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illiam F. Garcia, Chair
Dougl. s Radema. er, Pro-Tem
David E. Long
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2009-3237
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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.
DEFERRED COMPENSATION PLAN OF THE COUNTY OF WELD, STATE OF
COLORADO
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 definition:
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.
If the optional forms of retirement benefit 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, 2010, 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 (Hi) 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).
Subtype 110218
1 4-55782
2009-3237
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.
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 14th day of December
Subtype 110218
For the Employer
By:
2009 .
William Garcia
Chair, Board of Weld County Commissioners
Title
DEC 1 4 2009
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