HomeMy WebLinkAbout20083281.tiff RESOLUTION
RE: APPROVE IRS EMPLOYER"PICK UP" PROVISION FOR CONTRIBUTIONS TO WELD
COUNTY RETIREMENT PLAN
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 of County Commissioners has previously established a"pick-up"with
respect to contributions and each increase in contributions, and the Weld County Retirement Plan
and related trust (the "Plan") has been operated accordingly, and
WHEREAS, contributions "picked up" by an employing unit are treated as employer
contributions and excluded from gross income of the employee until distribution to the employee,
and
WHEREAS, in accordance with the provisions of Revenue Ruling 2006-43, the Board of
County Commissioners, County of Weld, State of Colorado, must take formal action prior to
January 1, 2009,to ensure that designated contributions of employees of Weld County to the Plan,
which are intended to be "picked up" as employer contributions pursuant to Section 414(h)(2) of
the Internal Revenue Code of 1986, as amended ("Code"), meet the requirements of Code
Section 414(h)(2), and
WHEREAS, the Board of County Commissioners now wishes to take formal action to
effectuate the "pick-up" in accordance with Revenue Ruling 2006-43.
NOW THEREFORE, BE IT RESOLVED, that the Board of County Commissioners has
previously taken contemporaneous action evidencing an intent to establish a"pick-up"with respect
to contributions and each increase in contributions, and the Weld County Retirement Plan and
related trust (the "Plan") has been operated accordingly.
BE IT FURTHER RESOLVED, by the Board that, in accordance with the provisions of
Revenue Ruling 2006-43,the Board of County Commissioners, County of Weld, State of Colorado,
is hereby taking formal action to ensure that designated contributions of employees of Weld County
to the Plan, which are intended to be "picked up" as employer contributions pursuant to
Section 414(h)(2) of the Internal Revenue Code of 1986, as amended ("Code"), meet the
requirements of Code Section 414(h)(2).
BE IT FURTHER RESOLVED, that, effective August 28, 2006, all future contributions of
Weld County employees to the Plan, although designated as employee contributions, are being
paid by Weld County in lieu of contributions by the employees.
BE IT FURTHER RESOLVED, that employees of Weld County who are members of the
Plan shall not be permitted to opt out of the"pick-up,"or to receive the contributed amounts directly
instead of having them paid by Weld County to the Plan.
2008-3281
PE0016
CO .D/Z,nNo , i D/-O9 -07
RE: IRS EMPLOYER "PICK UP" PROVISION FOR CONTRIBUTIONS TO WELD COUNTY
RETIREMENT PLAN
PAGE 2
BE IT FURTHER RESOLVED, that, to the extent, if any, that the foregoing resolutions do
not meet the requirements of Code Section 414(h)(2) or Revenue Ruling 2006-43, or that final
income tax regulations or other guidance from the Internal Revenue Service or the Department of
the Treasury provide for additional requirements in order to fulfill the requirements of Code
Section 414(h)(2)or Revenue Ruling 2006-43,the foregoing resolutions shall be deemed modified
to the extent necessary to meet such requirements.
The above and foregoing Resolution was, on motion duly made and seconded, adopted by
the following vote on the 15th day of December, A.D., 2008.
_ BOARD OF COUNTY COMMISSIONERS
Elle WELD COUNTY, COLORADO
ATTEST: ibinz<r44 - `!, �/ ,4
1861 ( • iWilliam H. Jerke, Chair
Weld County Clerk to th: :o.
EXCUSED
t , Robert D. Masden Pro-Tern
BY:` /U
De• y Cler o the Boar. J
Willis F. Garcia
APP ► AS 1� %' I'. C>> 1
David E. Long
4(/
.unty Attorney
ouglas ademache
Date of signature: I?I2,0 'D�6
2008-3281
PE0016
Don Warden
From: Bruno, Marlise [Marlise.Bruno@mercer.com]
Sent: Tuesday, December 09, 2008 2:42 PM
To: Don Warden
Cc: Racine, Nick '
/ •
Subject: Weld County Resolution j
•
•
Attachments: Resolution 2008 pick up.DOC
Resolution 2008
pick up.DOC(4...
Don, attached is the Resolution for pick-up contributions that we discussed this morning.
I didn't specifically mention this to you, but this should be executed prior to January 1,
2009 . Also, we'd like a signed copy for our records if possible.
Thanks so much for your help!
Marlise
«Resolution 2008 pick up.DOC»
Marlise Bruno, Senior Associate
Mercer 11225 17th Street, Denver, CO, USA
+1 303 376 5934 I Fax +1 303 376 0087 I marlise.bruno@mercer.com
Assistant: Michelle Behrend I +1 303 376 5971 I michelle.behrend@mercer.com www.mercer.com
I Mercer (US) Inc.
MSB:NR
The information contained in this document (including any attachments) is not intended by
Mercer to be used, and it cannot be used, for the purpose of avoiding penalties under the
Internal Revenue Code that may be imposed on the taxpayer.
Mercer - International benefits consultant of the year - Global Pensions Awards 2008
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