HomeMy WebLinkAbout20070841 RESOLUTION
RE: APPROVE AMENDMENT TO 457 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 has been presented with proposed attached amendment to the 457
Plan, known as the Deferred Compensation Plan of the County of Weld, State of Colorado, and
WHEREAS,after review,the Board deems it advisable to approve the 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 attached amendment proposed for the 457 Plan be, and hereby is,
adopted.
BE IT FURTHER RESOLVEDthat the Board hereby authorizes the attached amendment
to be incorporated into the 457 Plan Document.
The above and foregoing Resolution was,on motion duly made and seconded, adopted by
the following vote on the 28th day of March, A.D., 2007.
BOARD OF COUNTY COMMISSIONERS
WEL OUNTY, COLORADO
ATTEST: Led / 1, p
, id E. Long, Chair
Weld County Clerk to the Bo , pp ll /
M Jer ro-Tem
BY: t"� P the \S4t �
Deputy Cleyk to the Board ji :r
Will m . G cia
APP V AS TO- • t
Robert D. Masde
ounty Attorney
J,//-1/�,� Douglas ademach
Date of signature: ` /
2007-0841
PE0025
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Plan Document Amendment —05-05 and 2006 Model §457(b)
Plan Document for Governmental Employers
Pursuant to Section 11.02 of the Great-West Model§457(b) Plan Document for
Governmental Employers, the Plan is amended as follows:
1. Effective on and after August 17, 2006, Section 5.05 (b) is hereby amended by
including reference to "primary beneficiary" in every instance where
reference is made to the Participant's spouse or dependent.
2. Effective for plan years on and after January 1, 2007, Section 5.07 is hereby
amended to add new subsection (f) which provides:
(f) An eligible retired public safety officer(as defined in IRS Code
§402(l)(4)(B)), may elect to have distributions made directly to an insurer to
pay qualified health insurance premiums for coverage for the eligible retired
public safety officer, his/her spouse, and dependents, by an accident or health
insurance plan or qualified long-term care insurance contract as defined in
IRS Code §7703B(b).
3. Effective for distributions made on and after January 1,2007, Section 5.10(a)
and (b) are hereby amended in the following manner:
a. Section 5.10(a) is amended to add the following sentence to the end of the
paragraph.
"A non-spousal beneficiary may elect, at the time and in the manner
prescribed by the Plan Administrator, to have any portion of an
eligible rollover distribution paid directly to an individual retirement
plan referred to in IRS Code §402(c)(8)(B)(i) or(ii)."
b. Section 5.10(b)(I) is amended to add"or the non-spousal beneficiary"
following the first use of"distributee".
c. Section 5.10(b)(4) is amended to add"or to the individual retirement plan
specified by the non-spousal beneficiary" following"distributee".
4. Effective for distributions made on and after January 1, 2008, Section
5.10(b)(2) is hereby amended to include a Roth IRA described in IRS Code
§408A as an eligible retirement plan.
Executed b3, ,,,,,_
.Ls � � 4 � ,
Plan Sponsor Signature David / Long, Chair
03/28/2007
2007-0841
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