HomeMy WebLinkAbout20050741.tiff RESOLUTION
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 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 Great West Life and Annuity 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 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 Great West Life and Annuity 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
lowing vote on the 7th day of February, A.D., 2005.
�' ► E w BOARD OF COUNTY COMMISSIONERS
WELD COUNTY, COLORADO
MI I
William . ierke, Chair
M '• > if Clerk to the Board
BY. 4/1/24-44 M. 'v de, Pro- m
Deputy Clerk/to the/Board _ C(:)4,
David E. Long
APPROVE AS TO F
EXCUSED
Robert D. Masden
ounty Attorn y
EXCUSED
/410-5—
Glenn Vaad
Date of signature:
2005-0741
PE0019
457 PLAN MANDATORY DISTRIBUTION AMENDMENT
(Code Section 401(a)(31)(B))
COMPLETE BOTH SECTIONS A AND B BELOW
Effective Date. The provisions of this amendment will apply with respect to
distributions made on or after March 28, 2005.
Precedence. This amendment will take precedence over any inconsistent provisions of
the Plan.
ADOPTION AGREEMENT PROVISIONS
A. IN-SERVICE DE MINIMIS DISTRIBUTIONS. Check the appropriate box.
Prior to severance from employment, the Employer:
1. [ ] shall distribute In-Service De Minimis account balances as defined below
of$1,000 or less without the Participant's consent.
2. h] shall not distribute In-Service De Minimis account balances as defined
below without Participant consent.
3. [ ] shall distribute In-Service De Minimis account balances as defined below
of$5,000 or less without the Participant's consent. If this box is checked, the
provisions of the Plan concerning mandatory distributions of amounts under
$5,000 are amended as follows:
In the event of a mandatory distribution greater than $1,000, the Plan is amended
to provide that if the Participant does not elect to have such distribution paid
directly to an "eligible retirement plan" specified by the Participant in a direct
rollover or to receive the distribution directly, then the Administrator shall pay the
distribution in a direct rollover to an individual retirement plan designated by the
Administrator.
De Minimis Distributions Defined. De minimis account balances are eligible for
distributions based upon the election made above if
(1) the portion of the total amount payable to the Participant under the Plan
does not exceed an amount specified from time to time by the Plan
Administrator(not in excess of$1,000 or less if Box One above is elected
or not in excess of$5,000 or less if Box Three above is elected);
cic,-OS= 091/4
(2) the Participant has not previously received an in-service distribution of the
total amount payable to the Participant under the Plan; and
(3) no amount has been deferred under the Plan with respect to the Participant
during the two-year period ending on the date of the in-service
distribution.
B. MANDATORY DISTRIBUTIONS AT SEVERANCE FROM
EMPLOYMENT. Check the appropriate box.
Upon a Participant's severance from employme nt, the Employer:
1. [x] shall distribute vested account balances of$1,000 or less without the
Participant's consent.
2. [ ] shall not make any distributions from a Participant's account without the
Participant's consent.
3. [ ] shall distribute vested account balances of$5,000 or less without the
Participant's consent. If this Box Three is checked,the provisions of the Plan
concerning mandatory distributions of amounts under$5,000 are amended as
follows:
In the event of a mandatory distribution greater than $1,000, the Plan is amended
to provide that if the Participant does not elect to have such distribution paid
directly to an"eligible retirement plan" specified by the Participant in a direct
rollover or to receive the distribution directly, then the Administrator shall pay the
distribution in a direct rollover to an individual retirement plan designated by the
Administrator.
NameofPlan: Weld County Deferred Compensation Plan
Employer Name: Weld County
Authorized Signor: William H lerke
Print Name
Title: Chair, Roard of Weld County Conuiiccionars
Date: March 7, 2005
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