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Home My WebLink About20241502.tiffRESOLUTION RE: APPROVE AMENDED BYLAWS FOR 401K SAVINGS PLAN AND 457 DEFERRED COMPENSATION PLAN FIDUCIARY COMMITTEE AND AUTHORIZE DEPARTMENT OF FINANCE 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, on March 28, 2022, the Board adopted the Bylaws for the 401K Savings Plan and 457 Deferred Compensation Plan Fiduciary Committee, and WHEREAS, the Board has been presented with revisions to said Bylaws, and WHEREAS, after review, the Board deems it advisable to amend said Bylaws, a copy of which are attached hereto and incorporated herein by reference. NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld County, Colorado, that the amended Bylaws for the 401K Savings Plan and 457 Deferred Compensation Plan Fiduciary Committee, be, and hereby are, approved. BE IT FURTHER RESOLVED by the Board that Cheryl Pattelli, Director of Finance and Chief Financial Officer, be, and hereby is, authorized to sign said amended bylaws. The above and foregoing Resolution was, on motion duly made and seconded, adopted by the following vote on the 12th day of June, A.D., 2024. BOARD OF COUNTY COMMISSIONERS ATTEST: : J jek,;,,k Weld County Clerk to the Board BY. .1i)ovAtodi6 Deputy Clerk to the Board APP' :VED O FORM: County At Tn Date of signature: LPl l 0 ` I 2 WELD COUNTY, ri Saine CC%t3occ(xF), FI(cP), cA(86/K e) 06 /2U2y 2024-1502 PE0034 BOARD OF COUNTY COMMISSIONERS PASS -AROUND REVIEW PASS -AROUND TITLE: By -Law Update — WC 401k Savins Plan & 457 Deferred Comp Plan Fiduciary Comm. DEPARTMENT: BOCC DATE: 6.3.24 PERSON REQUESTING: Karla Ford/Cheryl Pattelli Brief description of the problem/issue: With the county not having a Director of Administration, we would like to make the small change in this committee's bylaws by removing this position and replacing with WC Controller. Both Cheryl Pattelli and Legal have reviewed this language and recommend approval. What options exist for the Board? Replace Director of Administration with Controller on this committee or don't replace it in the by-laws. Recommendation: Place on an upcoming agenda to update the language to replace Director of Administration with Controller title. Support Recommendation Schedule Place on BOCC Agenda Work Session Other/Comments: Perry L. Buck, Pro-Tem Mike Freeman Scott K. James Kevin D. Ross , Chair Lori Saine 2024-1502 l�/� 0 P€OO34-I Weld County 401k Savings Plan and 457 Deferred Compensation Plan Fiduciary Committee By -Laws Introduction These by-laws describes the general operating rules and procedures for the Weld County 401k Savings Plan and 457 Deferred Compensation Plan Fiduciary Committee (the "Committee"). While these by-laws should be applied and interpreted in a manner that is consistent with all applicable laws and regulations, it is not intended to establish, in and of itself, any legally binding obligations. I. Purpose The purpose of the Committee is to oversee and review (a) the investments of the assets of the Weld County 401k Savings Plan and 457 Deferred Compensation Plan (the "Plans") and (b) the administration of the Plans. In this capacity, the Committee is empowered to delegate responsibility for the administration of the Plans to one or more third -party administrators, recordkeepers or Weld County personnel and retain and discharge investment managers, investment advisors, and trustees, as applicable, in its discretion. Any such delegation shall be made in writing (or via electronic communication) or through a contract or similarly binding agreement, as applicable. II. Committee Membership The Committee shall be composed of individuals appointed by the Board of County Commissioners of Weld County. The Committee shall consist of five (5) members as follows: the Chief Financial Officer; the Controller; the Treasurer, and two (2) representatives from the Human Resources Department. A majority of the Committee may appoint a successor to fill any vacancy on the Committee. From its members, the Committee will elect a Chair. A Vice Chair may also be elected. The Committee's secretarial functions may be performed by a member ("Secretary") or delegated to a non- member by the Committee. III. Committee Meetings The Committee's shall hold at least 2 meetings per year. A special meeting may be called by the Chair or Vice Chair, on his or her own initiative or whenever requested by any other member of the Committee. A simple majority of Committee members present and voting (if there is a quorum) shall be necessary for the Committee to take action. Meetings of the Committee may be held by telephone conference or video conference (provided that all members are able to hear and speak to one another), and any members participating by telephone or video conference will be treated as present and voting. Any member participating by telephone or video conference may vote verbally or electronically, such as via electronic mail. In addition, and notwithstanding any provision herein to the contrary, the Committee may take action upon a simple majority electronic vote, in the absence of a meeting or quorum, where deemed advisable in the Committee's sole discretion. Any member of the Committee may initiate a unanimous written consent for any action which the Committee is permitted to take under the Plans. If such a consent is agreed to by all members of the Committee it will have the same force and effect as an action taken at a meeting of the Committee. For purposes of this paragraph, consent provided by one or more Committee members electronically, such as via electronic mail (in lieu of an actual signature), shall be deemed to be written consent. The Chair shall preside at meetings and shall have the authority to sign documents, other than service contracts which must be signed by the Chair of the Board of County Commissioners, on behalf of the Committee following a majority vote or a unanimous written consent for the action described in the document. The Vice Chair shall act in place of the Chair when the Chair is absent or unavailable. The Secretary (or non-member to whom the Committee's secretarial functions have been delegated) shall prepare the minutes of the Committee's meetings, maintain current copies of the investment policies for the Plans and all current delegations of the Committee's responsibilities, and maintain all other files of the Committee. IV. Key Responsibilities Any action of the Committee is intended to be interpreted and construed in accordance with the provisions of the respective Plans and Trusts, the Internal Revenue Code of 1986, as amended (the "Code"), other federal statutes, and such state laws that are not pre-empted (collectively, "applicable law"), as applicable to the respective Plans. With respect to its responsibilities for the administration of the Plans, the Committee (or its designee) shall: Appoint and monitor third -party administrators, trustees, and recordkeepers with respect to administrative functions under the Plans and take whatever action is prudent and appropriate, including the removal of such parties; Review the reasonableness of administrative related fees paid by the Plans; Make discretionary determinations of all questions that arise concerning the construction and interpretation under the Plans, including the interpretation of benefits eligibility and the administration of the Plans; Ensure that participants are provided with information regarding their rights, benefits, and accounts under the Plans, as required by applicable law; Adopt such rules and regulations as it may deem reasonably necessary for the proper and efficient administration of the Plans and consistent with the purposes of the Plans; Direct the third -party administrators, trustees, and recordkeepers with respect to all matters involving eligibility for, contributions to, account balances under, and distributions from, the Plans; Oversee and ensure compliance with all reporting and disclosure requirements applicable to the Plans; and Appoint, employ, and oversee agents and delegate to them any of the administrative or ministerial powers or duties of the Plans' Administrator(s), and take corrective action that is prudent and appropriate, including the removal of any such agents or delegates. Proactively seek education opportunities With respect to its responsibilities for the review and oversight of the investments of the Plans and Trusts, the Committee shall: 2 Select the investments offered under the Plans; Review and evaluate the performance of the investments offered under the Plans, and take any corrective action that is prudent and appropriate regarding such investments, including the addition, removal or replacement of such investments; Review the reasonableness of investment related fees paid by the Plans; Appoint one or more independent investment advisors to evaluate and make recommendations regarding investment options under the Plans; Appoint investment managers to manage the investments offered under the Plans; Review and evaluate the performance of the investment advisors and investment managers under the Plans and take any corrective action that is prudent and appropriate, including the removal of such parties; Establish, maintain, and amend (as necessary or desirable) investment policies for the Plans, communicate the terms of the respective investment policies to the investment advisors, investment managers, and other service providers that manage, hold or otherwise handle assets of the Plans and Trusts, and monitor such parties to ensure that they comply with the terms of any applicable Plans, Trusts, and investment policies; and Designate the default investment funds to be used for the investment of the accounts of participants who do not submit investment elections, if applicable. V. Conduct of Committee Members Conflict of Interest: If a Committee member is a participant in the Plans, the member shall have no authority regarding any matter specifically affecting his or her individual interest in the Plans, for example, such member's claim for benefits under the Plans. As such, the member shall recuse himself or herself from voting on any such specific matter. This does not preclude a member from acting regarding Plan matters affecting Plan participants generally, even though the member is incidentally affected by such determination, provided that such action must be in accordance with the Plans. Gifts: To maintain the integrity of the Committee and to keep their decisions and the reasons for those decisions above reproach, the Committee members shall not solicit donations, gifts, or privileges from any firm or individual that is currently doing business with or is in the selection process to do business with the plans. VI. Administrative Expenses Administrative Expenses will be paid as approved by the Committee. The approval will be noted in the meeting minutes. Administrative expenses include but are not limited to such things as: Consulting fees, attorney fees, and auditor fees. 3 By majority vote of its members, the Committee may revise these by-laws at any time. Adopted and approved this 12th day of June, 2024. By 61Wt*ig gAttt* 4 Weld County 401k Savings Plan and 457 Deferred Compensation Plan Fiduciary Committee By -Laws Introduction These by-laws describes the general operating rules and procedures for the Weld County 401k Savings Plan and 457 Deferred Compensation Plan Fiduciary Committee (the "Committee"). While these by-laws should be applied and interpreted in a manner that is consistent with all applicable laws and regulations, it is not intended to establish, in and of itself, any legally binding obligations. I. Purpose The purpose of the Committee is to oversee and review (a) the investments of the assets of the Weld County 401k Savings Plan and 457 Deferred Compensation Plan (the "Plans") and (b) the administration of the Plans. In this capacity, the Committee is empowered to delegate responsibility for the administration of the Plans to one or more third -party administrators, recordkeepers or Weld County personnel and retain and discharge investment managers, investment advisors, and trustees, as applicable, in its discretion. Any such delegation shall be made in writing (or via electronic communication) or through a contract or similarly binding agreement, as applicable. II. Committee Membership The Committee shall be composed of individuals appointed by the Board of County Commissioners of Weld County. The Committee shall consist of five (5) members as follows: the Direc`or o= Acminis`ra`ive Services or -ish ier cesignee; the Chief Financial Officer; the Controller; the Treasurer; and two (2) representatives from the Human Resources Department. A majority of the Committee may appoint a successor to fill any vacancy on the Committee. From its members, the Committee will elect a Chair. A Vice Chair may also be elected. The Committee's secretarial functions may be performed by a member ("Secretary") or delegated to a non- member by the Committee. III. Committee Meetings The Committee's shall hold at least 2 meetings per year. A special meeting may be called by the Chair or Vice Chair, on his or her own initiative or whenever requested by any other member of the Committee. A simple majority of Committee members present and voting (if there is a quorum) shall be necessary for the Committee to take action. Meetings of the Committee may be held by telephone conference or video conference (provided that all members are able to hear and speak to one another), and any members participating by telephone or video conference will be treated as present and voting. Any member participating by telephone or video conference may vote verbally or electronically, such as via electronic mail. In addition, and notwithstanding any provision herein to the contrary, the Committee may take action upon a simple majority electronic vote, in the absence of a meeting or quorum, where deemed advisable in the Committee's sole discretion. Any member of the Committee may initiate a unanimous written consent for any action which the Committee is permitted to take under the Plans. If such a consent is agreed to by all members of the Committee it will have the same force and effect as an action taken at a meeting of the Committee. For purposes of this paragraph, consent provided by one or more Committee members electronically, such as via electronic mail (in lieu of an actual signature), shall be deemed to be written consent. The Chair shall preside at meetings and shall have the authority to sign documents, other than service contracts which must be signed by the Chair of the Board of County Commissioners, on behalf of the Committee following a majority vote or a unanimous written consent for the action described in the document. The Vice Chair shall act in place of the Chair when the Chair is absent or unavailable. The Secretary (or non-member to whom the Committee's secretarial functions have been delegated) shall prepare the minutes of the Committee's meetings, maintain current copies of the investment policies for the Plans and all current delegations of the Committee's responsibilities, and maintain all other files of the Committee. IV. Key Responsibilities Any action of the Committee is intended to be interpreted and construed in accordance with the provisions of the respective Plans and Trusts, the Internal Revenue Code of 1986, as amended (the "Code"), other federal statutes, and such state laws that are not pre-empted (collectively, "applicable law"), as applicable to the respective Plans. With respect to its responsibilities for the administration of the Plans, the Committee (or its designee) shall: • Appoint and monitor third -party administrators, trustees, and recordkeepers with respect to administrative functions under the Plans and take whatever action is prudent and appropriate, including the removal of such parties; • Review the reasonableness of administrative related fees paid by the Plans; • Make discretionary determinations of all questions that arise concerning the construction and interpretation under the Plans, including the interpretation of benefits eligibility and the administration of the Plans; • Ensure that participants are provided with information regarding their rights, benefits, and accounts under the Plans, as required by applicable law; • Adopt such rules and regulations as it may deem reasonably necessary for the proper and efficient administration of the Plans and consistent with the purposes of the Plans; • Direct the third -party administrators, trustees, and recordkeepers with respect to all matters involving eligibility for, contributions to, account balances under, and distributions from, the Plans; • Oversee and ensure compliance with all reporting and disclosure requirements applicable to the Plans; and • Appoint, employ, and oversee agents and delegate to them any of the administrative or ministerial powers or duties of the Plans' Administrator(s), and take corrective action that is prudent and appropriate, including the removal of any such agents or delegates. • Proactively seek education opportunities 2 With respect to its responsibilities for the review and oversight of the investments of the Plans and Trusts, the Committee shall: • Select the investments offered under the Plans; • Review and evaluate the performance of the investments offered under the Plans, and take any corrective action that is prudent and appropriate regarding such investments, including the addition, removal or replacement of such investments; • Review the reasonableness of investment related fees paid by the Plans; • Appoint one or more independent investment advisors to evaluate and make recommendations regarding investment options under the Plans; • Appoint investment managers to manage the investments offered under the Plans; • Review and evaluate the performance of the investment advisors and investment managers under the Plans and take any corrective action that is prudent and appropriate, including the removal of such parties; • Establish, maintain, and amend (as necessary or desirable) investment policies for the Plans, communicate the terms of the respective investment policies to the investment advisors, investment managers, and other service providers that manage, hold or otherwise handle assets of the Plans and Trusts, and monitor such parties to ensure that they comply with the terms of any applicable Plans, Trusts, and investment policies; and • Designate the default investment funds to be used for the investment of the accounts of participants who do not submit investment elections, if applicable. V. Conduct of Committee Members Conflict of Interest: If a Committee member is a participant in the Plans, the member shall have no authority regarding any matter specifically affecting his or her individual interest in the Plans, for example, such member's claim for benefits under the Plans. As such, the member shall recuse himself or herself from voting on any such specific matter. This does not preclude a member from acting regarding Plan matters affecting Plan participants generally, even though the member is incidentally affected by such determination, provided that such action must be in accordance with the Plans. Gifts: To maintain the integrity of the Committee and to keep their decisions and the reasons for those decisions above reproach, the Committee members shall not solicit donations, gifts, or privileges from any firm or individual that is currently doing business with or is in the selection process to do business with the plans. VI. Administrative Expenses Administrative Expenses will be paid as approved by the Committee. The approval will be noted in the meeting minutes. Administrative expenses include but are not limited to such things as: Consulting fees, attorney fees, and auditor fees. 3 i The Chair or his/her delegate By majority vote of its members, the Committee may revise these by-laws at any time Adopted and approved this 12th day of June , 20242. By: -1. • RS pveanied on (.D/tO/ZOZd4 Weld County 401k Savings Plan and 457 Deferred Compensation Plan Fiduciary Committee By -Laws Introduction These by-laws describes the general operating rules and procedures for the Weld County 401k Savings Plan and 457 Deferred Compensation Plan Fiduciary Committee (the "Committee"). While these by-laws should be applied and interpreted in a manner that is consistent with all applicable laws and regulations, it is not intended to establish, in and of itself, any legally binding obligations. I. Purpose The purpose of the Committee is to oversee and review (a) the investments of the assets of the Weld County 401k Savings Plan and 457 Deferred Compensation Plan (the "Plans") and (b) the administration of the Plans. In this capacity, the Committee is empowered to delegate responsibility for the administration of the Plans to one or more third -party administrators, recordkeepers or Weld County personnel and retain and discharge investment managers, investment advisors, and trustees, as applicable, in its discretion. Any such delegation shall be made in writing (or via electronic communication) or through a contract or similarly binding agreement, as applicable. II. Committee Membership The Committee shall be composed of individuals appointed by the Board of County Commissioners of Weld County. The Committee shall consist of five (5) members as follows: the Director of Administrative Services or his/her designee; the Chief Financial Officer; the Controller; the Treasurer; and two (2) representatives from the Human Resources Department. A majority of the Committee may appoint a successor to fill any vacancy on the Committee. From its members, the Committee will elect a Chair. A Vice Chair may also be elected. The Committee's secretarial functions may be performed by a member ("Secretary") or delegated to a non- member by the Committee. III. Committee Meetings The Committee's shall hold at least 2 meetings per year. A special meeting may be called by the Chair or Vice Chair, on his or her own initiative or whenever requested by any other member of the Committee. A simple majority of Committee members present and voting (if there is a quorum) shall be necessary for the Committee to take action. Meetings of the Committee may be held by telephone conference or video conference (provided that all members are able to hear and speak to one another), and any members participating by telephone or video conference will be treated as present and voting. Any member participating by telephone or video conference may vote verbally or electronically, such as via electronic mail. In addition, and notwithstanding any provision herein to the contrary, the Committee may take action upon a simple majority electronic vote, in the absence of a meeting or quorum, where deemed advisable in the Committee's sole discretion. Any member of the Committee may initiate a unanimous written consent for any action which the Committee is permitted to take under the Plans. If such a consent is agreed to by all members of the Committee it will have the same force and effect as an action taken at a meeting of the Committee. For purposes of this paragraph, consent provided by one or more Committee members electronically, such as via electronic mail (in lieu of an actual signature), shall be deemed to be written consent. The Chair shall preside at meetings and shall have the authority to sign documents, other than service contracts which must be signed by the Chair of the Board of County Commissioners, on behalf of the Committee following a majority vote or a unanimous written consent for the action described in the document. The Vice Chair shall act in place of the Chair when the Chair is absent or unavailable. The Secretary (or non-member to whom the Committee's secretarial functions have been delegated) shall prepare the minutes of the Committee's meetings, maintain current copies of the investment policies for the Plans and all current delegations of the Committee's responsibilities, and maintain all other files of the Committee. IV. Ke.y esponsibilities Any action of the Committee is intended to be interpreted and construed in accordance with the provisions of the respective Plans and Trusts, the Internal Revenue Code of 1986, as amended (the "Code"), other federal statutes, and such state laws that are not pre-empted (collectively, "applicable law"), as applicable to the respective Plans. With respect to its responsibilities for the administration of the Plans, the Committee (or its designee) shall: • Appoint and monitor third -party administrators, trustees, and recordkeepers with respect to administrative functions under the Plans and take whatever action is prudent and appropriate, including the removal of such parties; • Review the reasonableness of administrative related fees paid by the Plans; • Make discretionary determinations of all questions that arise concerning the construction and interpretation under the Plans, including the interpretation of benefits eligibility and the administration of the Plans; • Ensure that participants are provided with information regarding their rights, benefits, and accounts under the Plans, as required by applicable law; • Adopt such rules and regulations as it may deem reasonably necessary for the proper and efficient administration of the Plans and consistent with the purposes of the Plans; • Direct the third -party administrators, trustees, and recordkeepers with respect to all matters involving eligibility for, contributions to, account balances under, and distributions from, the Plans; • Oversee and ensure compliance with all reporting and disclosure requirements applicable to the Plans; and • Appoint, employ, and oversee agents and delegate to them any of the administrative or ministerial powers or duties of the Plans' Administrator(s), and take corrective action that is prudent and appropriate, including the removal of any such agents or delegates. • Proactively seek education opportunities 2 With respect to its responsibilities for the review and oversight of the investments of the Plans and Trusts, the Committee shall: • Select the investments offered under the Plans; • Review and evaluate the performance of the investments offered under the Plans, and take any corrective action that is prudent and appropriate regarding such investments, including the addition, removal or replacement of such investments; • Review the reasonableness of investment related fees paid by the Plans; • Appoint one or more independent investment advisors to evaluate and make recommendations regarding investment options under the Plans; • Appoint investment managers to manage the investments offered under the Plans; • Review and evaluate the performance of the investment advisors and investment managers under the Plans and take any corrective action that is prudent and appropriate, including the removal of such parties; • Establish, maintain, and amend (as necessary or desirable) investment policies for the Plans, communicate the terms of the respective investment policies to the investment advisors, investment managers, and other service providers that manage, hold or otherwise handle assets of the Plans and Trusts, and monitor such parties to ensure that they comply with the terms of any applicable Plans, Trusts, and investment policies; and • Designate the default investment funds to be used for the investment of the accounts of participants who do not submit investment elections, if applicable. V. Conduct of Committee Members Conflict of Interest: If a Committee member is a participant in the Plans, the member shall have no authority regarding any matter specifically affecting his or her individual interest in the Plans, for example, such member's claim for benefits under the Plans. As such, the member shall recuse himself or herself from voting on any such specific matter. This does not preclude a member from acting regarding Plan matters affecting Plan participants generally, even though the member is incidentally affected by such determination, provided that such action must be in accordance with the Plans. Gifts: To maintain the integrity of the Committee and to keep their decisions and the reasons for those decisions above reproach, the Committee members shall not solicit donations, gifts, or privileges from any firm or individual that is currently doing business with or is in the selection process to do business with the plans. VI. Administrative Expenses Administrative Expenses will be paid as approved by the Committee. The approval will be noted in the meeting minutes. Administrative expenses include but are not limited to such things as: Consulting fees, attorney fees, and auditor fees. 3 The Committee Chair or his/her delegate may revise these by-laws at any time in his/her sole discretion. Adopted and approved this 10th day of June , 20242. By: I • • Hello