HomeMy WebLinkAbout20251878.tiffResolution
Approve Amendment #4 to 401(k) Savings Plan for Compliance with Internal
Revenue Service (IRS) Voluntary Correction Program and Authorize Chair to Sign —
Principal Finance Group
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 Amendment #4 to the 401(k) Savings Plan
for Compliance with the Internal Revenue Service (IRS) Voluntary Correction Program
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 Human Resources, and
Principal Finance Group, commencing upon full execution of signatures, with further
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 Amendment #4 to the 401(k) Savings Plan for Compliance with the Internal
Revenue Service (IRS) Voluntary Correction Program 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 Human Resources, and Principal Finance Group, 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 Board of County Commissioners of Weld County, Colorado, approved the above
and foregoing Resolution, on motion duly made and seconded, by the following vote on
the 2nd day of July, A.D., 2025:
Perry L. Buck, Chair: Aye
Scott K. James, Pro-Tem: Aye
Jason S. Maxey: Aye
Lynette Peppier: Aye
Kevin D. Ross: Excused
Approved as to Form:
Bruce Barker, County Attorney
Attest:
Esther E. Gesick, Clerk to the Board
cc : PE (sS/PaVAP/V)
o7/i 0/25
2025-1878
PE0010
un4vact- tD±E.c1(9(10
BOARD OF COUNTY COMMISSIONERS PASS -AROUND REVIEW
PASS -AROUND TITLE: VCP Retroactive Amendment - 401(k)
DEPARTMENT: HR DATE: 6/19/2025
PERSON REQUESTING: Allison Palmer & Jill Scott
Brief description of the problem/issue:
An inconsistency existed between the official Plan document and the County's long-standing practice of
excluding employees eligible for Colorado PERA from participation in the 401(k) Savings Plan. This
inconsistency could have resulted in compliance issues and confusion regarding eligibility.
What options exist for the Board?
1) Approve the Amendment - Aligns the Plan document with actual practice and IRS expectations; maintains
compliance.
2) Decline to Approve the Amendment -Could delay implementation and IRS compliance resolution.
Consequences:
Failing to adopt the amendment could place the Plan at risk of noncompliance with IRS rules, despite the
recent VCP approval.
Impacts:
Clarifies eligibility going forward for all employees.
Costs (Current Fiscal Year/ Ongoing or Subsequent Fiscal Years):
No cost
Recommendation:
Approve and execute the proposed amendment to the Weld County 401(k) Savings Plan to bring the Plan
document into alignment with long-standing practice and the IRS -approved Voluntary Correction Program.
Support Recommendation Schedule
Place on BOCC Agenda Work Session Other/Comments:
Perry L. Buck
Scott K. James
Jason S. Maxey
Lynette Peppler
Kevin D. Ross
7/2.
2025-1878
P� 0010
AMENDMENT TO THE WELD COUNTY
401(k) SAVINGS PLAN
The Plan named above gives The County of Weld, State of Colorado (the "Employer") the right
to amend it at any time. According to that right, the Plan is amended effective as of the dates set
forth below.
This amendment, effective from the Plan's original effective date of January 1, 1985 to May 31,
2023, clarifies the Plan's terms with respect to a certain class of employees, so that the Plan
document is made consistent with the Employer's and such class's expectations regarding plan
benefits. This amendment will supersede any inconsistent Plan provisions. A proposed version
of this amendment was submitted to the Internal Revenue Service as part of a Voluntary
Correction Program Application, and the Internal Revenue Service approved that application via
a compliance statement dated June 10, 2025.
Per the above, the Plan is hereby amended by replacing the definition of "Eligible Employee" in
section 1.02 with the following:
"Eligible Employee means any Employee of the Employer, except for Employees who are
eligible for any retirement benefits under the Colorado Public Employees' Retirement
Association."
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 item addressed expressly herein. All other provisions
of the Plan remain unchanged and controlling.
Unless otherwise stated in 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 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.
By signing this amendment, the Employer, as plan sponsor, has made the decision to adopt this
plan amendment.
Signed this Znd
day of J udij
Board of County Commissioners Attest:
County, Corado
Perry L/Buck, Chair
, 2025.
diorAvy Jct.:4.
Esther E. Gesick, Clerk to the Board
Deputy Clerk to the Board
2oZ5--lYlF
Contract Fora
Entity Information
Entity Name* Entity ID*
PRINCIPAL FINANCIAL GROUP @00006933
❑ New Entity?
Contract Name* Contract ID
VCP RETROACTIVE PLAN AMENDMENT - 401(K) PLAN 9690
Contract Status
CTB REVIEW
Contract Lead
BPETERSON
Contract Lead Email
bpeterson@weld.gov
Parent Contract ID
Requires Board Approval
YES
Department Project #
Contract Description
THIS AMENDMENT UPDATES THE 401(K) PLAN TO EXCLUDE EMPLOYEES ELIGIBLE FOR PERA BENEFITS. IT ENSURES
THE PLAN REFLECTS INTENDED ELIGIBILITY RULES AND WAS APPROVED BY THE IRS THROUGH THE VOLUNTARY
CORRECTION PROGRAM APPLICATION IN JUNE 2025.
Contract Description 2
Contract Type* Department
AMENDMENT HUMAN RESOURCES
Amount*
$0.00
Renewable*
NO
Automatic Renewal
Grant
IGA
Department Email
CM-
HumanResources@weld.g
ov
Department Head Email
CM-HumanResources-
DeptHead@weld.gov
County Attorney
GENERAL COUNTY
ATTORNEY EMAIL
County Attorney Email
CM-
COUNTYATTORNEY@WEL
D.GOV
Requested BOCC Agenda Due Date
Date* 06/28/2025
07/02/2025
Will a work session with BOCC be required?*
NO
Does Contract require Purchasing Dept. to be
included?
If this is a renewal enter previous Contract ID
If this is part of a MSA enter MSA Contract ID
Note: the Previous Contract Number and Master Services Agreement Number should be left blank if those contracts
are not in OnBase
Contract Dates
Effective Date
Termination Notice Period
Contact Information
Review Date*
06/05/2028
Committed Delivery Date
Renewal Date
Expiration Date*
07/03/2028
Contact Info
Contact Name Contact Type Contact Email Contact Phone 1 Contact Phone 2
Purchasing
Purchasing Approver Purchasing Approved Date
Approval Process
Department Head Finance Approver Legal Counsel
JILL SCOTT CHERYL PATTELLI BYRON HOWELL
DH Approved Date Finance Approved Date Legal Counsel Approved Date
06/30/2025 06/30/2025 06/30/2025
Final Approval
BOCC Approved Tyler Ref #
AG 070225
BOCC Signed Date Originator
BPETERSON
BOCC Agenda Date
07/02/2025
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