HomeMy WebLinkAbout20231764.tiffRESOLUTION
RE: APPROVE AMENDMENT NOS. 1 AND 2 FOR CLARIFICATION OF ELIGIBILITY
DESIGNATIONS FOR 457 DEFERRED COMPENSATION PLAN AND AUTHORIZE
CHAIR PRO-TEM 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 Amendments 1 and 2 for Clarification of
Eligibility Designations for the 457 Deferred Compensation Plan for 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, with further terms and conditions being as stated in said
amendments, and
WHEREAS, after review, the Board deems it advisable to approve said amendments,
copies 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 Amendment Nos. 1 and 2 for Clarification of Eligibility Designations
for the 457 Deferred Compensation Plan for 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, be, and hereby is, approved.
BE IT FURTHER RESOLVED by the Board that the Chair Pro-Tem be, and hereby is,
authorized to sign said amendments.
The above and foregoing Resolution was, on motion duly made and seconded, adopted
by the following vote on the 21st day of June, A.D., 2023.
BOARD OF COUNTY COMMISSIONERS
WELD COUNTY, COLORADO
ATTEST: W....it444)
Weld County Clerk to the Board
BY. • U&J Q/-1/(3 % J -
Deputy Clerk to the Board
APP: =VED A ter% ORM:
ounty orney
Date of signature: t‘i Z 8 ) ZO Z
Perr, . Buc !"Pro-Tem
CC: PE(SDC/5'sMO, F .(RR/cP)
07/20/23
2023-1764
PE0030
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BOARD OF COUNTY COMMISSIONERS
PASS -AROUND REVIEW
PASS -AROUND TITLE: Amendments for Principal 401(k) & 457 Plans Regarding Eligibility
DEPARTMENT: Human Resources DATE: 05/11/2023
PERSON REQUESTING: Staci Datteri-Frey / Jill Scott / Cheryl Pattelli/ Ryan Rose
Brief description of the, problem/issue:
In order to clarify eligibility designations for the Principal 401(k) and Deferred Compensation 457 plan
we have amended the documents to exclude employees of the health department and the position of
DA as they have/will have 401(k) / 457 options available to them from PERA. -.
What options exist for the Board? (include consequences, impacts, costs, etc. of options):
Approval of amendments will clarify eligibility and provide voluntary savings options for all employee
groups. No cost associated with change other than fee from attorney for the re -write.
Recommendation:
Recommendation is for approval.
Perry L. Buck, Pro-Tem
Mike Freeman, Chair
Scott K. Jame',
Kevin D. Ross
Lori Saine
Approve
Recommendation
Schedultt
Work Session
Other/Comments:
2023-1764
to/ Z 1 PEoo30
AMENDMENT NUMBER ONE
DEFERRED COMPENSATION PLAN OF THE COUNTY OF WELD, STATE OF COLORADO
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 is intended as a good faith effort to comply with the requirements of the Setting Every
Community Up for Retirement Enhancement Act of 2019, the Bipartisan American Miners Act of 2019,
and corresponding guidance. This Amendment will supersede any inconsistent Plan provisions.
By adding the following to the Table of Contents:
"SECTION 7.05 --SPECIAL RULES"
By replacing the reference to "70 1/2" in Section 5.03(b) with "59 1/2" for plan years beginning after
December 31, 2019.
By adding the following immediately before the last paragraph of Section 5.05:
"Qualified Birth or Adoption Withdrawal. Effective January 1, 2023, the Plan permits qualified birth or
adoption withdrawals as a separate withdrawal event. A Participant may receive a withdrawal up to
$5,000 during the 1 -year period beginning on the date on which the Participant's child is born or on
which the legal adoption by the Participant of an eligible adoptee is finalized. An eligible adoptee is any
individual (other than a child of the Participant's spouse) who has not attained age 18 or is physically or
mentally incapable of self-support. The $5,000 maximum is an aggregate amount of such distributions
from all plans maintained by the Employer. The Participant can elect to repay that amount to his or her
Plan account. In addition, such amount is not subject to the tax penalty set forth in Code Section 72(t)."
By adding the following Section 7.05:
"SECTION 7.05 --SPECIAL RULES
Notwithstanding any provision of the Plan to the contrary:
(a) In defining Required Beginning Date or determining required minimum distributions, any Plan
references to age 70-1/2 shall only apply to Participants born before July 1, 1949, and
references to age 701/2 shall be replaced with age 72 for Participants born after June 30, 1949.
(b) With respect to distributions to Participants who die after December 31, 2021, whether before
or after distribution has begun, a Participant's entire interest will be distributed to the
Designated Beneficiary by December 31 of the calendar year containing the tenth anniversary of
the Participant's death unless the Designated Beneficiary meets the requirements of an "eligible
designated beneficiary" as set forth below. An "eligible designated beneficiary" may receive
distributions over the life of such Designated Beneficiary. If there is no Designated Beneficiary
as of September 30 of the year following the year of the Participant's death, the Participant's
entire interest will be distributed by December 31 of the calendar year containing the fifth
anniversary of the Participant's death.
An "eligible designated beneficiary" is defined as any Designated Beneficiary who is: (1) the
surviving spouse of the Participant; (2) a minor child of the Participant; (3) disabled; (4) a
chronically ill individual; or (5) an individual who is not more than 10 years younger than the
Participant. The determination of whether a Designated Beneficiary is an "eligible designated
beneficiary" is made as of the date of the Participant's death. If an "eligible designated
beneficiary" dies before the portion of the Participant's interest is entirely distributed, the
remainder of such portion must be distributed within 10 years after such "eligible designated
beneficiary's" death."
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 01 `sue day of
THE COUNTY OF WELD, STATE OF COLORADO
ATTEST: _. rAf,41Jeizo;�,�
BY:
20 .
BOARD OF COUNTY COMMISSIONERS
WELD COUNTY, COLORADO
_4v/A
Deputy Cler ! o the : oa,�: `] 1� Perry L. ;:uck , Pro-Tem
JUN 2 12023
�aa '17‘1-
AMENDMENT NUMBER TWO
DEFERRED COMPENSATION PLAN OF THE COUNTY OF WELD, STATE OF COLORADO
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 date set forth below.
This amendment 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.
By replacing the definition of "Eligible Employee" in section 1.02 with the following, effective as of June
1, 2023:
"Eligible Employee means any Employee of the Employer, excluding the following:
• Bargaining employees, unless covered by a collective bargaining agreement which provides for
participation in the plan.
• Independent Contractors.
• 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 thisc=2/sr- day of n - ,
THE COUNTY OF WELD, STATE OF COLORADO
ATTEST: Jeli..9;ok
BY:
eputy CI :f k to t
BOARD OF COUNTY COMMISSIONERS
WELD COUNTY, COLORADO
Pet-4/"Bu ck, Pro-Tem
JUN 2 12023
020,2.3— / L
DEFERRED COMPENSATION PLAN OF THE COUNTY OF WELD, STATE OF COLORADO
SUMMARY OF MATERIAL MODIFICATIONS
The purpose of this Summary of Material Modifications is to inform you of a clarification that has been
made to the Deferred Compensation Plan of the County of Weld, State of Colorado's governing legal
document. This clarification affects certain wording in the Plan Summary that was previously provided to
you. The Plan Summary is modified as described below.
Am I eligible for the DEFERRED COMPENSATION PLAN OF THE COUNTY OF WELD, STATE OF
COLORADO?
You are eligible to join the plan once you become an employee of COUNTY OF WELD, STATE OF
COLORADO. Independent contractors, Bargaining employees (unless a collective bargaining agreement
provides otherwise), and employees who are eligible for any retirement benefits under the Colorado
Public Employees' Retirement Association shall not be eligible.
New Contract Request
Entity Info
Entity Name.
PRINCIPAL FINANCIAL GROUP
Entity ID*
0'00006933
Contract Name*
WELD COUNTY DEFERRED COMP 457 PLAN AMENDMENT 1
AND 2
Contract Status
CTB REVIEW
Contract Description*
457 PLAN AMENDMENT 1 AND 2
Contract Description 2
Contract Type*
AMENDMENT
Amount*
$0.00
Renewable*
NO
Automatic Renewal
Grant
IGA
HUMAN RESOURCES
Department Email
CM-
HumanResources weidgov.c
ORl
Department Head Email
CM-HumanResources--
DeptHead0sseldgov.com
County Attorney
GENERAL COUNTY
ATTORNEY EMAIL
County Attorney Email
CM-
COUNTYATTORNEY@WELDG
EY@WELDG
OV.COM
❑ New Entity?
Contract ID
6971
Contract Lead.
MRAIMER
Contract Lead Email
mraimergco.weld.co.us
Requested B0CC Agenda
Date.
05:24,:2023
Parent Contract ID
Requires Board Approval
YES
Department Project
Due Date
05120/2023
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
OnSase
Contract Dat
Effective Date
Review Date.
10:02;2028
Renewal Date
Termination Notice Period
Committed Delivery Date
Expiration [late*
12/13/2028
Contact Information
Contact Info
Contact Name Contact Type Contact Email
Purchasing
Purchasing Approver
Approval Process
Department Head Finance Approver
CHERYL PATTELLI CHERYL PATTELLI
Contact Phone 1 Contact Phone 2
Purchasing Approved Date
Legal Counsel
BYRON HOWELL
DH Approved Date Finance Approved Date Legal Counsel Approved Date
06;07/2023 06 0712023 06'12 2023
Final Approval
BOCC Approved
BOCC Signed Date
BOCC Agenda Date
06{21/2023
Originator
MRAIMER
Tyler Ref #
AG 062123
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