HomeMy WebLinkAbout20231763.tiffRESOLUTION
RE: APPROVE AMENDMENT NOS. 2 AND 3 FOR SECURE ACT COMPLIANCE FOR
401(K) SAVINGS 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 Amendment Nos. 2 and 3 for Secure Act
Compliance for the 401(K) Savings 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. 2 and 3 for Secure Act Compliance for the 401(K)
Savings 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 are, 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:
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Weld County Clerk to the Board
Count Attorney •
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Date of signature: /Z / Zv Z3
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BOARD OF COUNTY COMMISSIONERS
PASS -AROUND REVIEW
PASS -AROUND TITLE:
Amendment for SECURE Act to 401k/457 Plan
DEPARTMENT: Human Resources DATE: 03/06/2023
PERSON REQUESTING: Staci Datteri-Frey / Jill Scott/ Cheryl Pattelli
Brief description of the problem/issue:
Need final approval on the required updates and provisions from the SECURE Act for our voluntary
retirement savings plans.
What options exist for the Board? (include consequences, impacts, costs, etc. of options):
Approval will keep us in compliance with provisions set forth in SECURE act. 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
A rove Sc a kal
Recommendation Work Session
Other/Comments:
2023-1763
(0/2.1
P
EOOIO
AMENDMENT NUMBER TWO
WELD COUNTY401(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 is intended as a good faith effort to comply with the requirements of the Setting Every
Community Up for Retirement Enhancement Act of 2019 and corresponding guidance. This amendment
will supersede any inconsistent Plan provisions.
By adding the following to the Table of Contents:
"Section 7.04 SPECIAL RULES"
By adding the following at the end of Section 5.05:
"Effective January 1, 2023, the Plan permits qualified birth or adoption distributions as a separate
distribution event. A Participant may receive a distribution 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 7.04:
"SECTION 7.04 --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 70 1/2 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 /`5? day of
ATTEST: Vdr4441 `d"''t1
BY:
,20O2c. .
THE COUNTY OF WELD, STATE OF COLORADO
BOARD OF COUNTY COMMISSIONERS
WELD COUNTY, COLORADO
Perry L Buck, Pro-Tem
JUN 2 12023
020,2,3 /
AMENDMENT NUMBER THREE
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 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, 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 G2/5" day of , 20 025 .
THE COUNTY OF WELD, STATE OF COLORADO
ATTEST:'') Xito;e1
'Clerk to the Bo
/
BY:
Deputy CI
BOARD OF COUNTY COMMISSIONERS
WELCOUNTY, COLORADO
Perry L. Fuck, Pro—Tem
JUN 2 12023
,eo020-/7‘,&
WELD COUNTY 401(k) SAVINGS PLAN
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 Weld County 401(k) Savings Plan's governing legal document. This clarification affects certain
wording in the Summary Plan Description that was previously provided to you. The Summary Plan
Description is modified as described below.
When You Join
You join the plan as an active participant on the day on which you become an employee. This date is
your entry date. However, employees who are eligible for any retirement benefits under the Colorado
Public Employees' Retirement Association are not eligible for our plan.
Contract Form
New Contract Reques
Information
Entity Name.
PRINCIPAL FINANCIAL GROUP
Contract Name.
Entity ID.
01220006933
❑ New Entity?
Contract ID
WELD COUNTY 401(K) SAVINGS PLAN AMENDMENT 2 AND 3 6781
Contract Status
CTB REVIEW
Contract Lead.
MRAIMER
Contract Lead Email
mraimergco.weld.co.us
Contract Description.
WELD COUNTY 401(K) SAVINGS PLAN AMENDMENTS FOR SECURE ACT COMPLIANCE.
Contract Description 2
Contract Type.
AMENDMENT
Amount.
S0.00
Renewable.
NO
Automatic Renewal
NO
Grant
IGA
Department
HUMAN RESOURCES
Department Email
CM-
HumanResources::0weldgov.c
om
Department Head Email
CM-HumanResources-
DeptHeadAweldgov.com
County Attorney
GENERAL COUNTY
ATTORNEY EMAIL
County Attorney Email
CM-
COU NTYATTORN EYW WELDG
OV.COM
Requested BOCC Agenda
Date
03,27,202.3
Parent Contract ID
Requires Board Approval
YES
Department Project #
Due Date
03/23/2023
Will a work session with BOCC be required?*
NO
Does Contract require Purchasing Dept. to be included?
ND
If this is a renewal enter previous Contract ID
If this is part of a NSA enter ?NSA Contract ID
Note: the Previous Contract Number and Master Services Agreement Number should be left blank if those contracts are not in
On Base
Cant
Dates,
Effective Date
Review Date.
12 09 2024
Renewal Date
Termination Notice Period
Committed Delivery Date
Expiration Date*
12,21 2024
Contact Information
Contact Info
Contact Name
Purchasing
Contact Type Contact Email Contact Phone I Contact Phone 2
Purchasing Approver Purchasing Approved Date
Approval Process
Department Head
CHERYL PATTELLI
DH Approved Date
06:07 O023
Final Approval
BOCC Approved
BOCC Signed Date
BOCC Agenda Date
06 21 2 02 3
Originator
MRAIMER
Finance Approver
CHERYL PATTELLI
Legal Counsel
BYRON HOWELL
Finance Approved Date Legal Counsel Approved Date
0607,2023 06 12/2023
Tyler Ref #
AG 062123
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