HomeMy WebLinkAbout20220962.tiffRESOLUTION
RE: APPROVE DELEGATION OF ADMINISTRATIVE AND FIDUCIARY DUTIES AND
RESPONSIBILITIES OF WELD COUNTY 401K AND 457 RETIREMENT PLANS TO
401K SAVINGS PLAN AND 457 DEFERRED COMPENSATION PLAN FIDUCIARY
COMMITTEE AND APPROVE BY-LAWS
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, Weld County offers 401k and 457 Retirement Plans ("Plans") to its'
employees as supplemental retirement plans, and
WHEREAS, the Plans are governed by plan documents in compliance with Internal
Revenue Service (IRS) and Federal Department of Labor regulations, and
WHEREAS, the Weld County 401k Plan document specifies that the Director of
Administrative Services is the Plan Administrator, and the Weld County 457 Plan document
specifies the employer (Weld County) is the Plan Administrator, and
WHEREAS, Finance and Administration staff is recommending a 401 k Savings Plan and
457 Deferred Compensation Plan Fiduciary Committee ("Committee") be created to oversee the
Plans' administration and serve as the fiduciaries for the Plans in order to better fulfill the County's
fiduciary responsibilities of both Plans, and
WHEREAS, Finance and Administration staff is recommending the Committee consist of
five (5) members as follows: the Director of Administrative Services, the Chief Financial Officer,
the County Treasurer, the Director of Human Resources, and the HR Benefits Manager, and
WHEREAS, each Plan's document specifies under Section 9.04 that the Plan
Administrator may delegate any or part of the administrative duties and responsibilities under the
Plan to a retirement committee, and that the duties and responsibilities of the retirement
committee shall be set out in a separate written agreement, and
WHEREAS, the Plan Administrators of both plans believe it is in the best interest of Weld
County and the Plans' participants to delegate all administrative and fiduciary duties and
responsibilities as specified in the attached Committee's By -Laws, attached hereto as Exhibit "A."
NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld
County, Colorado, that the 401k Savings Plan and 457 Deferred Compensation Plan Fiduciary
Committee, be, and hereby is created, effective immediately.
BE IT FURTHER RESOLVED by the Board that, in accordance with the Plan documents,
this Resolution shall serve as the required written agreement delegating those administrative and
fiduciary duties and responsibilities associated with the Plans to the Weld County 401k Savings
Plan and 457 Deferred Compensation Plan Fiduciary Committee as described herein and as
specified in the By -Laws, attached hereto as Exhibit "A."
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2022-0962
PE0034
DELEGATION OF ADMINISTRATIVE AND FIDUCIARY DUTIES AND RESPONSIBILITIES OF
WELD COUNTY 401K AND 457 RETIREMENT PLANS TO 401K SAVINGS PLAN AND
457 DEFERRED COMPENSATION PLAN FIDUCIARY COMMITTEE AND APPROVE BY-LAWS
PAGE 2
BE IT FURTHER RESOLVED by the Board that the By -Laws of the Weld County 401k
Savings Plan and 457 Deferred Compensation Plan Fiduciary Committee set forth in the attached
Exhibit "A," be, and hereby are, approved.
The above and foregoing Resolution was, on motion duly made and seconded, adopted
by the following vote on the 28th of March, A.D., 2022.
BOARD OF COUNTY COMMISSIONERS
WELD 4 OUNTY, COLORADO
ATTEST: defiltet) jejw e1
Weld County Clerk to the Board
eputy Clerk to the Board
torney
Date of signature: 3/31 /2
Scott K. James, Chair
2022-0962
PE0034
EXHIBIT A
By -Laws
Weld County 401k Savings Plan and 457 Deferred Compensation Plan Fiduciary Committee
Introduction
These By -Laws describe 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.
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.
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 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.
Committee Meetings
The Committee's shall hold at least two (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.
2022-0962
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.
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.
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• 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:
• 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.
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.
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.
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The Chair or his/her delegate may revise these by-laws at any time in his/her sole discretion.
Approved by the Board of County Commissioners of Weld County on Mal/Ch Z 0 , 2022.
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DELEGATION OF ADMINISTRATIVE AND FIDUCIARY DUTIES AND RESPONSIBILITIES
OF THE WELD COUNTY 401K AND 457 RETIREMENT PLANS TO THE 401K AND 457
RETIREMENT PLANS FIDUCIARY COMMITTEE AND APPROVE BY-LAWS
APPR SU STANCE:
147
Elected Official or Department Head
ED
T
APPROVED AS TO FUNDING:
Controller
APPROVED AS TO FORM:
1 0.4 1 -Co
County Attorney
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