HomeMy WebLinkAbout20195145.tiffRESOLUTION
RE: APPROVE AMENDMENT #1 TO WELD COUNTY 401(K) SAVINGS PLAN AND
AUTHORIZE CHAIR 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 #1 to the Weld County 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 Finance and Administration, 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 #1 to the Weld County 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 Finance and Administration 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 above and foregoing Resolution was, on motion duly made and seconded, adopted
by the following vote on the 23rd day of December, A.D., 2019.
BOARD OF COUNTY COMMISSIONERS
WELD COUNTY, COLORADO
ATTEST: dddi, jele4;e1
Weld County Clerk to the Board
BY:
APP
Deputy Clerk to the Board
County ttorney
Date of signature: o I /O2.7)..O . ■
arbara Kirkmeyer, Chair
Mike Freeman, Pro -Tern
C
Sean Conwa
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2019-5145
PE0033
AMENDMENT NUMBER ONE
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 January 1, 2020 as follows:
HARDSHIP WITHDRAWALS
By striking the paragraphs relating to hardship withdrawals in the WITHDRAWAL BENEFITS SECTION of
Article V and substituting in lieu thereof the following:
A Participant may withdraw any part of his Vested Account resulting from Elective
Deferral Contributions, including earnings, in the event of hardship due to an immediate and
heavy financial need.
Immediate and heavy financial need shall be limited to: (i) expenses incurred or necessary
for medical care that would be deductible under Code Section 213(a) (determined without regard
to whether the expenses exceed the stated limit on adjusted gross income); (ii) the purchase
(excluding mortgage payments) of a principal residence for the Participant; (iii) payment of
tuition, related educational fees, and room and board expenses, for up to the next 12 months of
post -secondary education for the Participant, his spouse, children, or dependents (as defined in
Code Section 152 without regard to Code Sections 152(b)(1), (b)(2), and (d)(1)(B)); (iv) payments
necessary to prevent the eviction of the Participant from, or foreclosure on the mortgage of, the
Participant's principal residence; (v) payments for funeral or burial expenses for the Participant's
deceased parent, spouse, child, or dependent (as defined in Code Section 152 without regard to
Code Section 152(d)(1)(B)); (vi) expenses to repair damage to the Participant's principal residence
that would qualify for a casualty loss deduction under Code Section 165 (determined without
regard to section 165(h)(5) after January 1, 2018, and without regard to whether the loss exceeds
10% of adjusted gross income); (vi) expenses and losses (including loss of income) incurred by the
Participant on account of a disaster declared by the Federal Emergency Management Agency
(FEMA) under the Robert T. Stafford Disaster Relief and Emergency Assistance Act, provided that
the Employee's principal residence or principal place of employment at the time of the disaster
was located in an area designated by FEMA for individual assistance with respect to the disaster,
or (viii) any other distribution which is deemed by the Commissioner of Internal Revenue to be
made on account of immediate and heavy financial need as provided in Treasury regulations.
No withdrawal shall be allowed which is in excess of the amount required to relieve the
financial need (including any amounts necessary to pay any Federal, state, or local income taxes
or penalties reasonably anticipated to result from the distribution). Before receiving a hardship
withdrawal, the Participant must first obtain other available distributions (other than hardship
distributions) under the Plan and all other plans of deferred compensation maintained by the
Employer, whether or not qualified. The Participant must represent (in writing or via an electronic
medium) that the Participant has insufficient cash or liquid assets reasonably available to satisfy
the financial need; however, the Employer or its delegate may rely on the Participant's
representation unless the Employer or its delegate has actual knowledge to the contrary.
2019-5145
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
073 day of
tkee-e,24,&z) ,20 /9
THE COUNTY OF WELD, STATE OF COLORADO
B
Barbara Kirkmeyer
Printed Name
Chair, Board of Weld
County Commissioners
Title
DEC 2 3 2019
WELD COUNTY 401(k) SAVINGS PLAN
SUMMARY OF MATERIAL MODIFICATIONS
The purpose of this Summary of Material Modifications is to inform you of changes that have been made
to the Weld County 401(k) Savings Plan. These changes affect the information previously provided to you
in the Plan's summary plan description. The summary plan description is modified as described below,
effective January 1, 2020.
Withdrawals From Your Account Due to Financial Hardship
If you have a financial hardship, you may be able to withdraw all or any part of your vested account
resulting from 401(k) elective deferral contributions, including earnings.
Financial hardship means hardship due to immediate and heavy financial need. Federal rules allow
hardship withdrawals for these reasons:
• To pay medical expenses that would be tax deductible (without regard to whether the expenses
exceed the stated limit on adjusted gross income).
• To purchase your primary home, stop your eviction from your primary home, or stop foreclosure
on such home.
• To pay tuition, related educational fees, and room and board expenses for up to the next 12
months of post -secondary education for you, your spouse, your children, or your dependents (as
defined in the plan).
• To pay funeral or burial expenses for your parents, your spouse, your children, or dependents (as
defined in the plan).
• To pay expenses to repair damage to your primary home that would qualify for the casualty
deduction (without regard to whether the expenses exceed 10% of adjusted gross income or were
caused by federally declared disasters).
• To pay expenses incurred on account of a federally declared disaster.
You may not withdraw more than the amount of your immediate and heavy financial need. The amount
of the withdrawal may include the amount of taxes that will result from the withdrawal. To receive a
withdrawal, you must first obtain other available distributions (other than hardship distributions) under
this plan or any other deferred compensation plan maintained by the employer, and you must sign a
written statement that you have insufficient cash or liquid assets to meet your need another way. If you
can meet your need another way, you may not have a withdrawal.
AMENDMENT NUMBER ONE
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 January 1, 2020 as follows:
HARDSHIP WITHDRAWALS
By striking the paragraphs relating to hardship withdrawals in the WITHDRAWAL BENEFITS SECTION of
Article V and substituting in lieu thereof the following:
A Participant may withdraw any part of his Vested Account resulting from Elective
Deferral Contributions, inducing
heavy financial need.
in the event of hardship due to an immediate and
Immediate and heavy financial need shall be limited to: (i) expenses incurred or
necessary for medical care that would be deductible under Code Section 213(a) (determined
without regard to whether the expenses exceed the stated limit on adjusted gross income); (ii)
the purchase (excluding mortgage payments) of a principal residence for the Participant; (iii)
payment of tuition, related educational fees, and room and board expenses, for up to the next
12 months of post -secondary education for the Participant, his spouse, children, or dependents
(as defined in Code Section 152 without regard to Code Sections 152(b)(1), (b)(2), and (d)(1)(B));
(iv) payments necessary to prevent the eviction of the Participant from, or foreclosure on the
mortgage of, the Participant's principal residence; (v) payments for funeral or burial expenses
for the Participant's deceased parent, spouse, child, or dependent (as defined in Code Section
152 without regard to Code Section 152(d)(1)(B)); (vi) expenses to repair damage to the
Participant's principal residence that would qualify for a casualty loss deduction under Code
Section 165 (determined without regard to section 165(h)(5) after January 1, 2018, and without
regard to whether the loss exceeds 10% of adjus-ed gross income); (vi) expenses and losses
(including loss of income) incurred by the Participant on account of a disaster declared by the
Federal Emergency Management Agency (FErsMMA) under? the Robert T V Stafford Disaster Relief
and Emergency Assistance Act, provided that the Employee's principal resicence or principal
place of employment at the time of the disaster was located in an area designated by FEMA for
Inc ividual assistance with respect to the disaster, or (viii) any other distribution which is deemed
by the Commissioner of Internal Revenue to be made on account of immediate and heavy
financial need as provided in Treasury regulations.
No withdrawal shall be allowed which is in excess of the amount required to relieve the
financial need (including any amounts necessary to pay any Federal, state, or local income taxes
r penalties reasonably anticipated to result from the distribution). Before receiving a hardship
withdrawal, the Participan: must first obtain other available distributions (other than nardsiip
distributions) under the Plan and all other plans of deferred compensation maintained by the
Employer, whether or not qualified. The Participant must represent (in writing or via an
electronic medium) that the Participant has insufficient cash or liquid assets reasonably
availa .ale to satisfy the financial need; however, the Em s -plover or its relegate may rely on the
Participant's representation unless the Employer or its delegate has actual knowledge to the
contrary.
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 day of , 20
•
THE COUNTY OF WELD, STATE OF COLORADO
By:
Printed Name
Title
WELD COUNTY 401(k) SAVINGS PLAN
SUMMARY OF MATERIAL MODIFICATIONS
The purpose of this Summary of Material Modifications is to inform you of changes that have been
made to the Weld County 401(k) Savings Plan. These changes affect the information previously provided
to you in the Plan's summary plan description. The summary plan description is modified as described
below, effective January 1, 2020.
Withdrawals From Your Account Due to Financial Hardship
If you have a financial hardship, you may be able to withdraw all or any part of your vested account
resulting from 401(k) elective deferral contributions, including earnings.
Financial hardship means hardship due to immediate and heavy financial need. Federal rules allow
hardship withdrawals for these reasons:
• To pay medical expenses that would be tax deductible (without regard to whether the expenses
exceed the stated limit on adjusted gross income).
• To purchase your primary home, stop your eviction from your primary home, or stop
foreclosure on such home.
• To pay tuition, related educational fees, and room and board expenses for up to the next 12
months of post -secondary education for you, your spouse, your children, or your dependents (as
defined in the plan).
• To pay funeral or burial expenses for your parents, your spouse, your children, or dependents
(as defined in the plan).
• To pay expenses to repair damage to your primary home that would qualify for the casualty
deduction (without regard to whether the expenses exceed 10% of adjusted gross income or
were caused by federally declared disasters).
• To pay expenses incurred on account of a federally declared disaster.
You may not withdraw more than the amount of your immediate and heavy financial need. The amount
of the withdrawal may include the amount of taxes that will result from the withdrawal. To receive a
withdrawal, you must first obtain other available distributions (other than hardship distributions) under
this plan or any other deferred compensation plan maintained by the employer, and you must sign a
written statement that you have insufficient cash or liquid assets to meet your need another way. If you
can meet your need another way, you may not have a withdrawal.
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