HomeMy WebLinkAbout149-97 - Res. Adopting Amendment to Hartfords Deferred Compensation Plan �;overnmental Contract Number:
RESOLUTION NO , 149-97
RESOLUTION ADOPTING AMENDMENT TO
Hartford® s
DEFERRED COMPENSATION PLAN
WHEREAS, the Moson County Comm i ss i on P-r s (hereinafter
"Employer") heretofore established the Deferred Compensation Plan
hereinafter "Plan"); and
WHEREAS, the Employer desires to amend the Plan to conform with changes in the federal law
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brought about by the Uniform Services Employment and Reemployment Rights Act of 1994 (USEERA);
and
WHEREAS, if selected below, it is also the desire of the Employer to amend the Plan, effective
on the first day of the first plan year beginning on or after August 5, 1997,in order to take advantage of
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the increase in the cash out limit brought about by the Taxpayer Relief Act of 1997.
NOW THEREFORE, BE IT RESOLVED, that, effective 12/16/97 the
Employer hereby amends the Plan as follows:
Section 3.1 of the Plan is amended to read as follows:
"3.1 Participation. Any Employee may elect to become a Participant in the Plan and to defer payment
of part of his compensation not yet earned by executing a written Participation Agreement and filing it
with the n-Employer. Notwithstanding any provision of this Plan to the contrary, contributions,benefits,
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and service credit with respect to qualified military service will be provided in accordance with Code
Section 414(u)."
❑Mark this box to effect the following amendment - Section 5.4 of the Plan is amended to read as
follows:
"5.4 Distribution For Certain Non-Participating Participants. Notwithstanding any provision of the
Plan to the contrary, if the total amount of a Participant's Participation Account under the Plan does not
exceed the dollar limit under Code Section 411(a)(1 1)(A), the Participant may elect to receive(or the
Employer may elect to pay to the Participant without the Participant s consent) the total amount in a lump
sum payable within 60 days of such election; provided, however, such amount may be distributed
pursuant to this Section 5.4 only if: (a)no amount has been deferred under the Plan with respect to such
Participant during the two-year period ending on the date of the distribution, and (b) there has been no
prior distribution under the Plan to such Participant to which this Section 5.4 applied."
Section 5.5 of the Plan is amended to read as follows:
"5.5 Default Distribution Schedule. If the Participant fails to select a payment option for any event
which causes amounts to become available under the Plan, the Participant shall be deemed to have
elected,pursuant to Section 5.2(b) hereof, to postpone distribution of his benefit until the year in which
the Participant attains age 70'/z . Upon such Participant s attainment of age 70'/z, payments shall
commence for a specified period of ten(10) years as provided for in Option 2. Notwithstanding the
foregoing,Participation Accounts eligible for distribution under Section 5.4 shall be subject to earlier
distribution in accordance with Section 5.4 hereof."
RESOLVED FURTHER, that the appropriate members of the Mason County
Fmn 1 y ee,-; (hereinafter"Representative Body")be, and each of them hereby is, authorized
and directed to take any actions, including the execution and delivery of such other documents and
instruments, and to do any aad all such acts and things as may be necessary or appropriate to effect this
resolution.
IN WITNESS WHEREOF, the undersigned have executed this resolution this 16th day of
December 1997
BOARD OF MASON COUNTY COMMISSIONERq
(Name of Employer)
SEAL 4�
by ( CHAIRPERSON
c.
Its
(Title)
Attest:
Title (Witness)
Approved as to Form:
ProsOtut, g Attorney