(A) The political subdivision adopts the state’s Retirement System Deferred Compensation Plan (“plan”), effective September 1, 2012.
(B) The participation of the political subdivision’s employees in the state plan shall be governed by the plan document, a copy of which is attached to the resolution codified herein; the services agreement(s); and any and all rules and regulations promulgated by the State Retirement System Board.
(C) The political subdivision agrees to be bound by and honor the decisions and action taken by the State Retirement System Board, the Plan Administrator, in connection with plan management and administration, including, but not limited to, amending or terminating the plan, selecting investment options and service providers and approving unforeseeable emergency requests.
(D) The political subdivision agrees that no employee shall be allowed to contribute more than the maximum annual contribution into the plan. If political subdivision offers one or more other 457 plans, the political subdivision shall coordinate the maximum annual contribution among all of the plans and agrees that any excess deferrals resulting from participation in multiple plans shall be attributable to and distributed from one of the other 457 plans, not the State Retirement System 457 Plan.
(E) It is recommended that the political subdivision facilitate educational programs developed for use with the plan at least once a year, and, to the extent possible, allow employees to attend during work hours.
(F) The Town Clerk/Treasurer is hereby authorized to provide all relevant information to State Retirement System 457 Plan Administrator as requested.
(Res. passed 8-14-2012)