(A) Adoption agreement on behalf of the participating employer. The County Commissioners (hereinafter referred to as the “participating employer”) has determined that in the interest of attracting and retaining qualified employees, it wishes to offer a Deferred Compensation Plan.
(1) The participating employer adopts the plan and the Trust Agreement (“Trust”) for the plan for its employees as the participating employer’s only 457 Plan with ongoing contributions.
(2) The participating employer acknowledges that the Deferred Compensation Committee (“Trustees”) are only responsible for the plan and have no responsibility for other employee benefit plans maintained by the participating employer.
(3) The participating employer hereby adopts the terms of the adoption agreement, which is attached hereto and made a part of this section. The adoption agreement sets forth the employees to be covered by the plan, the benefits to be provided by the participating employer under the plan any conditions imposed by the participating employer with respect to, but not inconsistent with, the plan. The participating employer reserves the right to amend its elections under the adoption agreement, provided, that as the amendment is not inconsistent with the plan, the Internal Revenue Code or other applicable law and is approved by the Trustees of the plan.
(4) (a) The participating employer shall abide by the terms of the plan and the Trust, including amendments to the plan and the Trust made by the Trustees of the plan, all investment, administrative and other service agreements of the plan and the Trust, all applicable provisions of the Internal Revenue Code and other applicable law.
(b) The participating employer accepts the administrative services to be provided by the Administrator of the plan and any services provided by a service manager as delegated by the Administrator or Trustees. The participating employer acknowledges that fees will be imposed with respect to the services provided and that such fees will be charges to the participants’ accounts, not to the participating employer.
(5) (a) The participating employer may terminate its participation in the plan, if it takes the following actions:
1. A resolution must be adopted terminating its participating in the plan; and
2. The resolution must specify when the participating in the plan shall end.
(b) The Trustees shall determine whether the resolution complies with the plan and all applicable federal and state laws, shall determine an appropriate effective date and shall provide appropriate forms to terminate ongoing participation. However, distributions under the plan of existing accounts to participants will be made in accordance with the plan.
(c) The participating employer acknowledges that the plan contains provisions for involuntary plan termination.
(6) The participating employer acknowledges that all assets held in connection with the plan, including all contributions to the plan, all property and rights acquired or purchased with such amounts and all income attributable to such amounts, property or rights shall be held in trust for the exclusive benefit of participants and their beneficiaries under the plan. No part of the assets and income of the plan shall be used for, or diverted to, purposes other than for the exclusive benefit of participants and their beneficiaries and for defraying reasonable expenses of the plan. All amounts of compensation deferred pursuant to the plan, all property and rights acquired or purchased with such amounts and all income attributable to such amounts, property or rights held as part of the plan, shall be transferred to the Trustees to be held, managed, invested and distributed as part of the Trust Fund, in accordance with the provisions of the plan. All contributions to the plan must be transferred by the participating employer to the Trust Fund. All benefits under the plan shall be distributed solely from the Trust Fund pursuant to the plan.
(7) This resolution and the adoption agreement shall be submitted to the Trustees for their approval. The Trustees shall determine whether the resolution complies with the plan, and, if it does, shall provide appropriate forms to the participating employer to implement participating in the plan. The Trustees may refuse to approve an adoption agreement by an employer that does not have the statutory authority to participate in the plan. The governing body hereby acknowledges that it is responsible to assure that this section and the adoption agreement are adopted and executed in accordance with the requirement of applicable law.
(B) County Sheriff’s Department to participate in a Deferred Compensation Plan.
(1) The Sheriff’s Department will utilize the Deferred Compensation Plan established by County Sheriff’s Departments in the state known as the “Indiana Sheriff’s 457(b) Plan” and participate in the group trust arrangement established by the Deferred Compensation Plan; and the Sheriff is authorized to sign the adoption agreement to participate in the Deferred Compensation Plan.
(2) The County Commissioners hereby authorize the County Auditor to make deductions from the pay of employees of the Sheriff’s Department who voluntarily participate in the Deferred Compensation Plan and to deposit the deferrals in the trust. The County Commissioners also authorize the Committee made up of representatives of the Sheriff Departments participating in the plan (as determined by participating Sheriff Departments) to make such other arrangements as are necessary to implement the plan. It is understood that, other than the incidental expenses related to collecting the employees’ deferrals and other minor administrative matters, there is to be no cost to or contribution by the county to this plan.
(County Res. 93-10-1, passed 10-25-1993; Res. passed 2-19-2002; Ord. passed 12-1-2008)