(A) The Board of Commissioners adopts the state public employee deferred compensation plan (“plan”) and the trust agreement (“trust”) for the plan for its employees as the participating employer’s only 457 plan with on-going contributions.
(B) The Board of Commissioners 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 Board of Commissioners.
(C) The Board of Commissioners 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 Board of Commissioners under the plan, and any conditions imposed by the Board of Commissioners with respect to, but not inconsistent with, the plan. The Board of Commissioners reserves the right to amend its elections under the adoption agreement, so long as the amendment is not inconsistent with the plan or the Internal Revenue Code or other applicable law and is approved by the trustees of the plan.
(D) (1) The Board of Commissioners 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, and all applicable provisions of the Internal Revenue Code and other applicable law.
(2) The Board of Commissioners 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 Board of Commissioners acknowledges that fees will be imposed with respect to the services provided and that these fees will be charged to the participants’ accounts and not to the Board of Commissioners.
(E) (1) (a) The Board of Commissioners may terminate its participation in the plan, if it takes the following actions:
1. A resolution must be adopted terminating its participation in the plan; and
2. The resolution must specify when the participation 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.
(2) The Board of Commissioners acknowledges that the plan contains provisions for involuntary plan termination.
(F) The Board of Commissioners acknowledges that all assets held in connection with the plan, including all contributions to the plan, all property and rights acquired or purchased with these amounts and all income attributable to these 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 the amounts and all income attributable to those 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 Board of Commissioners to the trust fund. All benefits under the plan shall be distributed solely from the trust fund pursuant to the plan.
(G) This section 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 Board of Commissioners to implement participation in the plan. The trustees may refuse to approve an adoption agreement by an employer that does not have state 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 requirements of applicable law.
(Res. R-C-96-1, passed 1-22-1996; Res. R-C-02-1, passed 3-4-2002)