HomeMy WebLinkAboutbocc.con.077.1997 _ _—�.-�_
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A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF PITKIN % �:�
COUNTY,COLOR.AI)O '
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TO ADOPT CHANGES TO CCOERA'S DE�'ERRED i�
COMPENSATION PLAN ��'�.' '.;•
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Resolution#97- ��'-
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$�CTTALS �..>".
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1. Pitkin County offers to its employees a voluntazy deferred compensation ptan. ,'
2. T'he Smail Susiness Job Protection Act of 1996(H.R.3448)became effective August
20,1996. �:� ;
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3. Certain provisions of that act amended Internal Revenue Code Section 457 pertaining }"
to Deferred Compe�sation Plans of state and]ocal governments,resulting in certain f •
' mandatory and certain discretionary changes that have been made in COLORADO
COUNTY OFFICIALS AND EMPLOYEES RETIREMENT ASSOCIATION '��
DEFERRED COMPENSATION PLAN,(the Plan). r�
4. One af the changes in the Plan mandated by said Act is to require that all assets and �'?'
income of the PIan be held in trust for the exclusive benefit of participants and their
- beneficiaries,in response to which COLORADO COiJNTY OFFICIALS ANB
EMPLOYEES RETIItEMENT ASSOCIATION(CCOERA),as plan administrator,
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has created THE COLORADO COUNTY OFFICIALS AND EMPLOYEES
RETIltEMENT ASSOCIATION DEFERRED COMPENSATION PLAN TRUST,of
' which CCOERA.is Trustee.
5. The Plan now provides and requires that employers having employees in the deferred
� compensation plan must transfer all ownership or property rights in amounts deferred
' under the Plan to said trust as quickly as possible by use of forms pinvided by
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CCOERA.
NOW THEREFORE BE IT RESOLVED by the Boazd of County
Commissioners of Pitkin County,Colorado hereby authorizes and directs the Treasurer of ,- .
- - Pitkin County forthwith to transfer to THE COLORADO COtINTY OFFICIALS AND
EMPLOYEES RETII2EMENT ASSOCIATION DEFERRED COMPENSATION PLAN
TRUST all ownership or property rights of Pitkin County in and to amounts deferred �
under the Plan,including any accruals thereto or income thereon,and said Treasurer in
doing so may urilize transfer forms provided by CCOERA as plan administrator and as
� trustee of said trost.
' BE IT FiJRTAER TtESOLVED: Ali amounts deferred by employees or of�'icers ; '
under the Plan shall,upon segregation as defecred compensation of the participant,be the
, property of said trust,for the exclusive benefit of the participants and their beneficiaries,
and shall be forwarded to the rivst as trust pmperiy. '�
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INTRODUC�D,FIItST READ,AND ADOPTED AS AN ADMINISTRATNE s'� `= ..
ACTION ON THE 9th DAY OF July,1997. �;, ,,�
PUBLISHED AFTER ADOPTION IN THE ASPEN TIMES ON THE 18th ",:•,;��
: DAY OF July,i997. �,.:�:._..
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AT�'�ST: BOARD OF COUNTY i;;�:,"' _.
� COMMISSIO F PITKIN c
' COUNfY, O O (-� _
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W- R'�
Jead tte 7ones Bil u�te
Chairman '
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,. Date �y
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� APPROVED AS TO FORM: MANAGER APPROVAL: '
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' John Ei unty Attomey S Konchan, ounty Manager 1`
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APPROVED AS TO CONTENT:
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� � Cheryl C' ock,Personnel Director
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