County of El Dorado - File #: 23-1483

• File #: 23-1483
• Version: 1
• Type: Agenda Item
• Status: Approved
• File created: 8/3/2023
• In control: Board of Supervisors
• On agenda: 9/12/2023
• Final action: 9/12/2023
• Title: Treasurer-Tax Collector recommending the Board: 1) Adopt and authorize the Chair to sign Resolution 131-2023 approving El Dorado County Amended and Restated 457 Deferred Compensation Plan documents and authorizing the Treasurer-Tax Collector to execute the Adoption Agreement, Amendments, and any further documents required to implement the amended and restated 457 Deferred Compensation Plan; 2) Adopt and authorize the Chair to sign Resolution 132-2023 approving El Dorado County Amended and Restated Social Security Replacement Plan documents for Part-Time, Seasonal, and Temporary Employees and authorizing the Treasurer-Tax Collector to execute the Adoption Agreement, Amendments, and any further documents required to implement the amended and restated Social Security Replacement Plan; and 3) Approve the California Public Employees’ (“CalPERS”) Amended and Restated 457 Deferred Compensation Plan Document. FUNDING: N/A

Date	Ver.	Action By	Action	Result
9/12/2023	1	Board of Supervisors	Approved	Pass

Title
Treasurer-Tax Collector recommending the Board:
1) Adopt and authorize the Chair to sign Resolution 131-2023 approving El Dorado County Amended and Restated 457 Deferred Compensation Plan documents and authorizing the Treasurer-Tax Collector to execute the Adoption Agreement, Amendments, and any further documents required to implement the amended and restated 457 Deferred Compensation Plan;
2) Adopt and authorize the Chair to sign Resolution 132-2023 approving El Dorado County Amended and Restated Social Security Replacement Plan documents for Part-Time, Seasonal, and Temporary Employees and authorizing the Treasurer-Tax Collector to execute the Adoption Agreement, Amendments, and any further documents required to implement the amended and restated Social Security Replacement Plan; and
3) Approve the California Public Employees’ (“CalPERS”) Amended and Restated 457 Deferred Compensation Plan Document.

FUNDING: N/A
Body
DISCUSSION / BACKGROUND
The Treasurer-Tax Collector Department administers deferred compensation plans for the benefit of County employees. Currently, there are plans offered to employees by two providers, Nationwide and CalPERS. County Counsel has reviewed all the plan documents attached in this Board item.

Nationwide
The County has two Plans with Nationwide as the provider, the El Dorado County 457 Deferred Compensation Plan for eligible employees as authorized by Internal Revenue Code 457(b) and the Deferred Compensation Plan for Social Security Replacement Plan for part-time, seasonal, and temporary employees as authorized by the Omnibus Budget Reconciliation Act of 1990 (OBRA). The Social Security Replacement Plan is a mandatory retirement savings program for public employees who are not covered by a retirement system or Social Security. Part-time, seasonal, and temporary employees are not covered by Social Security and are excluded from participating in CalPERS.

The El Dorado County 457 Deferred Compensation Plan document was l...