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File #: 12-0529    Version:
Type: Agenda Item Status: Approved
File created: 4/24/2012 In control: Board of Supervisors
On agenda: 9/25/2012 Final action: 9/25/2012
Title: Treasurer-Tax Collector recommending the Board authorize the Chair to sign the El Dorado County Deferred Compensation Plan, including revisions to comply with changes in law and a revision to vest responsibility for approving emergency withdrawals with the plan administrator.
Attachments: 1. 2A - Revised Deferred Compensation Agreement 09.25.12.pdf, 2. 2B - Tracked Changes Revised Deferred Compensation Agreement 09.04.12.pdf, 3. 2C - Counsel Approval.PDF, 4. A - Deferred Compensation Agreement .pdf, 5. B - Tracked Changes Deferred Compensation Agreement .pdf, 6. C - County Counsel Approval 05.10.12.pdf.pdf
Title
Treasurer-Tax Collector recommending the Board authorize the Chair to sign the El Dorado County Deferred Compensation Plan, including revisions to comply with changes in law and a revision to vest responsibility for approving emergency withdrawals with the plan administrator.
Body
Fiscal Impact/Change to Net County Cost: None
Background:
 
The Treasurer-Tax Collector's department hired Allen Haim, a legal expert in Deferred Compensation, to review and recommend changes to El Dorado County's Deferred Compensation Plan to ensure the plan language continues to comply with changes in the law.
The revised El Dorado County Deferred Compensation Plan reflects Mr. Heim's recommendations.
 
There are two types of changes incorporated within the Plan:  minor word changes and changes required by law.  The revisions also clearly vest the responsibility for approving emergency withdrawals with the plan administrator, rather than the County.  The plan administrator is better qualified to make these determinations.  
 
Action to be taken following Board approval:  Chair to sign the revised El Dorado County Deferred Compensation Plan and forward to the Treasurer-Tax Collector for further administration.
Contact: Louise Gresham X5819
Concurrences:
County Counsel has reviewed and concurred with the changes.