HomeMy WebLinkAboutResolutions - 1986.06.12 - 10801Miscellaneous Resolution # 86173 June 12, 1986
BY: GENERAL GOVERNMENT COMMITTEE-John E. Olsen, Chairperson
RE: DEFERRED COMPENSATION PLAN-AMENDMENT TO ARTICLE VI,
SECTION 4, MODIFICATION
TO THE OAKLAND COUNTY BOARD OF COMMISSIONERS
Mr. Chairpeson, Ladies and Gentlemen:
WHEREAS participation in the Oakland County Deferred
Compensation Plan has experienced tremendous growth since it became a
county program in 1979; and
WHEREAS up to now participants in the Deferred Compensation
Plan have been permitted to change the amount deducted from their
paychecks with a 30-day notice; and
WHEREAS as the program has grown, so has the volume of
requested changes in payroll deductions to the extent that processing
the proposed changes has become a serious administrative problem that
needs to be addressed; and
WHEREAS the Deferred Compensation Board which administers
the County Deferred Compensation Plan has proposed that deductions be
permitted just twice annually to alleviate the administrative problem.
NOW THEREFORE BE IT RESOLVED that the Oakland County
Board of Commissioners approves an amendment to the Deferred
Compensation Plan, Article VI, Section 4, MODIFICATION, to read:
A participant who executes a participation agreement to defer
compensation, may modify such participation agreement so as to
change the amount of deferred compensation upon written
notice to the Board at least 30 days before May 1 or at least
30 days before November 1 each year. A reduction of
deferred compensation shall be to no less than $20 per pay
period.
BE IT FURTHER RESOLVED that the effective date of this
change will be January 1, 1987.
Mr. Chairperson, on behalf of the General Government
Committee, I move the adoption of the foregoing resolution.
GENERAL GOVERNMENT COMMITTEE
I HER' ,a2PROVE THE FC171Ge4G RESOLUTICI,J
ts,',---71D1;ti. County
#86173 June 12, 1986
Moved by Olsen supported by Susan Kuhn the resolution be adopted.
AYES: Rewold, Rowland, Skarritt, Webb, Wilcox, Aaron, Caddell,
Calandro, Doyon, Fortino, Gosling, Hassberger, Hobart, R. Kuhn, S. Kuhn,
Lanni, Law, McConnell, McDonald, McPherson, Moffitt, Nelson, Olsen, Page,
Perinoff, Pernick, Price. (27)
NAYS: None. (0)
A sufficient majority having voted therefor, the resolution was
adopted.
STATE OF MICHIGAN)
COUNTY OF OAKLAND)
I, Lynn D. Allen, Clerk of the County of Oakland and having a seal,
do hereby certify that I have compared the annexed copy of
this Miscellaneous Resolution adopted by the Oakland County Board of Commissioners
at their meeting held on June 12, 1986
with the orginial record thereof now remaining in my office, and
that it is a true and correct transcript therefrom, and of the
whole thereof.
In Testimony Whereof, I have hereunto set my hand and affixed the
seal of said County at Pontiac, Michigan
19 86 12th day of
County Clerk/Register of Deeds
this