HomeMy WebLinkAboutResolutions - 1980.05.22 - 12088the adoption of the foregoi,n7 resolution.
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9424 RESOLUTION NO.
RE: AMENDNENT TO DEFERRED COMPENSATION PLAN
BY: PERSONNEL COMMITTEE
TO: THE OAKLAND COUNTY BOARD OF COMMISSIONERS
MR. CHAIRMAN, LADIES AND GENTLEMEN:
WHEREAS, the Deferred Compensation Plan for Oakland County
has proven to be a popular benefit for employees since its incep-
tion; and
WHEREAS, the Deferred Compensation Plan Board is now in a.
position to provide additional benefits to the Plan's members;
- NOW THEREFORE BE IT RESOLVED that the Deferred Compensation
Plan for Oakland County, established pursuant to Miscellaneous
Resolution No. 8898, adopted on May 3, 1979, be and the same is
hereby amended as follows:
Article VII, Section 1, bx,f chanaina 'I' to 'E' and insertina
a neo to read: "A monthly fixed 1*.ncorile to the Participant
for life through the purchase of an annuity, provided the
participant's account balance exceeds
Article 777, Section 2, h h Oletino- Section 2 in its entirety
and inserting a new ,5,2;tn 2 tc "DEATH PTTEF,'TTS PRTOR
TO TERMINATION OF SETFITCF: Subject to the appro ,.,7 of the
Board. If a participant des while in the o?svl.6,rt of the
County, the participant's desi(Tnoted benef1.010.3) mau
select one of the following options:
A. a -lump sum z)apment
B. a month7A/ fixed income for as long as the partici-
pant's part'((!tin 7cnt7 lasts. No monthly
payments shall ha less 5fl OIL
C. a yearly fixed income spad. over 3 years in instal-
ments aareed to by the beneficiarylies).
D. selection of benefits •;Jst be made by benefici7,rv(ieo)
within $0 daus of tie pv:rtdcinant's notice of death;
otheroise, a Tumr sum paient will automaticdll;: be
mad."
Article VII, Section 3, by deletincf section 3 in its entiret7)
and inserting a new Section 3 to read: "DEATH BENEFIT AFTER
TERMINATIM OF SERVICF OR AFTER PELT PIT; If a participant
dies after termination of service or (--.'ter retirement from th(..,
County, the Board may approve the ,c(.q::nation of the prcrtici-
pan,-Ys benefits to th :5eneficiaru(ie) or make a single Jump
sum pament of the reinng funds In the particivant's parti-
cipation account,"
VII, Section 4 , IT./ deleting 'D' in its entirety and in-
sert-fg a new 'D' to read: "Either uotion 'A or 'B' of this
Section may be postponed until, the T.)articirnt reaches 59 1/2 or
older. If this option is sel.r7cted, ,-Par(-int cannot withdraw
any of his or her account balance until a(;, 50 1/2."
nR. CHAIRMAN, on behalf of the Personnel Committee, T move
#9424 May 22, 1980
Moved by McDonald supported by DiGiovanni the resolution be adopted.
AYES: Wilcox, Aaron, Caddell, DiGiovanni, Doyon, Dunaskiss, Fortino, Gabler,
Gorsline, Hobart, Hoot, Kelly, Lewand, McDonald, Moffitt, Montante, Moore, Moxley,
Page, Patterson, Pernick, Peterson, Price. (2 3)
NAYS: None. (0)
A sufficient majority having voted therefor, the resolution was adopted.
STATE OF MICEIGAN)
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
Miscellaneous Resolution #9424 adopted by the Oakland County Board of
Commissioners at their meeting held on May 22, 1980
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with the original 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 nt Pontiac, Michigan
May lo 80 this 00000 .O
22nd
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Lynn D. Allen Clerk
By Deputy Clerk