HomeMy WebLinkAboutResolutions - 2001.11.29 - 26559FISCAL REPORT (M.R. #01301) November 29, 2001
BY: FINANCE COMMITTEE, SUE ANN DOUGLAS, CHAIRPERSON
IN RE: DEFINED CONTRIBUTION PLAN AMENDMENT - VESTED TERMINATION OF
MEMBERSHIP (SECTION 7)
TO THE OAKLAND COUNTY BOARD OF COMMISSIONERS
Chairperson, Ladies and Gentlemen:
The Finance Committee, having reviewed the above referenced
resolution, finds there are sufficient funds within the Fringe Benefit
Fund to cover this change. No additional appropriation is required.
Chairperson, on behalf of the Finance Committee, I move the
acceptance of the foregoing report.
FINANCE COMMITTEE
FINANCE COMMITTEE:
Motion carried unanimously on a roll call vote.
November 8, 2001
MISCELLANEOUS RESOLUTION # 01301
BY: Personnel Committee, Thomas A. Law, Chairperson
IN RE: DEFINED CONTRIBUTION PLAN AMENDMENT — VESTED
TERMINATION OF MEMBERSHIP (SECTION 7)
To the Oakland County Board of Commissioners
Chairperson, Ladies, and Gentlemen:
WHEREAS the Oakland County Board of Commissioners established the
Defined Contribution Plan through Resolution 94-185 and last amended the plan in
January of 2000; and
WHEREAS the federal government passed the Economic Growth and Tax Relief
Reconciliation Act of 2001 that requires changes in our Defined Contribution Plan in
regards to vesting; and
WHEREAS Section 7, Vested Termination of Membership, calls for vesting over
seven years; and
WHEREAS the Economic Growth and Tax Relief Reconciliation Act limits the
number of years to six and requires 20% per year after the second year of service.
NOW THEREFORE BE IT RESOLVED that Section 7 be deleted and replaced
with the following:
Vested Termination of Membership.
Section 7. A Member of the DC part of the Retirement System who
ceases to be a Member for a reason other than eligibility for normal
retirement, duty-related disability, duty-related death, or post-NRA
distribution, shall be entitled to the following percentage of his Account
based on:
Years of Credited Service Percentage Vested
Less than 2 0%
2 but less than 3 20%
3 but less than 4 40%
4 but less than 5 60%
5 but less than 6 80%
6 years or more 100%
Personnel Committee Vote:
Motion carried on unanimous roll call vote with Gregory absent
(a) For the DC part, the "Distribution Date" means sixty days after the valuation
date following the earlier of the Member's death before receipt of any
distribution from the DC part, termination of employment, or files a request
for a post-NRA distribution as described in Section 45.
(b) For these purposes, forfeiture of a part of a Member's account shall occur as
of the end of the calendar quarter immediately following distribution of the
vested part of the Member's account.
(c) Any Member who terminates employment when he is a nonvested Member
shall be deemed to have received a distribution and forfeited his account on
the earlier of:
(1) When he receives a distribution of any Voluntary Contributions and the
earnings thereon;
(2) When forfeiture occurs under Subparagraph (b); or
(3) When he incurs a one-year break in service.
(d) A member shall be 100% vested in his account on satisfying the age and
service requirements for Normal Retirement, duty-related disability, or duty-
related death.
Chairperson, on behalf of the Personnel Committee, I move the adoption of the
foregoing resolution subject to the approval of the State County Pension Plan Committee.
PERSONNEL COMMITTEE
Resolution #01301 November 8, 2001
The Chairperson referred the resolution to the Finance Committee.
There were no objections.
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Date
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Resolution 401301 November 29, 2001
Moved by Galloway supported by Coleman the Finance Committee Report be
accepted.
A sufficient majority having voted therefore, the report was accepted.
Moved by Galloway supported by Suarez the resolution be adopted.
AYES: Law, McPherson, Moffitt, Obrecht, Palmer, Patterson, Sever,
Suarez, Taub, Webster, Appel, Brian, Buckley, Coleman, Crawford, Dingeldey,
Douglas, Galloway, Garfield, Gregory. (20)
NAYS: None. (0)
A sufficient majority having voted therefore, the resolution was
adopted.
STATE OF MICHIGAN)
COUNTY OF OAKLAND)
I, G. William Caddell, Clerk of the County of Oakland, do hereby certify that the
foregoing resolution is a true and accurate copy of a resolution adopted by the
Oakland County Board of Commissioners on November 29, 2001 with the original
record thereof now remaining in my office.
In Testimony Whereof, I have hereunto set my hand and affixed the seal of the
County of Oakland at Pontiac, Michigan this 29th day og November, 2001.
G. Cadd