SUBJECT
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Approve the following documents relating to the Deferred Compensation Plan offered to county employees: 1) Adoption Agreement for Eligible Governmental 457 Plan, 2) Amendment to Implement SECURE Act and Other Law Changes and the Certificate of Adopting Resolution to the Implement SECURE Act, 3) Amendment for the CARES Act, and the Certificate of Adopting Resolution for the CARES Act. (No Fiscal Impact)
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DESCRIPTION
Polk County is the sponsor of a deferred compensation retirement plan created to meet the requirements stated in Section 457(b) of the Internal Revenue Code of 1986, as amended. NACo Services has entered into an agreement with Nationwide whereby it has determined NACo members will benefit from access to Nationwide's services related to personal, employee-directed, employer-funded, and long-term retirement, investment, accumulation, payout, and savings programs.
A Deferred Compensation Committee meets on a quarterly basis to ensure that the plan being offered is in the best interest of employees. This committee is made up of representatives from the Board of County Commissioners, Sheriff, Clerk, Property Appraiser, Tax Collector, and Supervisor of Elections. The committee has discussed several law changes that need to be addressed in our agreements. The agreements and changes are summarized below:
1. Adoption Agreement for Eligible Governmental 457 Plan - This agreement does not change anything that is currently done in the plan, it just clarifies elections Polk County has made as part of the 457 Plan. An example of the elections in this document is that no matching contributions will be made.
2. Amendment to Implement SECURE Act and Other Law Changes & Certificate of Adopting Resolution to the Implement SECURE Act - The purpose of this amendment is intended to ensure the Plan is in accordance with the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act) and other law changes. Changes tend to affect di...
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