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DATE July 25, 1985
INTRODUCED BY
PROPOSED BY Coun
RESOLUTION NO. 85 -36
Mary Kay Becker
A RESOLUTION ADOPTING THE
REVISED DEFERRED COMPENSATION PLAN
FOR WHATCOM COUNTY EMPLOYEES
Executive
WHEREAS, the WHATCOM COUNTY COUNCIL has adopted a Deferred
Compensation Plan for County Employees, and
WHEREAS, the Washington State Auditor's Office has indicated that
the a Determination Letter indicating the Plan qualifies under
Section 457 of the Internal Revenue Code should be obtained from
the Internal Revenue Service, (IRS) and
WHEREAS, the Plan has been revised and final approval of the revise
Plan has been granted by the IRS,
NOW, THEREFORE, BE IT RESOLVED, That the Council does hereby
authorize and adopt the revised Plan attached hereto as Appendix I
as the Deferred Compensation Plan for Whatcom County.
PASSED THIS 25th
ATTEST:
Clerk of the Council
APPROVED AS TO FORM:
ivil Deputy ysecuting Attorney
4(RESDEFCP)
day of July 1985,
WHATCOM COUNTY COUNCIL
WHATCOM COUNTY, WASHINGTON
poA4-01K1
William H. Roehl,
Chairperson
Draft 1, 7 -9 -85
& .a- MIX I
DEFERRED COMPENSATION PLAN
ARTICLE I
General
1.01 Name. The name of this Plan shall be the Whatcom County
Deferred Compensation Plan, which is hereby established and
adopted. It may be, and sometimes is, referred to as the "Plan" or
the "Deferred Compensation Plan ".
1.02 Purpose. The purpose of this Plan is to extend to Employees
of the Employer certain benefits which ordinarily accrue,from par-
ticipation in a Deferred Compensation Plan. The Employer does not
and cannot represent or guarantee that any particular federal or
state income, payroll, or other tax consequence will occur by
reason of an Employee's participation in this Plan. The Employee
wishing to participate in the Plan should consult with his own
attorney or other representative regarding all tax or other con-
sequences of participation in this Plan,,,
ARTICLE II
Definitions
2.01 "Administrator" means the Employer or its duly authorized
des gnee for that purpose who shall govern the operation of the
Plan.
2.02 "Advisory Committee" shall mean a committee consisting of
the Whatcom County Auditor, the County Personnel Director and one
other member at large appointed by the County Executive. The at
large member's term shall be for four years from the date of
appointment.The committee shall pick its own Chairperson. The
committee shall administer the Plan according to the guidelines
outlined in the Plan.
2.03 "Annuity Contracts" referred to in this Plan means any
annuity contracts qualified for sale in Washington State and
approved by Whatcom County. Notwithstanding the above definition,
annuity contracts actually used in conjunction with the plan can
be altered, changed, or substituted for, from time to time by
action of the Employer and such altered, amended, changed, or
substituted contracts or contract thereafter may be used in the
Plan.
2.04 "Beneficiary" means any person designated by the
Participant to receive a pension, annuity, death benefit, or
other benefit under the provisions of this Deferred Compensation
Plan.
2.05 "County" means Whatcom County.
2.06 "Compensation" means all wages or salaries to be paid to an
employee for services rendered, without deduction for any portion
thereof deferred under the provisions of this Plan or for any
amounts contributed to a tax deferred annuity plan pursuant to
I.R.C. Section 403 (b).
4(DEFCOMPLI)
2.07 "DeEerted Compensation" means that portion of ai.
Employee's Compensation which said Employee has elected to defer
in accordance with the provisions of this Deferred Compensation
Plan.
2.08 "Employee" means any full -time permanent employee, permanent
part -time employee, or any elected official of the Employer.
2.09 "Employer" means Whatcom County government.
2.10 " Normal Retirement Age" means age,70}, unless the
Participant has elected an alternate Normal Retirement Age prior
to termination of employment. A Participant's Normal Retirement
Age determines (a) the latest time when benefits may commence
under the Plan (unless the Participant continues employment after
Normal Retirement Age), and (b) the period during which a
Participant may utilize the catch -up limitation of section
3.01(b) hereunder. Once a Participant has to any extent utilized
the catch -up limitation of section 3.01(b), the Participant's
Normal Retirement Age may not be changed. A Participant's alter-
nate Normal Retirement Age may not be earlier than the earliest
date the Participant will become eligible to retire and receive
unreduced retirement benefits under the Employer's basic retire-
ment plan covering the Participant and may not be later than the
date the Participant attains age 70}. If a Participant continues
employment after attaining age 701 not having previously elected
an alternate Normal Retirement Age, the Participant's alternate
Normal Retirement Age shall not be later than the.mandatory ,
retirement age, if any, established by the Employer, or the age at
which the participant actually undergoes a termination of
employment if the Employer has no mandatory retirement age. If
the Participant will not become eligible to receive benefits under
a basic retirement plan maintained by the Employer, the
Participant's alternate Normal Retirement Age may not be earlier
than attainment of age 55 and may not be later than attainment of
age 70j.
2.11 "Participant" means any employee or independent contractor who
voluntarily elects to participate in this Deferred Compensation
Plan by filing a Participation Agreement with the Employer.
2.12 "Participation Account" means the book account to which
there is credited the Participant's deferred compensation,
together with any interest, dividends, gains, losses, or the like
thereon.
2.13 "Participation Agreement" means the contract by which the
Participant and the Employer agree that a portion of the
Employee's compensation will be deferred-pursuant to the Plan.
2.14 "Plan Year" means the calendar year in which the Plan
becomes effective, and each succeeding year during the existence
of this Plan.
2.15. "Termination of Employment" means in the case of an Employee,
separation from service.
4(DEFCOMPL2 6 -13 -85