Resolution for Inclusion Under the State of Wisconsin Deferred Compensation Program

Committee Status: 
Approved
Budget Status: 
No Fiscal Impact
Decision Impact: 
Routine
FTE Impact: 
No
Funding Source: 
Other (see budget status)

Purpose

Sauk County may choose to offer a voluntary deferred compensation program (457b) for eligible employees.  In order to implement, the governing body must approve the incorporation of the voluntary plan.  Therefore, Sauk County, pursuant to the provisions of Section 40.81(1), Subchapter VII of Chapter 40 of the Wisconsin Statutes which provides in part as follows: “An employer other than the State may provide for its employees the Deferred Compensation Plan established by the Board under Section 40.80. Any employer, including this state, who makes the Plan under Section 40.80 available to any of its employees, shall make it available to all its employees under procedures established by the department under this chapter.”

Background

Sauk County may choose to offer a voluntary deferred compensation program (457b) for eligible employees.  In order to implement, the governing body must approve the incorporation of the voluntary plan.  Therefore, Sauk County, pursuant to the provisions of Section 40.81(1), Subchapter VII of Chapter 40 of the Wisconsin Statutes which provides in part as follows: “An employer other than the State may provide for its employees the Deferred Compensation Plan established by the Board under Section 40.80. Any employer, including this state, who makes the Plan under Section 40.80 available to any of its employees, shall make it available to all its employees under procedures established by the department under this chapter.”

Resolution Files: 
PDF icon wisconsin_deferred_compensation_program.pdf

Resolution Body

BE IT RESOLVED, that Sauk County hereby determines to be included under the State of Wisconsin Deferred Compensation Program (“the Plan”) provided by Section 40.80 Subchapter VII of Chapter 40 of the Wisconsin Statutes and regulated by Chapter ETF 70 of the Wisconsin Administrative Code for its eligible personnel.  The proper officers are herewith authorized and directed to take all actions and make such reductions and submit such deferrals as are required by the Department of Employee Trust Funds of the State of Wisconsin pursuant to Subchapter VII of Chapter 40 of the Wisconsin Statutes.

 

BE IT FURTHER RESOLVED, that Sauk County agrees to be bound by the terms and conditions of the contracts between the State, its investment providers, and its Plan Administrator, and the “Plan and Trust Document” and the “Employer Guide” as amended from time to time. The employer certifies it has received a copy of the Plan and Trust document.

 

BE IT FURTHER RESOLVED, that the Sauk County representative submit a certified copy of this Resolution and “Designation of Agent” to the State of Wisconsin, Department of Employee Trust Funds and the Plan Administrator.

 

NOW, THEREFORE BE IT RESOLVED, that the Sauk County Board of Supervisors met in regular session, recognizing the Deferred Compensation Board’s responsibility for maintaining the integrity of the Plan, the proper officers of Sauk County are hereby authorized and directed to cooperate fully with the Plan Administrator in accordance with procedures established by the Department of Employee Trust Funds in processing requests for withdrawal in case of an unforeseeable emergency as defined in the Internal Revenue Section 457(d)(1)(A)(iii) and Treas. Regulation 1.457-6(c)(1) of the Regulations. The designated agent is directed to acknowledge on a form authorized by the Department of Employee Trust Funds, that relevant unforeseeable emergency information has been given and received.

Requested Board Review Date: 
Tuesday, October 16, 2018
Committee Review 1: 
Pending
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