Title
Adopt a resolution to:
a. Approve and adopt the proposed amended bylaws of the Monterey County Deferred Compensation Administrative Committee.
Report
RECOMMENDATION:
It is recommended that the Board of Supervisors take the following actions:
Adopt a resolution to:
a. Approve and adopt the proposed amended bylaws of the Monterey County Deferred Compensation Administrative Committee.
SUMMARY/DISCUSSION:
The Monterey County Deferred Compensation Administrative Committee oversees the operations and administration of the Monterey County 457(b) Deferred Compensation Plan and is governed by the Bylaws of the Monterey County Deferred Compensation Administrative Committee (Attachment A). During the May 19, 2021 regular quarterly committee meeting, the Monterey County Deferred Compensation Administrative Committee approved the draft amendments to the Bylaws of the Monterey County Deferred Compensation Administrative Committee (Attachment B) and recommends that the County of Monterey Board of Supervisors approve and adopt the amended bylaws.
In November 2018, the Monterey County Deferred Compensation Administrative Committee voted to form an ad-hoc committee to review and make update recommendations to the committee's bylaws. The ad-hoc committee in conjunction with County Counsel and the Plan Consultant met on May 10, 2021 to review and update the committee bylaws in accordance with current Internal Revenue Code section 457(b) deferred compensation plan laws and regulation as well as correct typos and outdated language.
The ad-hoc committee recommended the addition of Section 7(f) which establishes the Officers of the committee and the procedure to elect said Officers as well as provisions in the event that all Officers are absent. Additionally, Section 7(g) establishes a two-year term limit for the Chair at which point the Vice Chair would become the Chair of the committee. The committee bylaws establishes that the committee shall be made up of nine voting membe...
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