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HomeMy WebLinkAbout24-222 Resolution No. 24-222 RESOLUTION ADOPTING THE IN-PLAN ROTH ROLLOVER AMENDMENT OF THE CITY OF ELGIN DEFERRED COMPENSATION PLAN FOR PUBLIC EMPLOYEES BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ELGIN, ILLINOIS, that the City of Elgin Deferred Compensation Plan for Public Employees be amended in the form attached hereto, which amendment is hereby adopted and approved; and BE IT FURTHER RESOLVED, that the appropriate officers of the City of Elgin be, and they hereby are,authorized and directed to execute said amendment on behalf of the City of Elgin; and BE IT FURTHER RESOLVED, that the officers of the City of Elgin be, and they hereby are, authorized and directed to take any and all actions and execute and deliver such documents as they may deem necessary, appropriate or convenient to effect the foregoing resolutions including, without limitation, causing to be prepared and filed such reports documents or other information as may be required under applicable law. s/David J. Kaptain David J. Kaptain, Mayor Presented: September 25, 2024 Adopted: September 25, 2024 Vote: Yeas: 9 Nays: 0 Attest: s/ Kimberly Dewis Kimberly Dewis, City Clerk CITY OF ELGIN DEFERRED COMPENSATION PLAN FOR PUBLIC EMPLOYEES IN-PLAN ROTH ROLLOVER AMENDMENT WHEREAS,City of Elgin(the"Company")maintains the City of Elgin Deferred Compensation Plan for Public Employees(the"Plan")for the benefit of certain of its employees;and WHEREAS,Pursuant to applicable IRS procedures,the Company desires to amend the Plan; NOW,THEREFORE,the Plan is hereby amended as set forth below effective as provided therein. This Amendment to the Plan is adopted to reflect provisions of the Small Business Jobs Act of 2010(SBJA'10)and the American Taxpayer Relief Act of 2012(ATRA)and certain other provisions of applicable law and the applicable ("Applicable Law").This Amendment is intended as good faith compliance with the requirements of SBJA'10,ATRA and Applicable Law and is to be construed in accordance with same This Amendment and the provisions of Applicable Law shall supersede the provisions of the Plan to the extent those provisions are inconsistent with the provisions of this Amendment,SBJA '10,ATRA,and Applicable Law. A.OPTIONAL PROVISIONS: Ruth In-Plan Rollovers 1 a. If the Plan allows for Roth contributions and the Plan is a Governmental 457(b)plan,are In-Plan Roth Rollovers permitted? i. [ I No. ii. [ I Yes-only if the Plan otherwise allows for the distribution/in-service withdrawal. �XI Yes-all distributions/in-service withdrawals permitted under the Code even if not otherwise provided under the plan. iv. [ I Yes—at any time. NOTE:In-Plan Roth Rollovers may only be permitted for eligible distributions that are also rollover distributions(as defined in Code section 402(cX4)except they do not have to be eligible for distribution under the Code.). lb. If A.la is not"No",indicate whether In-Plan Roth Rollovers are permitted from partially vested accounts: i. [ I Yes. IL [XI No. I c. If A.la is not"No",indicate whether any additional limitations will apply to In-Plan Roth Rollover: i [XI Yes,In-Plan Roth Rollovers are permitted from fully vested sources.(Describe the limitations and/or conditions.) ii. [ I No. NOTE:To prevent terminated employees from taking an In-Plan Roth Rollover or to limit In-Plan Roth Rollovers to a nondiscriminatory class,choose"limitations and/or conditions apply"and describe the circumstances under which participants can take an In-Plan Roth Rollover. 1 d. If A.la is not"No",enter the effective date of the In-Plan Roth Rollovers:July I.2023(must be after January I,2011). le. If A.la is not"No",indicate method of preserving Code section 411(dx6)protected benefits: i. [X I Distributions from the In-Plan Roth Rollover Account are permitted at any time ii. I I Preserve existing distributions/in-service withdrawals rights for each account iii. [ I Other: NOTE:If A.Iai is chosen Aleii must be chosen. B.STANDARD PROVISIONS: 1. Roth In-Plan Rollovers.To the extent provided in the Optional Provisions and to the extent permitted by Code section 402A(c),IRS Notice 2010-84 and any superseding guidance,a distribution from the Plan other than from a designated Roth Account that is an eligible rollover distribution(as defined in Code section 408A(e))may be rolled over to a designated Roth Account maintained under this Plan for the benefit of the individual to whom the distribution is made. "In-Plan Roth Rollover"means an Employee contribution made to the Plan as a rollover from another account in the Plan pursuant to this Section. CCH INCORPORATED,DBA FTWILLIAM.COM Copyright ©2002-2016 "In-Plan Roth Rollover Account"means so much of a participant's account as consists of a participant's In-Plan Roth Rollover Contributions(and corresponding earnings)made to the Plan. If In-Plan Roth Rollovers are permitted for all distributions permitted under the Code and to the extent provided in the Optional Provisions,In-Plan Roth Rollovers are permitted at the following times: A. Upon the attainment of age 70-1/2. B. rollover accounts can be converted to an In-Plan Roth Rollover Account at any time. C. Immediately after termination of employment. IN WITNESS WHEREOF,the Company has caused this Amendment to be executed this day of ,2023. CITY OF ELGIN: Signature: Print Name: Title/Position: V-4.02 2 CCH INCORPORATED,DBA FTWILLIAM.COM Copyright ©2002-2016