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PROPOSED RESOLUTION
RESOLUTION AMENDING AND RESTATING THE DEFERRED COMPENSATION PLAN FOR EMPLOYEES FOR THE COUNTY OF COOK
WHEREAS, on February 2, 1978, the Cook County Board of Commissioners approved the establishment of the Cook County Employees Deferred Compensation Plan for employees of the County of Cook and Cook County Forest Preserve District pursuant to Section 457 of the Internal Revenue Code of the United States; Public Act 78-1277 of the Illinois General Assembly (40 ILCS 5/24-101 et seq.) and Article VII, Section 6 of the Illinois Constitution of 1970 and
WHEREAS, the declared purpose of the County of Cook Employees Deferred Compensation Plan (“the Plan”) is to enable all employees access to greater economic security in retirement; and
WHEREAS, the Plan was last amended in 2016 and is in need of updates to reflect developments in federal law and best practices, in such areas as regulatory changes, compliance, liability, and operations.
NOW, THEREFORE, BE IT RESOLVED, by the President and the Cook County Board of Commissioners that the County of Cook Employee Deferred Compensation Plan is amended and restated in the form submitted herewith as Exhibit A.
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