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File #: 16-3903    Version: 1 Name: County of Cook Deferred Compensation Plan
Type: Resolution Status: Approved
File created: 6/15/2016 In control: Finance Committee
On agenda: 6/29/2016 Final action: 7/13/2016
Title: PROPOSED RESOLUTION RESOLUTION AMENDING AND RESTATING THE DEFERRED COMPENSATON PLAN FOR PUBLIC EMPLOYEES FOR COUNTY OF COOK AND COOK COUNTY FOREST PRESERVE WHEREAS, on February 2, 1978, the County adopted the County of Cook 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 of the County of Cook and Forest Preserve District to better provide for their retirement security and for death benefits in the event of death before or after retirement; and WHEREAS, since the adoption of the County of Cook Employees Deferred Compensation Plan, certain legislative amendments to Secti...
Sponsors: TONI PRECKWINKLE (President)
Attachments: 1. Cook County Amernded Restated Deferred-Compensation-Plan-June 2016

title

PROPOSED RESOLUTION

 

RESOLUTION AMENDING AND RESTATING THE DEFERRED COMPENSATON PLAN FOR PUBLIC EMPLOYEES FOR COUNTY OF COOK AND COOK COUNTY FOREST PRESERVE  

 

WHEREAS, on February 2, 1978, the County adopted the County of Cook 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 of the County of Cook and Forest Preserve District to better provide for their retirement security and for death benefits in the event of death before or after retirement; and

 

WHEREAS, since the adoption of the County of Cook Employees Deferred Compensation Plan, certain legislative amendments to Section 457 of the Internal Revenue Code have been enacted; and

 

WHEREAS, the Plan is in need of updates to reflect developments in federal law and best practices, in such areas as operations, optional participant loans, fiduciary duty, domestic relations, and the like; and

 

NOW, THEREFORE, BE IT RESOLVED, by the President and the Board of Commissioners of the County of Cook, Illinois that the County of Cook Employees Deferred Compensation Plan is amended and restated in the form submitted herewith as Exhibit A.

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