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HomeMy WebLinkAboutDeferred Comp PlanRESOLUTION 2011-214 ADOPTED DOC ID: 6698 THIS IS TO CERTIFY THAT THE FOLLOWING RESOLUTION NO. 2011-214 WAS ADOPTED AT THE REGULAR MEETING OF THE SOUTHOLD TOWN BOARD ON MARCH 1, 2011: RESOLVED that the Town Board of the Town of Southold hereby authorizes and directs Supervisor Scott A. Russell to execute the necessary administrative services agreement and other related documents to provide a Participant Loan and a Roth IRA component to the Town of Southold's Deferred Compensation Plan, administered by Hartford Life Insurance Company, all in accordance with the approval of the Town Attorney. Elizabeth A. Neville Southold Town Clerk RESULT: ADOPTED [UNANIMOUS] MOVER: Christopher Talbot, Councilman SECONDER: William Ruland, Councilman AYES: Ruland, Orlando, Talbot, Krupski Jr., Evans, Russell AMENDMENT TO ADMINISTRATIVE SERVICES AGREEMENT PARTICIPANT LOANS WHEREAS, Hartford Life Insurance Company, a Connecticut corporation (hereinafter "Hartford Life") entered into an Administrative Services Agreement (hereinafter "Agreement") with the Town of Southold (hereinafter "Plan Sponsor") to provide certain nondiscretionary recordkeeping, reporting and processing services to the Deferred Compensation Plan for Employees of Town of Southold (hereinafter "Plan") on behalf of the Plan Sponsor; and WHEREAS, Hartford Life and the Plan Sponsor desire and agree to amend the Agreement; NOW THEREFORE, effective February 1,2011, the Agreement is hereby amended as set forth herein. The terms of the Agreement shall apply herein except as may be otherwise provided by the terms of this Amendment. A new Section 5.5 is hereby made a part of the Agreement as follows: "5.5 Participant Loans - In the event that a Participant contacts the Plan Sponsor desiring a loan from funds accumulated in the Participant's Account under the Plan, the Plan Sponsor shall direct the Participant to Hartford Life, who shall provide to the Participant all appropriate loan documents necessary to effectuate the loan, including, but not limited to, the loan application, promissory note and amortization schedule. The Plan Sponsor shall notify Hartford Life in writing of each Participant the Plan Sponsor has determined is entitled to receive a loan under the terms of the Plan. Loan requests will be processed within one business day following receipt by Hartford Life. The loan agreement and promissory note outlining the terms of the loan will be mailed with the distribution by Hartford Life within three business days following trade settlement. Hartford Life will prepare an amortization schedule for the loan based upon the data provided, a copy of which will be sent to the Plan Sponsor. Loans from a Participant's Account will be accounted for separately and repayments of the loans will be allocated to the Participant's Account in accordance with the instructions filed with Hartford Life by the Plan Sponsor. Loan repayments will be submitted to, or received by, Hartford Life using one or more of the administrative methods offered by Hartford Life and selected in writing by the Plan Sponsor. In the event that a repayment by a Participant exceeds the amount expected under the amortization schedule on file at Hartford Life, the excess payment will be applied to the next payment(s) due under such schedule without reamortization. In the event that a repayment by a Participant is less than the amount expected under the amortization schedule on file with Hartford Life, or in the event that a Participant fails to make a loan repayment in accordance with the Participant's amortization schedule, the loan will be considered in arrears and may be subject to default in the event that the Participant fails to make the repayment in accordance with the terms of the loan. Hartford Life will provide the Plan Sponsor a listing of Participant loans that are in arrears. The Plan Sponsor shall notify Hartford Life in writing of any Participant loan it considers to be in default. For loans in default, where Hartford Life processed and distributed such loan, Hartford Life will prepare and file the appropriate federal tax reporting form. The provisions of Section 5.4 shall also apply to tax reporting under this paragraph." 457 ASA Loan Amendment 07/09 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be signed. For the Plan ~> c.~L-{-~ t/a// Sponsor: By: Date: Name: 5 ¢~C'~ .A. i~_~.~e~{ ( Title: For Hartford Life Insurance Company: By: Name: Date: Paula Knake Title: February 1, 2011 Assistant Vice President 457 ASA Loan Amendment 07/09 Plan Sponsor Roth 457(b) Authorization Mail Address: Retirement Plan Service Center Hartford Life Insurance Company PO Box 1583, Hartford, CT 06144-1583 Overnight Mail Address: Retirement Plan Service Center Hartford Life Insurance Company 1 Gdffin Road North, Windsor. CT 06095-1512 .~roup Number: 30013 .~roup Name: Town of Southold .~roup A(Jdress: PO Box 1179 City: State: Southold NY zlP:l 1971-0959 The Employer's 457(b) arrangement intends to provide for designated Roth contributions. Please make arrangements to record-keep designated Roth contributions effective APril 1 ,2011 . We have determined with the guidance of our counsel that we have taken or will take, in a time frame permitted under applicable law, all necessary action - including, if applicable, bargaining, adoption of any required amendments, and approval in the appropriate man- ner of the change by the person/entity authorized to amend the plan - such that accepting Roth contributions would not jeopardize the legal status of the plan. I understand that Roth contributions must be identified separately when partici- pant contribution information is submitted to Hartford. The Source identifier(s) for Roth Contdbution(s)ara: Source Source Name B Roth Contributions L Roth Rollover Contributions The Plan will accept direct mllover amounts attributed to 457(b) contributions. Unless instructed othenvise, designated Roth contributions ara to be invested in accordance with the currant investment instructions on file for 457(b) elective deferral contributions. For purposes of benefit payments and loans, designated Roth contributions shall be withdrawn from participant accounts in the same manner as 457(b) elective deferral contributions. Scott Russell Name of Authorized Signor for the Plan Signat0re /,' March 2, 2011 Date Please complete and return to your Plan Manager at: Retirement Plan Services P.O. Box 1583 Hartford, CT 06144-1583 Roth 457(b) Rev. 12110 mthdc.pdf