Monroe County, NY
 
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Table of Contents
Table of Contents
[HISTORY: Adopted by the Legislature of the County of Monroe 11-10-1998 by L.L. No. 4-1998. Amendments noted where applicable.]
[1]
Editor's Note: Former Ch. 41, Electronic Data Processing, Department of, derived from L.L. No. 4-1966, was renumbered prior to adoption of the Code due to a nomenclature change. See now Ch. 73, Information Services, Department of.
A. 
The County Executive shall appoint a Deferred Compensation Committee (hereinafter "Committee") which shall adopt a deferred compensation plan for the employees of the County of Monroe. Said plan shall conform in all respects with the requirements of the State Finance Law and Title 26, Section 457, of the Internal Revenue Code of the United States, and the Rules and Regulations of the New York State Deferred Compensation Board. A certified copy of the plan shall be available in the office of the Monroe County Director of Human Resources for information and inspection at all times.
B. 
The Committee shall refer all such plans, and any and all amendments thereto, to the County Legislature for approval prior to implementation of said plan or amendments.
The Committee shall consist of 11 members appointed by the County Executive, provided that two of such members shall be appointed upon the written recommendation of the majority leader of the County Legislature and that one of such members shall be appointed upon the written recommendation of the minority leader of the County Legislature. The County Executive shall also name one member of the Committee as Chairperson.
A. 
The Committee shall administer the Deferred Compensation Plan and shall adopt and issue publications to inform county employees of the existence of the plan and to instruct them on its terms and to assist them in understanding the purposes of the plan. However, the Committee shall not provide specific advice on investments to any individual employees.
B. 
The Committee shall also approve the promotional literature and pamphlets which the administrative service agency shall distribute to county employees.
A. 
The Committee shall, by open competitive process and in accordance with New York State law, select an administrative service agency qualified to administer and maintain records, and individual employee accounts, under the plan. Said agency shall act for a term of no more than five years or such other term as New York State law shall allow, at which time the Committee shall, again by open competitive process, choose the administrative service agency which, in the opinion of the Committee, is then best able to assist it in the administration of the plan.
B. 
The Committee may adopt administrative regulations applicable to the administrative service agency, to employee-participants and their beneficiaries, and to the trustees.
A. 
The Committee shall, from its membership, designate three individual persons to act as trustees of the assets of the Deferred Compensation Plan. All assets deferred by County employees under the plan shall constitute a trust fund. The trustees shall be the legal owners of the trust fund and they shall hold said fund in trust for the exclusive benefit of the participants in the plan and their designated beneficiaries.
B. 
The Committee may also terminate the designations of individual trustees, upon 90 days' notice, and appoint a financial institution, qualified under the laws of the State of New York, to serve as trustee of the Deferred Compensation Fund.
The Committee shall enter into a formal written agreement with each trustee, which shall, in all respects, constitute a valid trust under the laws of the State of New York. The agreement shall contain, at least, the following conditions and terms:
A. 
It must satisfy all the requirements of § 457(g) of the Internal Revenue Code of the United States.
B. 
It must declare that the assets of the trust are held for the exclusive benefit of the participants in the Deferred Compensation Plan and their beneficiaries.
C. 
It must provide that assets of the trust funds may be spent only to pay plan benefits, or to defray reasonable administrative expenses of the plan.
D. 
It must prohibit the reversion or escheat of any assets of the plan to the local employer, or to the state, until all plan benefits have been paid to plan participants and their beneficiaries.
E. 
It must name each trustee and vest them, as a unit, with exclusive authority to manage and control the assets of the trust fund except to the extent that such management and control has been delegated, in accordance with the terms of the plan, to one or more administrative service agencies and/or financial organizations as provided by the rules and regulations of the New York State Deferred Compensation Board.
F. 
It must prohibit the loan of any assets of the trust fund to any participant or other person and forbid any trustee to select other trustees, administrative service agencies, consultants, accountants or financial organizations to invest the trust funds or otherwise provide services in respect to the plan.
[Amended 12-12-2000 by L.L. No. 9-2000, approved 12-27-2000]
Six members shall constitute a quorum of the Committee. All actions which a quorum, or a majority thereof, shall take or authorize to be taken shall be valid and binding on the Committee. The Committee shall, upon reasonable notice from its Chairperson, meet at least once in each calendar quarter and shall provide an annual report of its activities and operations, and those of the Trustees, to the County Executive and to the County Legislature. The Committee members shall serve without compensation and shall be reimbursed for reasonable and necessary expenses. The Committee may retain counsel and accountants and other experts to aid it in the performance of its duties. The cost of such service shall be a proper charge against the trust fund, except to the extent that the county has assumed the obligation to pay them.
Three members shall constitute a quorum of the trustees of the Deferred Compensation Trust Fund, and the concurring vote of three trustees shall be necessary to authorize any valid action regarding the trust fund. The trustees shall meet at least once in each calendar quarter and shall file an annual report of their activities and operations with the Committee. The trustees may retain counsel, accountants and other experts to aid them in the performance of their duties, or to defend them against claims of misfeasance, nonfeasance or malfeasance in their official capacity as trustees. The cost of such services shall be a proper charge against the trust fund, except to the extent that the county has assumed the obligation to pay them.
A. 
The County Executive shall originally appoint the members of the Committee as follows: two for two years; four for four years, which shall include the two members appointed upon recommendation of the majority leader and the one member appointed upon recommendation of the minority leader; four for six years; and the Chairperson for seven years. Successor members and the Chairperson shall all serve six-year terms.
B. 
The Committee shall appoint trustees to serve as such, during their good behavior, for the terms which coincide with the terms of their membership on the Committee.
C. 
Vacancies shall be filled in like manner for the balance of any unexpired term. Committee members may be removed from office for the same reason and in the same manner as may be provided by law for the removal of officers of the county.
D. 
In the event that the individual trustees are terminated and the Committee appoints a financial institution as trustee, the institution shall serve for a term to be specified in its contract.
A. 
This chapter shall take effect upon filing in the office of the Secretary of State, as provided by § 27 of the Municipal Home Rule Law, but no later than December 15, 1998.
B. 
All prior resolutions of this legislative body, pertaining to this subject of deferred compensation plans, or the administration thereof, whether consistent or inconsistent with this chapter, shall be, and hereby are, repealed upon the effective date and time of this chapter; however, this chapter shall have no retroactive application, nor shall it accelerate or cancel the terms and duration of any valid contract outstanding on the effective date.