[HISTORY: Adopted by the Legislature of the County of Monroe 11-10-1998
by L.L. No. 4-1998. Amendments noted where applicable.]
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.
