1988-03797-Resolution No. 88-015 Recorded 3/3/198888.. 03797 COSO i -Q2C'f "2
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COUNSA
BEFORE THE BOARD OF COUNTY COMMISSIONERS OF DESCHUTES- Courin , URMON
171A, f
A Resolution Approving the
First Amendment to the
Deferred Compensation Plan
for Deschutes County
Employees.
RESOLUTION NO. 88 -015
WHEREAS, Deschutes County adopted a deferred compensation
plan by Resolution No. 84 -001; and
WHEREAS, it is necessary to make certain amendments to that
plan pursuant to Internal Revenue Code of 1986; and
WHEREAS, the Board of County Commissioners having considered
and approved participation by plan participants in the Lincoln
National Life (American Funds Group) group annuity contract; now,
therefore,
BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF
DESCHUTES COUNTY, OREGON, as follows:
Section 1. That the First Amendment to the Deferred Compen-
sation Plan for Deschutes County Employees, marked Exhibit "A ",
attached hereto and by this reference incorporated herein, is
hereby approved. �,J
DATED this CM day of , 1988.
ATT.'ST:
ecording Secretary
PD
1
LL-
RoLUTI i Fd RmED88 -015
MAR 2 3 1988
BOARD OF COUNTY COMMISSIONERS
OF D CHUTE /' OUNTY, O'zaQoN
STOW PRANTE, Commissioner
A
TOM
ssioner
DI K MAUDLIN, th:irman
COO- O'1.:1
EXHIBIT "A"
FIRST AMENDMENT TO
DEFERRED COMPENSATION PLAN
FOR
DESCHUTES COUNTY EMPLOYEES
1. This First Amendment amends the Deferred Compensation
Plan for Deschutes County Employees adopted January 11, 1984,
(the "Plan "), and the terms used in the plan shall have the same
meaning in this First Amendment.
2. Any reference to the Internal Revenue Code of 1954 in
the Plan shall now mean the Internal Revenue Code of 1986 and any
reference in this Amendment to a Code Section shall mean a
reference to a section of the Internal Revenue Code of 1986.
3. Section 2.11 of the Plan is hereby amended to read as
follows:
"2.11 Receipt of Amounts Transferred From Other
Eligible Plans. The Employer shall deposit in a
Participant's deferred account all amounts attributable
to the Participant and transferred from another elig-
ible deferred compensation plan described in Code
Section 457."
4. The following is added as Section 5.12 of the Plan.
5.12 Transfer to Another Eliaible Deferred Compensa-
tion Plan. Notwithstanding anything to the contrary in
this Article V, the Employer shall transfer the amounts
in a Participant's account to an account established
for the Participant under an eligible deferred compen-
sation plan described in Code Section 457 if the
Participant separates from service to accept employment
with another eligible employer, as defined in Code
Section 457, and if such employer maintains an elig-
ible deferred compensation plan described in Code
Section 457 when the employee is first employed.
5. The Participation Agreement or Consent to Compensation
Change Form is amended as set forth in Exhibit "1 ", attached
hereto an by this reference incorporated herein.
1 - FIRST AMENDMENT TO DEFERRED COMPENSATION PLAN
COSO -67
EXHIBIT "1"
PARTICIPATION AGREEMENT OR
CONSENT TO COMPENSATION CHANGE
Social Security No.
Name of Public Employee Sex DOB
Address City State Zip
Employer Division or Department
I have read the attached Deschutes County Deferred Compensa-
tion Plan (Plan).
Deferral of Compensation or Chance of Amount
I wish to have a portion of my compensation deferred under
the Plan until I terminate service with Deschutes County.
I wish to begin deferring compensation as of the day
of , 19
Subject to the limits stated in the Plan, I want to defer:
$ each pay period as follows:
Total
To John Hancock Mutual Life
To Great West Life
To Benjamin Franklin Savings and Loan
$ To Lincoln National Life
(American Funds Group)
I request that the amount of compensation I elected to defer
with said agreement be paid to me pursuant to the terms of the
Plan.
Selection of Option
I wish to elect the following form of payment pursuant to
the Plan:
Single Lump Sum Payment
Payment for a Specified Period
Life Annuity
Life Annuity with Period Certain Guaranteed
Joint and Survivor Annuity
1
090- Wif3
Designation or Chance of Beneficiary
In the event of my death, when and if a beneficiary is
entitled to receive my benefits under this Plan, I designate the
following person as my beneficiary.
Name of Beneficiary:
Relationship to me, if any:
Street Address:
I realize that this Agreement will continue to be effective
until I elect in writing to stop deferring compensation or the
County amends or terminates the Plan.
If I elect to stop deferring compensation, I must file a
written election to discontinue deferral with the Administrator
before the beginning of the first pay period for which I wish no
compensation to be deferred.
Election to Discontinue Deferral of Compensation
I elect to stop deferral of my compensation effective on the
day of , 19
Agreed this day of , 19 , at
City State
Signed:
Participant
Acknowledgment of Receipt by Employer:
Signature
Title
Date
2