DEPARTMENT
Finance
REQUESTED ACTION (Identify appropriate Action or Motion, purpose, cost, timeframe, etc.)
title
Request approval of a Resolution by the Board of Commissioners of Fulton County, Georgia, approving an amendment to the Fulton County Defined Contribution Plan to permit participation by Judges of the State Court of Fulton County in accordance with State Law and to update the Plan for certain required law changes in accordance with the Federal Law, Secure Act 2.0 and authorizing the Chairman of the Board of Commissioners or his/her designee to execute the amendment. (APPROVED UPON ADOPTION OF THE CONSENT AGENDA)
body
REQUIREMENT FOR BOARD ACTION (Cite specific Board policy, statute or code requirement)
In accordance with Board policy all Defined Contribution Plan Amendments must be approved by the Board of Commissioners.
STRATEGIC PRIORITY AREA RELATED TO THIS ITEM (If yes, note strategic priority area below)
Open and Responsible Government
COMMISSION DISTRICTS AFFECTED
All Districts ?
District 1 ?
District 2 ?
District 3 ?
District 4 ?
District 5 ?
District 6 ?
IS THIS A PURCHASING ITEM?
No
SUMMARY & BACKGROUND (First sentence includes Agency recommendation. Provide an executive summary of the action that gives an overview of the relevant details for the item.)
Fulton County maintains the Fulton County Defined Contribution Plan which was last amended and restated effective as of January 1, 2013. The County wishes to amend the Plan to permit participation of Judges of the State Court of Fulton County in accordance with State Law, O.C.G.A. Section 47-23-50, and to implement applicable provisions of the SECURE 2.0 Act of 2022 in accordance with Federal Law with no additional cost to the County. The State law change will allow these Judges to participate in the County's Defined Contribution plan, of which there are currently eight (8) State Court judges that could potentially enroll. If all eight (8) State Court judges' participant in th...
Click here for full text