Department
Finance
Requested Action (Identify appropriate Action or Motion, purpose, cost, timeframe, etc.)
title
Request approval of a Resolution by the Fulton County Board of Commissioners to amend the Fulton County Defined Contribution Plan to allow certain in-service distributions and authorizing the Chairman of the Board of Commissioners or his 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 x District 1 District 2 District 3 District 4 District 5 District 6
Is this a purchasing item?
No
Summary & Background:
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 allow emergency personal expense in-service distributions as permitted by the SECURE 2.0 Act of 2022 and to make other miscellaneous changes under the Plan.
The County does hereby amend the Plan, effective as of January 1, 2027, by deleting Section 3.1(f) in its entirety and substituting therefore the following effective as of July 1, 2024:
“(f) A judge of the State Court of Fulton County shall participate in the Plan only if such individual files an election to participate within sixty (60) days of July 1, 2024 if such individual is in office on July 1, 2024 or, with respect to a judge of the State Court of Fulton County who first takes office after July 1, 2024, within sixty (60) days of first taking office. A judge of the State Court of Fulton County shall participate in the Plan only with respect to Compensation paid by the County on o...
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