DEPARTMENT
Finance
REQUESTED ACTION (Identify appropriate Action or Motion, purpose, cost, timeframe, etc.)
title
Request approval of a Board Resolution to amend the Fulton County 401(a) Defined Contribution Plan to add a participant voluntary after-tax contribution feature to the Plan. (APPROVED)
body
REQUIREMENT FOR BOARD ACTION (Cite specific Board policy, statute or code requirement)
In accordance with Board policy, recommendations for amendments to the Fulton County 401(a) Defined Contribution Plan that affect Plan Benefits must be considered and 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.)
Scope of Work: Fulton County has adopted and maintains the Fulton County 401(a) Defined Contribution Plan, which was last amended and restated effective as of January 1, 2013. The Finance Department requests approval to amend the 401(a) Defined Contribution Plan to add a participant voluntary after-tax contribution feature to the Plan. The Administrative Committee of the Fulton County Defined Contribution Plan at their February 23, 2022 regular meeting voted to approve the third amendment of the Plan to add the participant after-tax contribution feature. Participants' 401(a) Defined Contribution after-tax contributions will be placed in a separate account which will be managed side-by-side with their traditional pre-tax mandatory 401(a) Defined Contributions Plan. No County match will be deposited into the voluntary after-tax account, and the combined IRS annual contribution limit to the pre-tax and post-tax accounts is $61...
Click here for full text