HomeMy WebLinkAbout1998 Augusta Money Purchase Plan
Augusta Richmond GA
DOCUMENT NAME: \C(S'6 AJlJ-Of:o- N\0l\"'( f"\\....rcha& \>\o.n
. DOCUMENT TYPE:
YEAR: 0 \
BOX NUMBER: \~
FILE NUMBER:) 5650
NUMBER OF PAGES: L\
.
10
/;
'C'A;. -
.'
i'
-.
,.
SECOND, AMENDMENT TO THE
1998 AUGUSTA MONEY PURCHASE PLAN
THE Employer, Augusta/Richmond County, hereby amends the 1998 Augusta Money
Purchase Plan #005 (the "Plan"), which was adopted in the fmID of a Nationwide
Retirement Solutions, Inc. Model Govemmental Defined Contlibution Plan and Trust
(the "Plan Document") and Adoption Agreement (the "Adoption Agreement"), pursuant
to the right reserved in Section 8.1 of the Plan Document as follows:
415(c)(3) compensation definition:
For Limitation Years beginning on or after January 1, 1998, for purposes of applying the
limitations described in section 1.7 of the Plan Document and El. of the Adoption
Agreement, compensation paid or made available during such limitation year,s shall
include elective amounts that are not includible in the gross income of the employee by
reason of section 132(f)( 4),
IN WITNESS WHEREOF, the Employer has caused this Amendment to be executed
by its duly authorized officer on this --3- day of December ,2001
~
AUGUSTA-RICHMOND COUNTY COMMISSION
JAMESB. WALL
CITY ATTORNEY
LEE BEARD
ULMER BRIDGES
JERRY BRIGHAM
HENRY H. BRIGHAM
ANDY CHEEK
RICHARD L. COLCLOUGH
WILLIAM B. KUHLKE. JR.
STEPHEN E. SHEPARD
MARION WILLIAMS
BOB YOUNG
Mayor
P.O. Box2125
454 GREENE STREET
AUGUSTA, GA 30903
Bus. (706) 821-2488
FAX No: (706) 722-5984
E-MAIL: JWALL@co.RICHMOND.GA.US
December 6, 2001
GEORGE R. KOLB
Administrator
WM. "WILLIE" H. MAyS, III
Mayor Pro Tem
Ms. Lena Bonner
Clerk, Commission
8th Floor, City-County Bldg.
Augusta, GA 30911
RE: Amendment to 1998 Money Purchase Plan
Our File No. AR-30-081
Dear Lena:
At the Commission meeting on Monday, December 3, the Commission approved
what was referenced as the "First Amendment to the 1998 Augusta Money Purchase Plan", when
in fact this is the "Second" Amendment. I have spoken with Pension Services and they concur
that this is in fact the Second Amendment. The First Amendment which was adopted in 1999
changed the employer contribution from 1 % to 2%. I have changed the caption on the
Amendment to reflect that it is the Second Amendment.
I would suggest that at the next Commission meeting that we have an amendment
to the minutes to reflect that the Amendment was actually the Second Amendment, rather than
the first.
Should you have any questions, please give me a call.
With best personal regards, I am
YoUr very truly,
/
J I'L......
JBW/sjp
Enclosure
cc: Mayor Bob Young
Ms. Brenda Byrd-Pelaez
Mr. George Kolb
DATE:
TO:
k;:" CLfG (IF ~ tl/l6/0)
Human Resources Department
-cI"-~~~
Brenda Byrd-Pelae~.~jr:~,~(6FJi;L')
\ ~!:' r. ,;, t.':~ -
;! " 'J '""'J"l
" \.: ::: "- \j;
~
1 . r.,.~l r{"li~,~,\~S\ON) ,
) _ '......~ :""1("',;.q0~~~r~ i~\.ILh'H 1 l.J~
't,2~:~~~':1~!~,~:_:~~;;\~~;.~i_~~~
Room 601 - Municipal Building
30 Greene Street - Augusta, GA 30911
'(706) 821-2303 - FAX (706) 821-2867
ENDA ITEM:
LtJ
...L
EDITION:
November 16,2001
The Honorable Bob Young, Mayor
Members ofthe Commission
Henry Brigham, Chairman, Administrative Services Committee
THROUGH: George R. Kolb, Administrator
FROM: Brenda Byrd-Pelaez, Human Resources Director
SUBJECT: 1998 Augusta Money Purchase Plan
CAPTION: Adopt the First Amendment to the 1998 Augusta Money Purchase Plan
5't:'-ctJ /f IJ
BACKGROUND:
ANALYSIS:
Congress recently passed a law affecting qualified plans. The Community
Renewal Relief Act of2000 and its amendment to section 415(c) of the Internal
Revenue Code. This section provides a definition of compensation that applies
to all plans in section 401 (a). . ,
The IRS recently issued a model amendment that may be adopted by plan sponsors.
If Augusta adopts this amendment model on a word for word basis prior to 12/31/01
it will be deemed to satisfY the amended 415 (c) section. The IRS recently issued a
favorable determination on our 98 Pension Plan, which means that our pension plan
conforms to the Internal Revenue Code section 401 (a).. Ordinarily after amending
plan after a favorable determination letter has been issued renders such letter
invalid. However, the IRS has said that plan sponsors who adopt the amendment
word-for-word can still rely on the previously issue determination letter.
FINANCIAL IMPACT: None.
Page 1
,,~-
~. .
~
.>
:"..
AGENDA ITEM:
EDITION:
DATE:
November 16,2001
ALTERNATIVES: Do not approve the amendment to the 1998 Augusta Money Purchase and risk
noncompliance with the IRS Code.
RECOMMENDATION: Approve the agenda item.
REQUESTED AGENDA DATE: . Committee Meeting: November 26,2001
DEPARTMENT ~~
DIRECTOR: . " .
FUNDS AVAILABLE IN THE FOLLOWING
ACCOUNTS:
ADMINISlRATOR:#.It ~1Ib~fNANCE:
Page 2