FOP Deferred Compensation Plan. The FOP may offer and administer an eligible governmental deferred compensation plan under Section 457 of the Internal Revenue Service Code and IRS Revenue Ruling 2004-57. The parties acknowledge and agree that the County shall not function as a plan fiduciary except as required by federal law, and will not be responsible for the administration and regulatory compliances of said plan, and the FOP agrees to indemnify the County against any claim or loss arising out of the operation of the plan. The County shall remit unit member contributions to said plan’s trust. Said contributions shall be authorized by the unit member with the FOP or said plan’s third party administrator, who will provide the County with data, in a format approved by the County so that the County can remit said contributions to the trust. The County’s administrative responsibility shall be limited solely to the transfer of said contributions. At that time, unit members may no longer contribute to the County’s deferred compensation plan. Unit members have a one time election to keep his or her current account balance in the County’s deferred compensation plan. If no election is made in a form and manner to be agreed by the parties, the current account balance shall be placed in the union offered 457 plan and the unit member shall be responsible for costs (back load fees), if any, associated with such transfer. Transfers of assets from the County’s deferred compensation plan must comply with all IRS rules and regulations and any such transfer shall be deemed elected by the unit member. No assets will be transferred from the County’s deferred compensation plan into said plan, unless said plan is eligible to receive said transfers. All new contributions of current unit members and new hire contributions must be contributed to the union plan. However, if a member becomes ineligible to participate in the union offered 457 plan, then they may no longer contribute to the union offered 457 plan and may elect to transfer said assets to the County plan. If no election is made, in a form and manner to be agreed, the account balance shall remain in the union offered 457 plan. The participant shall be responsible for costs (back load fees) associated with such transfer. The FOP must provide the County an opinion of counsel letter upon establishment of the plan stating that the said plan meets the definition of an eligible governmental deferred compensation plan under Section 457 of the Internal Revenue Code. The FOP shall provide the County with certificates of insurance that confirm that the FOP has and maintains insurance against a breach of its fiduciary duties to its members who are county employees; the insurance and certificates must reflect that the County is an additional insured under the policies and the insurer must be licensed to do business in the State of Maryland; the insurance shall be in the minimum amount of $1 million dollars for all claims per year. The County agrees to pay towards the FOP’s cost of this insurance up to the amount of any difference in cost that it receives as a result of transferring funds from its Plan to the FOP’s Plan, and any additional costs will be borne by the FOP. The FOP must contract with a trustee acceptable to the County (County’s determination that a trustee is not acceptable must be reasonable) to hold the assets of the plan and must contract with an independent investment consultant to monitor the designated union investments so that the FOP may perform its fiduciary duty to its members with respect to those funds. Once the Plan is established, the County will seek a private letter ruling (PLR) from the IRS approving said plan, and the union will join in such application. If the IRS recommends corrections to said plans, the plan and language in the collective bargaining agreement shall be amended to bring the plan into compliance to satisfy the requirements of the IRS and that of an eligible 457 plan. However, such assurance that said plan remains in compliance with Section 457 of the Internal Revenue Code shall be required upon establishment of said plan and periodically thereafter as requested of the County or by its independent auditors. The County shall not be required to remit contributions to said plan’s third party administrator in the absence of such reasonable assurance. The FOP may carry out provisions in this Agreement by forming a single trust with one or more other Xxxxxxxxxx County collective bargaining unit representatives to form a single trust to administer the plan. Upon notice by the Union that the Union deferred compensation plan is prepared to accept auto enrollments, the Employer agrees to withhold from unit members’ biweekly pay such contributions as specifically directed by the Union or its administrator. Union or its administrator is responsible for notifying Employer of any contribution change. Employees may opt out of any auto enrollment program at anytime in accordance with terms established by the FOP and such opt out requests shall be transmitted to the employer by the Plan or its administrator for processing consistent with existing protocol for contribution changes. The Union will administer the auto enrollment arrangement in accordance with all applicable state and federal laws, including but not limited to: • preparing and distributing all required notices on a timely basis, • processing withdrawals of contributions made within the first 90 days of participation • establishing default investments
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FOP Deferred Compensation Plan. The FOP may offer and administer an eligible governmental deferred compensation plan under Section 457 of the Internal Revenue Service Code and IRS Revenue Ruling 2004-57. The parties acknowledge and agree that the County shall not function as a plan fiduciary except as required by federal law, and will not be responsible for the administration and regulatory compliances of said plan, and the FOP agrees to indemnify the County against any claim or loss arising out of the operation of the plan. The County shall remit unit member contributions to said plan’s trust. Said contributions shall be authorized by the unit member with the FOP or said plan’s third party administrator, who will provide the County with data, in a format approved by the County so that the County can remit said contributions to the trust. The County’s administrative responsibility shall be limited solely to the transfer of said contributions. At that time, unit members may no longer contribute to the County’s deferred compensation plan. Unit members have a one time election to keep his or her current account balance in the County’s deferred compensation plan. If no election is made in a form and manner to be agreed by the parties, the current account balance shall be placed in the union offered 457 plan and the unit member shall be responsible for costs (back load fees), if any, associated with such transfer. Transfers of assets from the County’s deferred compensation plan must comply with all IRS rules and regulations and any such transfer shall be deemed elected by the unit member. No assets will be transferred from the County’s deferred compensation plan into said plan, unless said plan is eligible to receive said transfers. All new contributions of current unit members and new hire contributions must be contributed to the union plan. However, if a member becomes ineligible to participate in the union offered 457 plan, then they may no longer contribute to the union offered 457 plan and may elect to transfer said assets to the County plan. If no election is made, in a form and manner to be agreed, the account balance shall remain in the union offered 457 plan. The participant shall be responsible for costs (back load fees) associated with such transfer. The FOP must provide the County an opinion of counsel letter upon establishment of the plan stating that the said plan meets the definition of an eligible governmental deferred compensation plan under Section 457 of the Internal Revenue Code. The FOP shall provide the County with certificates of insurance that confirm that the FOP has and maintains insurance against a breach of its fiduciary duties to its members who are county employees; the insurance and certificates must reflect that the County is an additional insured under the policies and the insurer must be licensed to do business in the State of Maryland; the insurance shall be in the minimum amount of $1 million dollars for all claims per year. The County agrees to pay towards the FOP’s cost of this insurance up to the amount of any difference in cost that it receives as a result of transferring funds from its Plan to the FOP’s Plan, and any additional costs will be borne by the FOP. The FOP must contract with a trustee acceptable to the County (County’s determination that a trustee is not acceptable must be reasonable) to hold the assets of the plan and must contract with an independent investment consultant to monitor the designated union investments so that the FOP may perform its fiduciary duty to its members with respect to those funds. Once the Plan is established, the County will seek a private letter ruling (PLR) from the IRS approving said plan, and the union will join in such application. If the IRS recommends corrections to said plans, the plan and language in the collective bargaining agreement shall be amended to bring the plan into compliance to satisfy the requirements of the IRS and that of an eligible 457 plan. However, such assurance that said plan remains in compliance with Section 457 of the Internal Revenue Code shall be required upon establishment of said plan and periodically thereafter as requested of the County or by its independent auditors. The County shall not be required to remit contributions to said plan’s third party administrator in the absence of such reasonable assurance. The FOP may carry out provisions in this Agreement by forming a single trust with one or more other Xxxxxxxxxx County collective bargaining unit representatives to form a single trust to administer the plan. Upon notice by the Union that the Union deferred compensation plan is prepared to accept auto enrollments, the Employer agrees to withhold from unit members’ biweekly pay such contributions as specifically directed by the Union or its administrator. Union or its administrator is responsible for notifying Employer of any contribution change. Employees may opt out of any auto enrollment program at anytime in accordance with terms established by the FOP and such opt out requests shall be transmitted to the employer by the Plan or its administrator for processing consistent with existing protocol for contribution changes. The Union will administer the auto enrollment arrangement in accordance with all applicable state and federal laws, including but not limited to: • preparing and distributing all required notices on a timely basis, • processing withdrawals of contributions made within the first 90 days of participation • establishing default investments
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FOP Deferred Compensation Plan. The FOP may offer and administer an eligible governmental deferred compensation plan under Section 457 of the Internal Revenue Service Code and IRS Revenue Ruling 2004-57. The parties acknowledge and agree that the County shall not function as a plan fiduciary except as required by federal law, and will not be responsible for the administration and regulatory compliances of said plan, and the FOP agrees to indemnify the County against any claim or loss arising out of the operation of the plan. The County shall remit unit member contributions to said plan’s trust. Said contributions shall be authorized by the unit member with the FOP or said plan’s third party administrator, who will provide the County with data, in a format approved by the County so that the County can remit said contributions to the trust. The County’s administrative responsibility shall be limited solely to the transfer of said contributions. At that time, unit members may no longer contribute to the County’s deferred compensation plan. Unit members have a one time election to keep his or her current account balance in the County’s deferred compensation plan. If no election is made in a form and manner to be agreed by the parties, the current account balance shall be placed in the union offered 457 plan and the unit member shall be responsible for costs (back load fees), if any, associated with such transfer. Transfers of assets from the County’s deferred compensation plan must comply with all IRS rules and regulations and any such transfer shall be deemed elected by the unit member. No assets will be transferred from the County’s deferred compensation plan into said plan, unless said plan is eligible to receive said transfers. All new contributions of current unit members and new hire contributions must be contributed to the union plan. However, if a member becomes ineligible to participate in the union offered 457 plan, then they may no longer contribute to the union offered 457 plan and may elect to transfer said assets to the County plan. If no election is made, in a form and manner to be agreed, the account balance shall remain in the union offered 457 plan. The participant shall be responsible for costs (back load fees) associated with such transfer. The FOP must provide the County an opinion of counsel letter upon establishment of the plan stating that the said plan meets the definition of an eligible governmental deferred compensation plan under Section 457 of the Internal Revenue Code. The FOP shall provide the County with certificates of insurance that confirm that the FOP has and maintains insurance against a breach of its fiduciary duties to its members who are county employees; the insurance and certificates must reflect that the County is an additional insured under the policies and the insurer must be licensed to do business in the State of Maryland; the insurance shall be in the minimum amount of $1 million dollars for all claims per year. The County agrees to pay towards the FOP’s cost of this insurance up to the amount of any difference in cost that it receives as a result of transferring funds from its Plan to the FOP’s Plan, and any additional costs will be borne by the FOP. The FOP must contract with a trustee acceptable to the County (County’s determination that a trustee is not acceptable must be reasonable) to hold the assets of the plan and must contract with an independent investment consultant to monitor the designated union investments so that the FOP may perform its fiduciary duty to its members with respect to those funds. Once the Plan is established, the County will seek a private letter ruling (PLR) from the IRS approving said plan, and the union will join in such application. If the IRS recommends corrections to said plans, the plan and language in the collective bargaining agreement shall be amended to bring the plan into compliance to satisfy the requirements of the IRS and that of an eligible 457 plan. However, such assurance that said plan remains in compliance with Section 457 of the Internal Revenue Code shall be required upon establishment of said plan and periodically thereafter as requested of the County or by its independent auditors. The County shall not be required to remit contributions to said plan’s third party administrator in the absence of such reasonable assurance. The FOP may carry out provisions in this Agreement by forming a single trust with one or more other Xxxxxxxxxx Montgomery County collective bargaining unit representatives to form a single trust to administer the plan. Upon notice by the Union that the Union deferred compensation plan is prepared to accept auto enrollments, the Employer agrees to withhold from unit members’ biweekly pay such contributions as specifically directed by the Union or its administrator. Union or its administrator is responsible for notifying Employer of any contribution change. Employees may opt out of any auto enrollment program at anytime in accordance with terms established by the FOP and such opt out requests shall be transmitted to the employer by the Plan or its administrator for processing consistent with existing protocol for contribution changes. The Union will administer the auto enrollment arrangement in accordance with all applicable state and federal laws, including but not limited to: • preparing and distributing all required notices on a timely basis, • processing withdrawals of contributions made within the first 90 days of participation • establishing default investments
Appears in 2 contracts
FOP Deferred Compensation Plan. The FOP may offer and administer an eligible governmental deferred compensation plan under Section 457 of the Internal Revenue Service Code and IRS Revenue Ruling 2004-57. The parties acknowledge and agree that the County shall not function as a plan fiduciary except as required by federal law, and will not be responsible for the administration and regulatory compliances of said plan, and the FOP agrees to indemnify the County against any claim or loss arising out of the operation of the plan. The County shall remit unit member contributions to said plan’s trust. Said contributions shall be authorized by the unit member with the FOP or said plan’s third party administrator, who will provide the County with data, in a format approved by the County so that the County can remit said contributions to the trust. The County’s administrative responsibility shall be limited solely to the transfer of said contributions. At that time, unit members may no longer contribute to the County’s deferred compensation plan. Unit members have a one time election to keep his or her current account balance in the County’s deferred compensation plan. If no election is made in a form and manner to be agreed by the parties, the current account balance shall be placed in the union offered 457 plan and the unit member shall be responsible for costs (back load fees), if any, associated with such transfer. Transfers of assets from the County’s deferred compensation plan must comply with all IRS rules and regulations and any such transfer shall be deemed elected by the unit member. No assets will be transferred from the County’s deferred compensation plan into said plan, unless said plan is eligible to receive said transfers. All new contributions of current unit members and new hire contributions must be contributed to the union plan. However, if a member becomes ineligible to participate in the union offered 457 plan, then they may no longer contribute to the union offered 457 plan and may elect to transfer said assets to the County plan. If no election is made, in a form and manner to be agreed, the account balance shall remain in the union offered 457 plan. The participant shall be responsible for costs (back load fees) associated with such transfer. The FOP must provide the County an opinion of counsel letter upon establishment of the plan stating that the said plan meets the definition of an eligible governmental deferred compensation plan under Section 457 of the Internal Revenue Code. The FOP shall provide the County with certificates of insurance that confirm that the FOP has and maintains insurance against a breach of its fiduciary duties to its members who are county employees; the insurance and certificates must reflect that the County is an additional insured under the policies and the insurer must be licensed to do business in the State of Maryland; the insurance shall be in the minimum amount of $1 million dollars for all claims per year. The County agrees to pay towards the FOP’s cost of this insurance up to the amount of any difference in cost that it receives as a result of transferring funds from its Plan to the FOP’s Plan, and any additional costs will be borne by the FOP. The FOP must contract with a trustee acceptable to the County (County’s determination that a trustee is not acceptable must be reasonable) to hold the assets of the plan and must contract with an independent investment consultant to monitor the designated union investments so that the FOP may perform its fiduciary duty to its members with respect to those funds. Once the Plan is established, the County will seek a private letter ruling (PLR) from the IRS approving said plan, and the union will join in such application. If the IRS recommends corrections to said plans, the plan and language in the collective bargaining agreement shall be amended to bring the plan into compliance to satisfy the requirements of the IRS and that of an eligible 457 plan. However, such assurance that said plan remains in compliance with Section 457 of the Internal Revenue Code shall be required upon establishment of said plan and periodically thereafter as requested of the County or by its independent auditors. The County shall not be required to remit contributions to said plan’s third party administrator in the absence of such reasonable assurance. The FOP may carry out provisions in this Agreement by forming a single trust with one or more other Xxxxxxxxxx County collective bargaining unit representatives to form a single trust to administer the plan. Upon notice by the Union that the Union deferred compensation plan is prepared to accept auto enrollments, the Employer agrees to withhold from unit members’ biweekly pay such contributions as specifically directed by the Union or its administrator. Union or its administrator is responsible for notifying Employer of any contribution change. Employees may opt out of any auto enrollment program at anytime in accordance with terms established by the FOP and such opt out requests shall be transmitted to the employer by the Plan or its administrator for processing consistent with existing protocol for contribution changes. The Union will administer the auto enrollment arrangement in accordance with all applicable state and federal laws, including but not limited to: • preparing and distributing all required notices on a timely basis, • processing withdrawals of contributions made within the first 90 days of participation • establishing default investmentsinvestments
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Samples: Agreement
