HomeMy Public PortalAboutResolution - 23-23- 20231011 - Roth 457 PlanRESOLUTION NO. 23-23
RESOLUTION OF THE BOARD OF DIRECTORS OF THE MIDPENINSULA
REGIONAL OPEN SPACE DISTRICT AUTHORIZING THE ADDITION OF A
POST-TAX CONTRIBUTION OPTION (ROTH) TO THE DISTRICT'S 457
DEFERRED COMPENSATION PLANS AND AFFIRMING THE GENERAL
MANAGER'S AUTHORITY TO APPROVE MINOR ADMINISTRATIVE
CHANGES TO THE DISTRICT'S 457 PLAN
WHEREAS, the Board of Directors of the Midpeninsula Regional Open Space District
("Board") has established deferred compensation plans pursuant to IRS Section 457 for the
benefit of its employees; and
WHEREAS, the District has two deferred compensation providers: MissionSquare
(fonnerly ICMA-RC) and CalPERS, which has record keeping and administrative services
provided by VOY A (formerly ING); and
WHEREAS, the Secure 2.0 Act signed into federal law in December 2022 implements
changes to retirement savings plans; and
WHEREAS, the District's implementation of the Secure 2.0 Act through the addition of
a post-tax contribution option (Roth) to the 457 defeITed compensation plan will comply with the
new law and provide Dishict employees with flexibility and options within the 457 plan; and
WHEREAS, the Board of Directors hereby affinns the authority of the General Manager
or designee to approve minor administrative changes to the 457 deferred compensation plan for
purposes of providing the benefit to District employees.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS as follows:
II
II
II
II
1.The General Manager is directed to add a post-tax contribution option (Roth) to the
District's 457 deferred compensation plans.
2.The General Manager or designee is authorized to provide infonnation and cooperation to
its defe1Ted compensation providers, which are cmTently MissionSquare (formerly
ICMA-RC) and CalPERSIVOY A (fonnerly ING), as may been needed on an ongoing
basis in the administration of the District's 457 plans.
** ** ** ** ** ** ** ** ** ** ** ** ** ** ** ** * * Resolutionsl2023/R-23-23_ 457RothP\an 1
PASSED AND ADOPTED by the Board of Directors of the Midpeninsula Regional
Open Space District on October 11, 2023 at a regular meeting thereof, by the following vote:
AYES: CYR, GLEASON, HOLMAN, KERSTEEN-TUCKER, KISHIMOTO,
MACNIVEN, RIFFLE
NOES: NONE
ABSTAIN: NONE
ABSENT: NONE
ATTEST:
Craig Gleason, Secretary
Board of Directors
APPROVED AS TO FORM:
i'vo:ikiew />94-z--/
Hilary Stevenson, General Counsel
APPROVED:
Yorik shim. to, President
Boar. of Directors
I, the District Clerk of the Midpeninsula Regional Open Space District, hereby certify
that the above is a true and correct copy of a resolution duly adopted by the Board of Directors
of the Midpeninsula Regional Open Space District by the above vote at a meeting thereof duly
held and called on the above day.
Ma Soria, District Cle
Resolutions/2023/R-23-23 457RothPlan
2