ADOPTED - AUGUST 27, 2002

Agenda Item No. 26



Introduced by the Administrative Services/Personnel and Finance Committees of the:



INGHAM COUNTY BOARD OF COMMISSIONERS



RESOLUTION AUTHORIZING AMENDMENT NO. 3 TERMINATION OF THE INGHAM COUNTY 457 PLAN FOR FORMER EMPLOYEES OF INGHAM MEDICAL CENTER CORPORATION



RESOLUTION #02-203



WHEREAS, Ingham County maintains the Ingham County 457 Plan for Former Employees of Ingham Medical Center Corporation (the "Plan"); and



WHEREAS, recent changes in Federal law will permit the Plan to be terminated with minimal income tax consequences to the affected participants; and



WHEREAS, all participants in the Plan will be eligible to receive a distribution of their entire Plan account balance upon termination of the Plan; and



WHEREAS, each participant in the Plan will be able to rollover all or any portion of such distribution to an individual retirement account or to another eligible retirement plan, without incurring adverse income tax consequences; and



WHEREAS, Darrell A. Lindman of Fraser Trebilcock Davis & Dunlap, P.C. has prepared an Amendment No. 3 to the Plan that is attached, providing for the termination of the Plan, as directed by Officers of Ingham Regional Medical Center; and



WHEREAS, Ingham County will incur no cost or liability exposure associated with the termination of the Plan.



THEREFORE BE IT RESOLVED, that Amendment No. 3 to the Ingham County 457 Plan for Former Employees of Ingham Medical Center Corporation is adopted in the form attached hereto and the Plan is terminated, effective immediately.



BE IT FURTHER RESOLVED, that the Chairperson of the Board of Commissioners is authorized to sign any necessary documents as approved to form by the County Attorney.



ADMINISTRATIVE SERVICES/PERSONNEL COMMITTEE: Yeas: Swope, De Leon, Celentino, Severino Nays: None Absent: Lynch Approved 8/20/02



FINANCE: Yeas: Grebner, Stid, Swope, Krause, Hertel, Schafer

Nays: None Absent: Minter Approved 8/21/02