(a) Establishment. The Deferred Compensation Plan is established under Section 457(b) of the Internal Revenue Code.
(b) Plan document. The terms of the plan must be contained in a plan document. The Chief Administrative Officer may amend the plan document at any time after consulting the Board.
(c) Participation. Any employee may participate in the plan.
(d) Participating agencies.
(1) Any agency that participates in the Employees' Retirement System under Article III or the Retirement Savings Plan under Article VIII may also participate in the deferred compensation plan.
(2) A participating agency must:
(A) execute an adoption agreement in a form satisfactory to the Chief Administrative Officer; and
(B) submit any information and execute any form or document that the Chief Administrative Officer deems prudent for purposes of maintaining the status of the deferred compensation plan as an eligible deferred compensation plan under the Internal Revenue Code.
(3) The Chief Administrative Officer may treat a participating agency as having withdrawn from the deferred compensation plan if the participating agency does not:
(A) submit information or execute documents necessary to administer and maintain the plan as requested by the Chief Administrative Officer;
(B) qualify as a governmental entity; or
(C) adhere to the terms of the plan.
(4) No liability will accrue to the County Government by the inclusion of participating agency employees in the plan. Each participating agency must be fully responsible for the cost of coverage for its employees and any necessary costs for administrative services or investment services provided. (1995 L.M.C., ch. 8, § 1; 1998 L.M.C., ch. 23, § 1.)
Editor’s note—See County Attorney Opinion dated discussing the parameters within which the Board of Investment Trustees may disclose certain employee data to companies providing deferred compensation plans.
Section 2 of 1998 L.M.C., ch. 23, reads as follows: "The powers and duties of the Board of Investment Trustees regarding the Deferred Compensation Plan of Montgomery County trust take effect when all trustees accept the trust agreement in writing."
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