(a) Right to amend. The County reserves the right to amend the deferred compensation plan at any time for any reason.
(b) Qualification amendments. The deferred compensation plan and any related trust agreement, investment advisory agreement, custodial agreement, annuity contract, or similar agreement may be amended at any time, either prospectively or retroactively, to conform to the Internal Revenue Code.
(c) Termination of the deferred compensation plan. The County has established the deferred compensation plan expecting to continue the plan indefinitely, but the County may terminate the plan. Any transfer of assets resulting from the termination must comply with the Internal Revenue Code.
(d) Termination of participation by a participating agency. If a participating agency decides to stop participating in the deferred compensation plan, the agency must notify the Chief Administrative Officer in writing. The Chief Administrative Officer and the agency must agree on a date for ending the agency’s participation. Any transfer of assets resulting from the termination must comply with the Internal Revenue Code. (1998 L.M.C., ch. 23, § 1.)
Editor’s noteSection 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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