(a) Purpose. The retirement savings plan is established to provide a defined contribution retirement plan for County employees.
(b) Participating agencies.
(1) Any agency that participates in the retirement system under Article III must also participate in the retirement savings plan.
(2) A participating agency must:
(A) execute an adoption agreement in a form satisfactory to the Chief Administrative Officer;
(B) submit any information and execute any form or document that the Chief Administrative Officer deems prudent for purposes of maintaining the governmental or qualified plan status of the retirement savings plan within the meaning of the Internal Revenue Code; and
(C) notify the Chief Administrative Officer, in writing, of its intent to adopt an employee benefit plan before adopting any benefit plan which has an impact on the computation of any benefit or any benefit limitation in the retirement savings plan.
(3) The Chief Administrative Officer may treat a participating agency as having withdrawn from the retirement savings plan if the participating agency does not: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 participating agency; 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. Each participating agency must be fully responsible for the cost of coverage for its employees and any necessary costs for administrative services provided.
(c) Uniformed Services Employment and Reemployment Rights Act. Notwithstanding any provision of a plan, the County must provide rights, contributions, benefits and service credit for qualified military service according to Section 414(u) of the Internal Revenue Code, including subsection 414(u)(12). (1994 L.M.C., ch. 13, § 2; , § 1; , §1.)
Editor's note—2003, ch. 3, § 2, states: Rule of Interpretation. The amendments made by Section 1 of this Act must be interpreted to comply with requirements stated in letters issued on December 11, 2002, and January 14, 2003, by the Internal Revenue Service to the County regarding the continued qualification of County employee retirement plans. 2003, ch. 3, § 3, states, in part: (h) The amendment made by Section 1 of this Act to Code Section 33-114 takes effect December 12, 1994.
