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Resolution of the Mayor and Council of Princeton Authorizing Adding Roth Provision for an Existing Deferred Compensation Plan 20-PD-Equitable-091720
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WHEREAS, Princeton (hereinafter referred to as the "Employer) by resolution adopted a Deferred Compensation Plan (hereinafter referred to as the "Plan") effective 10/01/2009 for the purpose of making available to eligible employees the accrual of tax benefits under a Section 457 Deferred Compensation Plan; and
WHEREAS, the Small Business Jobs Act of 2010 amended Section 402A?(1) of the Internal Revenue Code (the "Code"); and
WHEREAS, the Employer desires its Plan to add Roth provisions brought about by the Small Business Jobs Act of 2010; and
WHEREAS, the Employer desires to adopt a restated Plan that is substantially similar to one on which a favorable Private Letter Ruling has been previously obtained from the federal Internal Revenue Service including provisions of The Small Business Job Protection Act of 1996 (United States Public Law No. 104-188), the Tax payer Relief Act of 1997 (United States Public Law No. 105-34), the Economic Growth and Tax Relief Reconciliation Act of 2001 (United States Public Law No. 107-16), Section 401(a)(9) of the Internal Revenue code, the Small Business Jobs Act of 2010, and all such provisions are stated in the plan in terms substantially similar to the text of those provisions in the Code Section 457 including pertinent applicable Treasury Regulations. The use of the Ruling is for guidance only and acknowledges that for Internal Revenue Service purposes, the Ruling of another employer is not to be considered precedent; and
WHEREAS, such revised Plan shall supersede the previously adopted Plan;
NOW, THEREFORE, BE IT RESOLVED that the Employer hereby adopts the attached Restatement to the Deferred Compensation Plan Document from 66-PD-Equitable-053107 to the revise Plan 20-PD-EQUITABLE-091720
BE IT FURTHER RESOLVED that a certified copy of this resolu...
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