3.34.030 Administration.
(1) The deferred compensation plan authorized by this chapter shall be administered by the deferred compensation committee which shall consist of the director of the department of finance, the director of the department of human resources and the county prosecuting attorney or his designee.
(2) The committee shall have the power and authority to adopt rules and regulations for the administration of the plan consistent with this chapter.
(3) The committee is authorized to contract with any person to provide any services for the administration of the plan including but not limited to processing of employee participation agreements, maintenance of participants’ records and selection of investment media pursuant to the requirements and procedures of chapter 3.04 SCC.
(4) The committee members, if otherwise eligible, shall be eligible to participate in the plan PROVIDED That they shall not be entitled to make decisions solely with respect to their own participation.
(5) The duties of the committee shall include the following:
(a) To determine the appropriate open change periods, which shall be held at least twice per year.
(b) To rule on employee requests to modify agreements and to withdraw funds with consideration given to IRS code Section 457 restrictions and treasury regulations, administrative costs to the county or its agents, and impact on overall status of the plan, financial and otherwise.
(6) The county council shall rule for committee members on any requests to modify agreements and requests to withdraw funds, subject to the guidelines contained in subsection (5)(b) of this section.
(7) The committee shall, on a periodic basis, compare the plan being offered to county employees with those available from other agents or companies, and make plan modifications or changes when appropriate. (Added by Ord. 84-120 § 2, Oct. 17, 1984; Amended by Ord. 02-085, Dec. 18, 2002, Eff date Jan. 1, 2003).