HomeMy WebLinkAboutResolution 2004 (05) RESOLUTION TO PARTICIPATE IN THE STATE OF WISCONSIN DEFERRED
COMPENSATION PLAN
Resolution No. , c(a 0046
St. Croix County, Wisconsin
WHEREAS, Wisconsin Statutes sec. 40.81(1) authorizes a county to provide for its employees
the State of Wisconsin Deferred Compensation Plan established under Wisconsin Statutes sec.
40.80; and
WHEREAS, the Deferred Compensation Plan, if provided, shall be made available to all of the
county's employees under procedures established by the Wisconsin Department of Employee
Trust Funds.
THEREFORE, be it resolved by the St. Croix County Board of Supervisors that the county
provide the State of Wisconsin Deferred Compensation Plan for all county employees otherwise
eligible to participate in the plan;
FURTHER, be it resolved that the Board of Supervisors agrees to be bound by the terms and
conditions of the contracts between the state, its investment providers and its plan administrator.
The Board also agrees to be bound by the "Plan Document" and "Procedures to be Followed by
Employer," as amended from time to time, and hereby certifies receipt of a copy of each.
Specifically, without limitation, the Board of Supervisors agrees to the appointment of the
Wisconsin Deferred Compensation Board as trustee of its plan, pursuant to sec. 457(g)(2) of the
Internal Revenue Code;
FURTHER, be it resolved that St. Croix County Finance Director Michelle Pietrick is authorized
and directed to take all actions and make such reductions and submit such deferrals as are
required by the Wisconsin Department of Employee Trust Funds pursuant to Wisconsin Statutes
ch. 40, Subchapter VII;
FURTHER, be it resolved that the Board of Supervisors, recognizing the Wisconsin Deferred
Compensation Board's responsibility for maintaining the integrity of the Deferred Compensation
Plan, hereby authorizes and directs St. Croix County Finance Director Michelle Pietrick to
cooperate fully with the plan administrator in accordance with procedures established by the
Wisconsin Department of Employee Trust Funds in processing requests for withdrawal in case of
an unforeseeable emergency as defined in sec. 457(b)(5) of the Internal Revenue Code and sec.
1.457- 2(h)(4) and (5) of the regulations.
FURTHER, be it resolved that the following person is designated as St. Croix County's agent in
matters pertaining to the Wisconsin Deferred Compensation Plan:
Title of Agent: Finance Director
1
Name of Agent: Michelle Pietrick
Mailing Address: 1101 Carmichael Road, Hudson, WI 54016
Phone Number: 715- 381 -4304
Office Hours: 8:00 a.m. to 5:00 p.m. Monday -Friday
FURTHER, be it resolved that the County Clerk submit a certified copy of this resolution and
Notification Memo to the Wisconsin Department of Employee Trust Funds and the plan
administrator.
Offered by the Personnel Committee on January 20, 2004.
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This resolution was duly adopted by the St. Croix County Board of Supervisors on January 20,
2004.
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Cindy Campbell, County Clerk
NOTIFICATION MEMO
STATE OF WISCONSIN
DEFERRED COMPENSATION PLAN
Please complete and return in the enclosed envelope.
Employer Name: St. Croix County Phone Number: 715 -381 -4304
Address: 1101 Carmichael Road County Location: St. Croix
City, State, Zip: Hudson, WI 54016 Federal I.D. No.: 39-600 -5739
Number of Employees: 600
Personnel /Benefits Director (Name): Debra Kathan
PAYROLL DATA
1. Deferral will be submitted by: X Check Wire
2. Normal payday: Every other Thursday
a. List paydays scheduled for May: May 6, 9nna May 90, 9004
b. Number of employees on this pay mode: 600
*If you have more than one pay cycle, please list on back of the form.
3. The initial and amended "Payroll Reduction Authorization" forms and Letters of
transmittal should be sent to:
Name: Michelle Pietrick Title: Finance Director
4. "Payroll Reduction Listing" (Billings) that will be sent prior to each paydate shout
sent to:
Name: Michelle Pietrick Title: Finance Director
OPTIONAL INFORMATION
Copy of your existing Organizational Chart
Information submitted by: Charles S. Whiting, Administrative Coor• inator
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'Wisconsin
Employers face many challenges in meeting
employees' benefit needs.
Sponsoring a supplemental retirement savings program for employees can help meet some of those challenges.
The Wisconsin Deferred Compensation Program (WDC) is an Internal Revenue Code 457 deferred compensation
program that is available to all Wisconsin public employers.
The WDC offers employers and employees a unique program with attention to service, diverse investment
options, and fully disclosed low participant fees.
Plan Statistics
Over 575 local government employers participate in WDC.
More than 37,000 employees use the WDC to supplement their retirement savings.
Plan assets total approximately $1.1 billion.
Participant deferrals exceed $90 million per year.
Participant fees have been reduced nearly every year since 1991.
General Information
The Wisconsin Deferred Compensation Program (WDC) is regulated by Section 457 of the Internal Revenue
Code and Wisconsin Statutes.
The Wisconsin Deferred Compensation Board and Department of Employee Trust Funds select and monitor the
WDC's investment options, establish participant fees and competitively select and contract for administrative
services.
The program emphasizes service and education of participants from enrollment through retirement. Plan
representatives meet with employees in one -on -one meetings and group presentations. Group presentations
include investment and retirement education as well as information on how to enroll. Quarterly participant
newsletters include WDC updates and investment education articles.
Plan representatives located in Wisconsin exclusively service WDC participants and employers. Staff is available
to handle all participant services including enrollment, account changes and retirement counseling for their WDC
account.
Program Benefits
Employers can offer this voluntary retirement benefit without complicated administrative procedures or costs
typically associated with other supplemental retirement plans. Employees who participate enjoy the following
benefits:
FLEXIBILITY: Participants can change and redirect their deferral amounts to different investment options as
frequently as they like without restrictions or additional costs.
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LOW COST: Participant fees are deternvned by the Board and have been reduced every year since 1991.
TAX DEFERRAL: Pre -tax contributions mean more savings with lower current federal and state income taxes
being deducted from employee paychecks. Participant accounts compound tax deferred, which over time helps
increase retirement savings. Taxes are due upon withdrawal.
INVESTMENT CHOICES: Participants can choose one or more of the available investment options for their
deferred earnings. Options range from fixed options to aggressive growth mutual funds. Account balances are
listed in shares (or unit values where applicable) and can be exchanged between any of the options on a daily
basis through a toll -free telephone number.
SERVICE ORIENTED PROGRAM: Representatives are available to provide group presentations about the WDC
retirement benefits and enrollment services. Plan representatives, also available in Madison and via a toil -free
telephone number, can answer questions, provide up-to -date account information and assist employees in
making changes to their accounts. Representatives are registered with Nationwide Investment Services
Corporation, member NASD.
VOICE RESPONSE UNIT: Participants can access and make changes to their WDC account via a touch tone
telephone, a service which is available 7 days a week, 24 hours a day.
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