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64
<br />
<br /> The Board of Con~nissioners for the County of Cabarrus met in regular
<br />session at the County Courthouse in Concord, North Carolina, on Monday,
<br />October 15, 1984, at 7:00 P.M.
<br /> Present - Chairman: James W. Lentz
<br /> Commissioners: Archie Y. Barnhardt
<br /> Marcelle Milloway
<br /> J. Harold Nash
<br /> Kenneth F. Payne
<br /> The invocation was given by Reverend Richard Dillon of the Church of
<br />the Trinity of Concord, North Carolina.
<br /> UPON MOTION of Commissioner Milloway, seconded by Commissioner Barnhardt
<br />and unanimously carried, the minutes of October 1, 1984, were approved as
<br />written.
<br /> Mr. Chuck Tomlinson, representative of the National Association of
<br />Counties (NACo) Deferred Compensation Program, reviewed the new 401K
<br />Deferred Compensation Plan which is now available for County employees
<br />in addition ~o the present 457 Deferred Compensation Plan. He explained
<br />that the new plan will allow an increased deduction of 25 percent of
<br />annual salary or a maximum of $30,000.00 per year as well as provide
<br />employees greater flexibility for the use of the deferred money while
<br />employed by the County.
<br /> UPON MOTION of Commissioner Payne, seconded by Commissioner Nash and
<br />unanimously carried, the Board adopted the following resolution authorizing
<br />the County employees to participate in the 401K Deferred Compensation Plan.
<br />
<br />Cash or Deferred Arrangements
<br /> BOARD RESOLUTION
<br />
<br /> The undersigned, being all of the members of the Board, do hereby
<br />consent to the adoption of the following resolution:
<br />
<br /> RESOLVED, that the County of Cabarrus establish profit sharing plan
<br />and trust for the benefit of its employees, effective November 1, 1984,
<br />to be known as the County of Cabarrus Profit Sharing Plan and Trust (the
<br />Plan and Trust), and that the provisions of the Plan and Trust shall
<br />read, and they hereby are adopted to read, as set forth in the form
<br />examined by each of the undersigned;
<br />
<br /> FURTHER RESOLVED, that the Board is authorized and directed to execute,
<br />in the name and on behalf of the County, the Plan and Trust in the form
<br />examined by each of the undersigned;
<br />
<br /> FURTHER RESOLVED, thaf for purposes of the limitation on contributions
<br />and benefits"imposed by Section 415 of the Internal Revenue Code, the
<br />limitation year, as that term is defined in Internal Revenue Code Regulation
<br />Section 1.45-2, shall be the fiscal year ending June 30, 1985, for the Plan
<br />and Trust;
<br />
<br /> FURTHER RESOLVED, that the administrative Committee provided for in
<br />the Plan and Trust shall consist of two members, and that the County Manager
<br />and the Finance Officer are appointed members of said administrative
<br />Committee;
<br />
<br /> FURTHER RESOLVED, that the County Manager and Finance Officer be and
<br />they hereby are appointed the Trustees to administer the trust established
<br />by the Plan and Trust;
<br />
<br /> FURTHER RESOLVED, that all contributions to the Plan and Trust, are
<br />conditioned on: (a) the qualification of the Plan and Trust under Section 401
<br />of the Internal Revenue Code. In the event that the Plan and Trust shall
<br />fail to qualify under Section 401 of the Internal Revenue Code, the County
<br />shall have the right to request the return of the contribution or any
<br />portion thereof, from the recipient Trust; and
<br />
<br /> FURTHER RESOLVED, that the Board is authorized and directed to execute
<br />and deliver all such contracts, salary reduction agreements and other
<br />agreements, certificates, documents and other instructions, and to do such
<br />other acts or things, as may be necessary or advisable, to give effect
<br />
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