Board Agenda - March 21, 2006
l. Resolution to Terminate 90-Day 457 FICA Alternative Plan
Presenter: Richard Matkin
Purpose: A - Request decision - closure required
Time: No time limit
Description:
Recent changes in state law which now allow employees to be eligible for the Texas Teacher Retirement System (TRS) without first satisfying an eligibility waiting period have eliminated the need for the 90-Day 457 FICA Alternative Plan. The plan was established and effective as of July 1, 2004 for the purpose of allowing employees hired after this date to be covered by a qualifying public retirement system during any applicable waiting period for coverage by TRS.
Termination and Resolution Amendments attached.
Recommendation:
Approval of the resolution to terminate the 90-Day 457 FICA Alternative Plan.
Business Impact:
None
Summary:
Appendix:
Resolution
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