Public Hearing: YES ☐ NO ☒ Department: Finance - Risk Management
SUBJECT:
Title
Commission District(s): N/A
Resolution to adopt an amended and restated plan document for DeKalb County’s 401(a) Defined Contribution Plan.
Body
Information Contact: Larry Jacobs, Assistant Director of Finance/Risk Management
Phone Number: 404-371-2050
PURPOSE:
To adopt an amended and restated plan document for DeKalb County’s 401(a) Defined Contribution Plan, so as to provide an increased employer contribution for specified categories of Hybrid Participants in the DeKalb County Police, Fire Rescue and 911 departments, and to make certain amendments/updates to the plan document for compliance purposes.
NEED/IMPACT:
To increase from 3% of salary to 6% of salary the employer contributions for specified categories of Hybrid Participants in the DeKalb County Police, Fire Rescue, and 911 departments, effective on July 1, 2022; and to make certain amendments/updates for compliance purposes.
FISCAL IMPACT:
Six month projected cost - $322,000
RECOMMENDATION:
Recommended Action
Adopt the attached amended and restated plan document for the DeKalb County 401(a) Defined Contribution Plan.