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Meeting Date:
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4/18/2018 - 7:00 PM
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Category:
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BOARD MEMBER REPORTS
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Type:
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Action
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Subject:
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10.2 Amendment to The Yonkers Public Schools 403(b) Retirement Plan
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District Goals:
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Enclosure
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File Attachment:
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Rationale:
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Resolution to Amend the Yonkers Public Schools 403(b) Retirement Plan
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Funding:
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Resolution:
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WHEREAS, the YONKERS PUBLIC SCHOOLS (“District”) maintains the YONKERS PUBLIC SCHOOLS 403(b) Retirement Plan (“Plan”); and
WHEREAS, the Plan was duly adopted on the 17 day of December, 2008 by the District’s Board of Education (“Board”); and effective on the 1 day of January, 2009 and,
WHEREAS, the Board desires to restate and amend the Plan as regards section 2.7 Nonelective Employer Contributions;
NOW, THEREFORE, BE IT RESOLVED that section 2.7 Nonelective Employer Contributions of the Plan is hereby restated and amended to read as follows:
2.7 Nonelective Employer Contributions
Employer Non-Elective Contributions shall be permitted under the Plan at the discretion of the Employer to certain class(es) of Employee(s), as specified or referenced in the Plan Adoption Agreement and/or consistent with terms and conditions of the Employer's collective bargaining agreement(s), memorandum(s) of agreement, or similar written arrangement.
The Employer shall be solely responsible for determining that a contribution is Non-Elective. Neither The OMNI Group, Inc., nor any recordkeeper, nor any Participating Service Provider, shall have any right or duty to inquire into the amount or appropriateness of any Non-Elective Employer Contribution made by the Employer, the method used in determining the amount of any such contribution, or to collect the same.
BE IT FURTHER RESOLVED that the Plan, as restated and amended is hereby approved and adopted.
IN WITNESS WHEREOF, the District has caused this Resolution and Amendment to be adopted this 18 day of April, 2018.
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Approvals:
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Recommended By:
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Signed By:
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Board of Education - Office of the Board
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Vote Results:
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| Original Motion | Member Judith_Ramos Meier Moved, Member Edgar Santana seconded to approve the Original motion 'WHEREAS, the YONKERS PUBLIC SCHOOLS (“District”) maintains the YONKERS PUBLIC SCHOOLS 403(b) Retirement Plan (“Plan”); and
WHEREAS, the Plan was duly adopted on the 17 day of December, 2008 by the District’s Board of Education (“Board”); and effective on the 1 day of January, 2009 and,
WHEREAS, the Board desires to restate and amend the Plan as regards section 2.7 Nonelective Employer Contributions;
NOW, THEREFORE, BE IT RESOLVED that section 2.7 Nonelective Employer Contributions of the Plan is hereby restated and amended to read as follows:
2.7 Nonelective Employer Contributions
Employer Non-Elective Contributions shall be permitted under the Plan at the discretion of the Employer to certain class(es) of Employee(s), as specified or referenced in the Plan Adoption Agreement and/or consistent with terms and conditions of the Employer's collective bargaining agreement(s), memorandum(s) of agreement, or similar written arrangement.
The Employer shall be solely responsible for determining that a contribution is Non-Elective. Neither The OMNI Group, Inc., nor any recordkeeper, nor any Participating Service Provider, shall have any right or duty to inquire into the amount or appropriateness of any Non-Elective Employer Contribution made by the Employer, the method used in determining the amount of any such contribution, or to collect the same.
BE IT FURTHER RESOLVED that the Plan, as restated and amended is hereby approved and adopted.
IN WITNESS WHEREOF, the District has caused this Resolution and Amendment to be adopted this 18 day of April, 2018.'. Upon a Roll-Call Vote being taken, the vote was: Aye: 9 Nay: 0. | | The motion Carried 9 - 0 | | | | | John Jacono | Yes | | Dr._Nader_J. Sayegh | Yes | | Rev. Steve Lopez | Yes | | Judith_Ramos Meier | Yes | | Pasquale Mondesando | Yes | | Edgar Santana | Yes | | Andrea Brown | Yes | | Kevin Cacace | Yes | | Dr. Rosalba Corrado Del Vecchio | Yes | |
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