HomeMy WebLinkAboutRES 721 Draft 01 1980-1984~. i d O O
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County of Hawaii-State of Hawaii
Resolution No. '~~~ ~~
WHEREAS, pursuant to Chapter 88E, Hawaii Revised Statutes, the
Board of Trustees (hereafter Board) of the State of Hawaii Deferred
Compensation Plan (hereafter Plan) has established the Plan in
accordance with Section 457 of the United States Internal Revenue
Code; and
WHEREAS, the Plan allows employees to voluntarily defer a
portion of their compensation to a future time with the advantage of
lowering current taxable income; and
WHEREAS, the Board has taken precautions to provide a sound
Plan, including the selection of investment products after a
nationwide solicitation of bids and an evaluation of bids by an
independent actuarial consulting firm; and
WHEREAS, the Board has a contract for plan administration
services with Hawaii Benefits Inc., which will handle the day-to-day
administration of the Plan under the general direction of the Board;
and
WHEREAS, the Plan is now available to State employees since the
Administrative Rules for the Plan became effective on May 12, 1983;
and
WHEREAS, the County of Hawaii also desires to have the benefits ~`
of a deferred compensation plan available to its employees; and
WHEREAS, Chapter 88E, Hawaii Revised Statutes, provides that a
county may enter into a formal agreement with the State to extend
the Plan to employees of the county, if the agreement designates a
county agency to locally coordinate the Plan; and
WHEREAS, the County of Hawaii believes that it would be in the
best interest of its employees to have the Plan extended to them so
they may voluntarily participate in the Plan; and
WHEREAS, the extension of the Plan to employees of the County of
Hawaii will result in no cost to the County of Hawaii, except for
incidental expenses, such as payroll deductions and routine
processing of forms.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE COUNTY OF
HAWAII that it does hereby authorize Herbert T. Matayoshi, Mayor of
the County of Hawaii, or his duly authorized representative, to
enter into an agreement with the State of Hawaii to extend the Plan
to employees of the County of Hawaii and to designate a County
agency to locally coordinate the Plan.
BE IT FURTHER RESOLVED that the Mayor, or his representative, is
also hereby authorized to enter into an agreement with the Board to
extend the Plan to employees of the County of Hawaii.
. O O
BE IT FURTHER RESOLVED that the Mayor, or his representative, is
also hereby authorized to execute all documents and furnish
information necessary for. locally coordinating the Plan.
BE IT FURTHER RESOLVED that true copies of this resolution be
transmitted to Mayor Herbert T. Matayoshi and James H. Takushi,
Chairman of the State of Hawaii Deferred Compensation Board of
Trustees.
Dated at Kona, Hawaii, this 7th day of
COUNTY COUNCIL
County of Hawaii
Hilo, Hawaii
September _~ 1983.
I hereby certify that the foregoing RESOLUTION was by the vote indicated to
the right hereof adopted by the COUNCIL of the County of Hawaii on
September 7, 19.83
ATTEST:
COUNTY CL K AIRMAN & E DING OFFICER
ROLL CALL VOTE
Dahlberg X
De Luz. III x
Domingo x
Fujii X
Hale X
Kawahara x
Lai x
Schulte x
Chr. Yamashiro X
Reference:
M.B. No
RESOLUTION NO
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