Lexington-Fayette Urban County Government - File #: 1022-22

• File #: 1022-22
• Version: 1
• Name: 23.0015 Human Resources - KDC Joinder Agreement
• Type: Resolution
• Status: Approved
• File created: 10/3/2022
• In control: Urban County Council
• On agenda: 10/27/2022
• Final action: 10/27/2022
• Enactment date: 10/27/2022
• Enactment #: R-597-2022
• Title: A Resolution authorizing the Mayor, on behalf of the Urban County Government, to execute a Joinder Agreement with Ky. Public Employees' Deferred Compensation Authority (KDC), to authorize KDC to administer the KY Public Employees' 401(k) Plan and KY Public Employees' 457 Plan, on behalf of the Urban County Government, for eligible employees. [Div. of Human Resources, Walters]

Date	Ver.	Action By	Action	Result
10/27/2022	1	Urban County Council
10/13/2022	1	Urban County Council
10/11/2022	1	Urban County Council Work Session	Approved and Referred to Docket	Pass

Title
A Resolution authorizing the Mayor, on behalf of the Urban County Government, to execute a Joinder Agreement with Ky. Public Employees' Deferred Compensation Authority (KDC), to authorize KDC to administer the KY Public Employees' 401(k) Plan and KY Public Employees' 457 Plan, on behalf of the Urban County Government, for eligible employees. [Div. of Human Resources, Walters]
Summary
Authorization to execute a joinder Agreement with Kentucky Public Employees' Deferred Compensation Authority for administration of the KY 401(k) Plan and KY 457 Plan for Lexington-Fayette Urban County Government employees. No Budgetary impact. (L1022-22)(Walters/Hamilton)
Budgetary Implications: No
Advance Document Review:
Law: Yes
Risk Management: No
Fully Budgeted: NA
Account Number: NA
This Fiscal Year Impact: $0
Annual Impact: $0
Project:
Activity:
Budget Reference:
Current Balance:
Body
WHEREAS, the General Assembly of the Commonwealth of Kentucky has enacted Sections 18A.230-18A.275 of the Kentucky Revised Statutes authorizing the creation of the Kentucky Public Employees' Deferred Compensation Authority Board of Trustees and the establishment of the Kentucky Public Employees' Deferred Compensation Authority (KDC); and
WHEREAS, the Commonwealth by KDC sponsors the Kentucky Employees' 457 Deferred Compensation Plan and the Kentucky Public Employees' 40l(k) Deferred Compensation Plan which includes KDC's Deemed IRA Program (the Plans) for adoption by local governmental political subdiv.s and units; and
WHEREAS, the Lexington-Fayette Urban County Government wishes to adopt and enter that certain Joinder Agreement attached hereto and incorporated herein by reference.
NOW THEREFORE BE IT RESOLVED BY THE COUNCIL OF THE LEXINGTON-FAYETTE URBAN COUNTY GOVERNMENT:
Section 1 - That the Lexington-Fayette Urban County Government hereby enters and adopts the Joinder Agreement with KDC for participation in the 457 Plan and the 401(k) Plan for the benefit...