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Meeting Date:
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8/18/2021 - 7:00 PM
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Category:
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Consent Agenda Items
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Type:
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Action
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Subject:
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Approval of the Resolution to Amend the Community Unit School District 200 403(B) Plan.
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Vision 2026:
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Financial & Facilities Management 1 Continue to ensure a balanced budget that builds and maintains a fund balance that meets Board policy.
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Background
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The Setting Every Community Up for Retirement Enhancement Act , commonly know as the SECURE Act of 2020, makes it easier to save for retirement along with making retirement plans more accessible to more people.
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File Attachment:
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Summary:
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One of the new aspects of the SECURE Act it that the act allows for in-service distribution opportunities for qualified birth and adoption distributions (QBAD). The QBAD allows for an in-service distribution from an eligible retirement plan that is made to the plan participant during the one-year period after the birth or legal adoption of a child. The attached Resolution allows the District to incorporate changes to our 403(B) plan required by the SECURE Act, including changes related to a QBAD.
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Funding:
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N/A
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Board Policy
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Recommendation:
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It is recommended that the Board of Education approve the resolution to amend the CUSD 200 403(B) plan to incorporate the changes to the Plan required by the SECURE Act.
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Approvals:
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Recommended By:
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Signed By:
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Brian O'Keeffe - Asst Superintendent Business Services
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Signed By:
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Jeff Schuler - Superintendent
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Vote Results:
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| Original Motion | | Member Brad Paulsen Moved, Member Dave Long seconded to approve the Original motion 'It is recommended that the Board of Education approve the resolution to amend the CUSD 200 403(B) plan to incorporate the changes to the Plan required by the SECURE Act.'. Upon a Roll-Call Vote being taken, the vote was: Aye: 7 Nay: 0. | | The motion Carried 7 - 0 | | | | | Brad Paulsen | Yes | | Chris Crabtree | Yes | | Rob Hanlon | Yes | | Susan Booton | Yes | | Dave Long | Yes | | Mary Yeboah | Yes | | Angela Blatner | Yes | |
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