HomeMy WebLinkAbout04.g. Approve early withdrawal from Deferred Compensation PlanCentral Contra Costa Sanitary District
BOARD OF DIRECTORS ' 9 •
POSITION PAPER
Board Meeting Date: June.16, 2011
Subject: CONSIDER A REQUEST FOR EMERGENCY WITHDRAWAL OF FUNDS
FROM THE DEFERRED COMPENSATION PLAN
Submitted By. Initiating Dept. /Div,:
Debbie Ratcliff, Controller Administrative / Finance & Accounting
REVIEW D AND RECOMMENDED FOR BOARD ACTION:
Z)4-
graves
ISSUE: Authorization by the Board of Directors is required for emergency withdrawal of
funds from the Deferred Compensation Plan.
RECOMMENDATION: Approve the request by Gordon Trapp for an emergency
withdrawal of $20,000 before taxes, from the Deferred Compensation Plan, as
recommended by the Deferred Compensation Plan Advisory Committee.
FINANCIAL IMPACTS: None
ALTERNATIVES /CONSIDERATIONS: Denial is not recommended as this request
meets the requirements for emergency withdrawals as set forth by the Internal Revenue
Service (IRS).
BACKGROUND: Gordon Trapp, Senior Plant Operator, has requested an emergency
withdrawal from the Deferred Compensation Plan to cover an unexpected financial
emergency. The Deferred Compensation Plan Advisory Committee has reviewed the
request and determined that it meets the IRS requirements for emergency withdrawal in
the amount of $20,000 before taxes.
If the Board wishes to obtain additional information, a closed session is scheduled on
the agenda.
RECOMMENDED BOARD ACTION: Approve the request by Gordon Trapp for an
emergency withdrawal of $20,000 before taxes, from the Deferred Compensation Plan,
as recommended by the Deferred Compensation Plan Advisory Committee.
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