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HomeMy WebLinkAboutBUDGET AND FINANCE AGENDA 02-14-12Jl Central Contra Costa Sanitary District SPECIAL MEETING OF THE CENTRAL CONTRA COSTA SANITARY DISTRICT BUDGET AND FINANCE COMMITTEE Member McGill (Alternate) Member Nejedly Tuesday, February 14, 2012 3:00 p.m. Executive Conference Room 5019 Imhoff Place Martinez, California INFORMATION FOR THE PUBLIC ADDRESSING THE COMMITTEE ON AN ITEM ON THE AGENDA BOARD OF DIRECTORS: JAMES A NEJEDLY President DAVID R WILLIAMS President Pro Tem BARBARA D HOCKETT MICHAEL R. MCGILL MARIO dI AIENESI,VI PHONE: (925) 228 -9500 FAX: (925) 676 -7211 www.centralsan.org Anyone wishing to address the Committee on an item listed on the agenda will be heard when the Committee Chair calls for comments from the audience. The Chair may specify the number of minutes each person will be permitted to speak based on the number of persons wishing to speak and the time available. After the public has commented, the item is closed to further public comment and brought to the Committee for discussion. There is no further comment permitted from the audience unless invited by the Committee. ADDRESSING THE COMMITTEE ON AN ITEM NOT ON THE AGENDA In accordance with state law, the Committee is prohibited from discussing items not calendared on the agenda. You may address the Committee on any items not listed on the agenda, and which are within their jurisdiction. under PUBLIC COMMENTS. Matters brought up which are not on the agenda may be referred to staff for action or calendared on a future agenda. AGENDA REPORTS Supporting materials on Committee agenda items are available for public review at the Reception Desk, 5019 Imhoff Place, Martinez. Reports or information relating to agenda items distributed within 72 hours of the meeting to a majority of the Committee are also available for public inspection at the Reception Desk. During the meeting, information and supporting materials are available in the Conference Room. AMERICANS WITH DISABILITIES ACT In accordance with the Americans With Disabilities Act and state law, it is the policy of the Central Contra Costa Sanitary District to offer its public meetings in a manner that is readily accessible to everyone, including those with disabilities. If you are disabled and require special accommodations to participate, please contact the Secretary of the District at least 48 hours in advance of the meeting at (925) 229 -7303. Budget and Finance Committee February 14, 2012 Page 2 Call Meeting to Order 2. Public Comments 3. Old Business a. Review Fiscal Year 2012 -13 10 -Year Financial Projections with assumptions changed to represent slower recovery of the economy (Item 8.b. in Agenda Backup): • scenario which includes paying off the entire CCCERA UAAL over the next ten years • scenario which increases rates to $50 in each of the first two years Staff Recommendation: Review the scenarios. *b. Review Liability Claims Trend Analysis Staff Recommendation: Review staff's response and provide direction if needed. *c. Review Legal Expenses History Staff Recommendation: Review staff's response and provide direction if needed. 4. Risk Management *a. Review Loss Control Report and discuss outstanding claims Staff Recommendation: Review the report, discuss outstanding claims and provide direction if needed. 5. Receive the 2011 -2012 Operations and Maintenance Budget Review for the six months ended December 31, 2011 and projections for the full fiscal year (Item 8.a. in Board Binder) Staff Recommendation: Receive the information and provide direction if needed. *6. Discuss revision of District policy to delegate to the District Deferred Compensation Committee the authority to approve requests for early withdrawal of funds from the Deferred Compensation Plan. Staff Recommendation: Discuss and provide direction to staff. Budget and Finance Committee February 14, 2012 Page 3 7. Expenditures a. Review Expenditures (Item 4.a. in Board Binder) Staff Recommendation: Review and recommend Board approval. *b. Review Legal Expenditure Summary Staff Recommendation: Review Legal Expenditure Summary. 8. Reports and Announcements 9. Suggestions for future agenda items 10. Adjournment * Attachment S.\00. Central Contra Costa Sanitary District February 9, 2012 TO: Budget and Finance Committee VIA: Jim Kelly, General Manager Ann Farrell, Deputy General Manager FROM: Randy Musgraves, Director of Administration PA Shari Deutsch, Safety & Risk Management Administrator SUBJECT: Liability Claims Trend Analysis At a recent Budget and Finance Committee meeting Director Williams asked staff what type of claims analysis it performed to evaluate the District's overall loss experience. The attached materials provide this information for the Committee's review. Staff prepares these materials after the close of each fiscal year, usually by the end of July, for discussion with management. Every two years this information is provided to the District's actuarial consultant in order to update the self- insurance fund actuarial report. The first page shows claim counts for the four types of liability claims which the District self- insures to the first $1 million per occurrence; Auto Liability, General Liability, Plumbing Reimbursements and Overflows that result in damage to third parties. The box on the left shows the number of claims of each type by fiscal year. The number of claims is used to compare loss frequency over time. The box on the right shows the total cost of claims by type and fiscal year. The total cost of claims includes legal expenses incurred, reductions for any recoveries or subrogation, and case reserves for claims still unresolved at the end of the fiscal year. The total cost of claims by type is used to compare loss severity over time. The next several pages show this data graphically, charting the frequency and severity of liability claims by type and fiscal year. Analysis Frequency and severity analyses are most useful when conducted on a large population of claims data. The greater the number of claims of each type, the more likely it is that past loss experience will approximate future loss experience. Auto Liability and General Liability Claims Since the District has relatively few auto liability and general liability claims in a given year, it is difficult to project the District's future loss experience from its claims history. The bar chart showing Auto Liability Claims Severity clearly illustrates this. From 2000 to 2010 the District's total cost of auto liability claims did not exceed $10,000 in any year. However it has spiked in the last year. Since we have open auto liability claims from the 2010/11 fiscal year, the total claims cost for that year includes reserves based on the most current case information. As case information develops, reserves may change. While the infrequency of auto liability and general liability claims impairs analytical projections, this same condition demonstrates that the District's low frequency and generally low severity of these claims has been consistent for some time. Plumbing Reimbursements Plumbing reimbursements could be considered prevented overflows. When a plumber advises a customer that their problem arises from the District's line, our staff responds. If our crews find a problem with our lines, they resolve that problem and offer to reimburse the customer for the costs of calling the plumber out. Unlike auto liability and general liability losses, the District has received a number of plumbing reimbursement claims over time. As a result, it is much easier to see patterns as this experience changes over time. In 2000/01 we paid nearly 30 of these reimbursements. As our preventative maintenance and cleaning program has continued, the number of these small claims (frequency) has dropped significantly. In 2010/11, we paid only three of these claims. Generally, the cost of these claims range from $120 to $400 each. Consequently, the reduction in the number of claims has also reduced the overall cost of these claims. Unlike the auto liability claims, it is less likely that the cost of any single reimbursement would skew the total. As a result, the reduction in frequency mirrors the reduction in severity. The District's total cost of plumbing reimbursements has gone from over $6,000 per year in 2000/01 down to under $500 in 2010/11. Overflow Claims The frequency of overflow claims has fluctuated since 2000/01, reaching an annual high of 21 in 2004/05 and falling to a low of 6 in 2009/10. Overflow claims severity has also fluctuated with evident spikes in three fiscal years. As noted underneath the Overflow Claims Severity bar chart, these spikes in total claims cost coincide with the three big overflows of the last eleven years. Comparison of Claims by Type We have included three charts comparing frequency and severity by claims type. The pie charts show that for the last eleven years, the two most common types of claims have been plumbing reimbursements and overflows (frequency chart), constituting over 82% of the liability claims received. However, the most expensive type of claim over the last eleven years has been overflows (severity chart), constituting over 75% of all claims dollars spent. The third chart shows the average cost of each type of claim over the eleven years. In this context, general liability claims are not much less expensive than overflows on average but their overall infrequency reduces their financial footprint. This chart also shows the District's average cost per overflow claim as $12,909. It is important to note that this average cost includes the cost of the three big overflows shown on the overflow severity chart. With the cost of these three claims removed, the District's average cost per overflow claim goes down to $6,750. It is worth noting that the average cost per overflow claim among the California Sanitation Risk Management Authority (CSRMA) liability pool membership is over $25,000 per claim. Committee Review of Loss Trend Reports If the Committee is interesting in receiving these reports, we recommend providing them twice a year; at the second meeting in July and at the second meeting in January. Reports presented in July would include data through the fiscal year just ended. Reports presented in January would include loss development in the six months since the year end report and would provide sufficient time to consider alternatives to the District's insurance program before the annual July 1St renewals. 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Efl swieIO ;o Isoo O O 0 0 O O co O _O 0 O rl- _O 6 O co co } 0 LO is O co LO O v 0 0 c O C0 O a 0 N O O 0 0 O LL 0 0 0 of T N E!3 O C N L O U m U C T T O T O O O T 6s L O N (0 Y U C 00 O 0 Cc 0 O 0 0 0 LO 64 L O O co C C N 7 a m a U C_ d' O O � o o E CD :3 J > > N N O J O 4) CL N A r � O N V Z C O d 7 O rr L L T 00 E O va A J LO c� r (0 to O J O a) r CL r O T A O m N �L cn U) E U A r O J t O L T 0 O 0 N co It co rS N co co cfl co J 0 rn c E 0 co 3 0 0 O 0 O CL H E v :o ca J O N O V d O L Q O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O 69 O O O O O O O O O O O O O O O O O O O O O O O O O O O O � (7 N r O 69 Go 69 60 G 69 69 69 69 V � wiul3 jad ssoo a6eJand d e U Central Contra Costa Sanitary District February 9, 2012 TO: Budget and Finance Committee VIA: Jim Kelly, General Manager Ann Farrell, Deputy General anage� 4ky FROM: Randy Musgraves, Director of Administration gAAAk Shari Deutsch, Safety & Risk Management Administrator SUBJECT: Legal Expenses History The following items have been prepared in response to the Committee's request to review legal expenses over the last several years. The District uses Hanson Bridgett as its labor and employment practices legal counsel. This firm was also used for labor negotiations in 2009. The District uses Meyers Nave for most of its other legal services and all non - employment related litigation matters. The attached spreadsheet shows District expenditures to these two firms since 2005 by both calendar year and fiscal year. The second page shows fiscal year legal expenses graphically. The third page shows the distribution of legal expenses for Meyers Nave with the costs of litigation broken out. Since litigation costs fluctuate with the number and types of lawsuits active at specific times, we have isolated litigation costs to allow cost comparison among years for the other services provided by Meyers Nave. With litigation costs excluded, the cost of other Meyers Nave legal services is more consistent over time. District Legal Expenses 2005 to 2011 Fiscal Year Le al Ex enses Hanson Bridgett $72,609.68 Meyers Nave $592,257.44 05/06 06/07 $64,069.39 $388,286.36 07/08 $122,676.24 $424,336.89 08/09 $202,524.20 $537,076.69 09/10 $100,579.10 $157,410.86 $290,504.46 $502,781.98 10/11 Calendar Year Le al Ex enses Hanson Bridgett $42,687.17 $73,653.90 $85,241.90 Meyers Nave $433,553.74 $480,400.56 $419,442.41 2005 2006_ 2007 2008 $157,424.37 $515,170.06 2009 $157,631.28 $381,592.00 _ 2010 2011 $104,178.57 $178,491.29 $345,641.05 $565,298.75 Meyers Nave Litigation Legal Services $202,138.80 $390,118.64 $30,809.17 $357,477.19 $1,692.81 $422,644.08 $173,069.20 $364,007.49 $31,162.75 $259,341.71 $164,627.98 $338,154.00 Meyers Nave Litigation Legal Services $112,857.35 $320,696.39 $133,910.49 $346,490.07 $52,217.37 $367,225.04 $190,593.57 _ $324,576.49 $46,976.56_ $334,615.44 $43,514.93 $302,126.12 $242,818.04 $322,480.71 Hanson Bridgett expenses for labor negotiations in 2009 totalled $68,825.21. Monthly Legal Expenses by Firm, 2010 and 2011 2010 Hanson Bridgett Meyers Nave 2011 Hanson Bridgett Meyers Nave Jan Feb $ $ 10,704.40 6,060.25 $ $ 19,183.55 16,395.67 Jan Feb $ $ 31,206.70 14,863.07 $ $ 36,899.51 34,299.04 Mar $ $ $ 7,984.55 7,606.62 7,240.95 $ $ $ 38,165.96 21,759.34 19,136.52 Mar $ 12,533.23 $ 49,229.64 Apr Apr $ 13,238.75 $ 54,714.93 May May $ 11,944.63 $ 91,682.36 Jun $ 13,349.77 $ 24,685.42 Jun $ 22,392.45 $ 29,641.91 Jul $ 5,788.13 $ 25,029.26 Jul $ 13,737.71 $ 47,765.83 Aug $ 3,529.40 $ 24,697.51 Aug $ 14,103.26 $ 43,492.49 Sep $ 6,638.73 $ 37,732.62 Sep $ 6,886.55 $ 41,767.75 Oct $ 4,054.20 $ 26,521.89 Oct $ 13,117.77 $ 44,752.02 Nov $ 4,278.07 $ 33,497.70 Nov $ 12,415.09 $ 46,248.04 Dec Total $ $ 26,943.50 104,178.57 _$ $ 58,835.61 345,641.05 Dec ` Total $ $ 12,052.08 178,491.29 $ $ 44,805.23 565,298.75 • Dec 2011 legal expenses are projected. Invoices have not been received. 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N O N O a a I N ea c o Mn O d N cn cr Q Lq � � O � N N a0 CO c0 N ! . w �EN9��EH6�� 04 CL 4D 0 55��� ggg �= Lri 916 25 S i p 0 � Q i � ft :CwIj C > N CU N N �. % ca y Jny cc cc cu CO J � a a� C- U O- 7 c` cn rn t' C 7 C C N pcc E t CS o Nj.- C N N cD O�x¢ ¢ J *' N O O O O O 0 y9 Q; O CD U1 JaQaa aaa NN N CO CAM O .- QIO C) N N N N T N N N N N N CO eh pal cA0C N -0-0 7 N cc O O O O C O U U 000 C > N CU N N �. % ca y Jny cc cc cu CO J � a a� C- U O- 7 c` cn rn t' C 7 C C N pcc E t CS o Nj.- C N N cD O�x¢ ¢ J *' N O O O O O 0 y9 Q; O CD U1 JaQaa aaa NN N CO CAM O .- QIO C) N N N N T N N N N N N CO eh pal cA0C N -0-0 7 N cc O O O O C O U U 000 b- Central Contra Costa Sanitary District February 9, 2012 TO: BUDGET AND FINANCE COMMITTEE VIA: JAMES KELLY, GENERAL MANAGER FROM: DEBBIE RATCLIFF, CONTROLLER SUBJECT: DEFERRED COMPENSATION EMERGENCY WITHDRAWALS In 1982, new procedures regarding the processing of emergency withdrawals were approved by the Board (see attached). The procedures stated that the Deferred Compensation Advisory Committee (DCAC) made a recommendation to the Board, the Board reviewed the application in closed session and advised the DCAC of its decision. In 2000, this procedure changed to including the Position Paper on the Consent Calendar. In 2007, staff recommended to the Board that emergency withdrawals remain on the Consent Calendar with a Closed Session scheduled on the agenda should the Board wish to discuss the matter in more detail due to confidentiality concerns. Staff discussed the necessity of Board approval with the compliance officer and Regional Vice President of ICMA, one of the District's Deferred Compensation providers. Their opinion is that Board approval is unnecessary and recommended approval at the DCAC level. There are no Internal Revenue Service (IRS) requirements for Board approval of emergency withdrawals. Board approval is strictly an internal administrative policy and other agencies handle emergency withdrawals at the DCAC level. The IRS has very strict rules and requirements regarding emergency withdrawals, and the DCAC adheres to those regulations. If the Board were to deny a withdrawal that met the requirements of the IRS, the District could be subject to a discrimination lawsuit. Also, if the Board overturned a recommendation to deny a withdrawal, again the District could be at risk for a possible discrimination lawsuit. It is therefore recommended that the DCAC be given the authority to approve or deny requests for all emergency withdrawals effective immediately, and that no Board approval be required. CADocuments and Settings \dratclif local Settings \Temporary Internet Files \Content.Outlook\2RNKKJX6 \Emergency Withdrawal Finance Committee.doc /Xy-� ADMINISTRATIVE PROCEDURES FOR CENTRAL CONTRA COSTA SANITARY DISTRICT DEFERRED COMPENSATION PLAN 1. INTRODUCTION 1.1 Purpose The purpose of the Deferred Compensation Plan (Plan) is to offer an attractive employee benefit under which tax - deferred contributions, in lieu of current income, will provide future payments upon death, disability, retirement, or other termination of employment with the District. 1.2 Origin In January 1976, the District voluntarily withdrew from participation in the Federal Social Security System and established a Deferred Compensation Plan. The District's withdrawal from Social Security, however, caused an increase in the District's contribution to the County Retirement System in the amount of $10.90 per month at Plan inception. To keep the District's total contribution to the two plans (Deferred Compensation and County Retirement) from exceeding the combined cost of Social Security and County Retirement, the District's contribution to the Deferred Compensation Plan was set at an amount equal to the Social Security contribution less $10.90 per month for each participant. Therefore, the District's present monthly contribution to each participant's account is an amount equal to the Social Security tax rate times the employee's monthly salary less $10.90. If an employee's annual salary exceeds the maximum taxable amount under Social Security, the District's annual contribution is currently equal to the Social Security tax rate times the maximum taxable amount less $10.90 times the number of months required for the employee to earn the maximum taxable amount. To participate in the Plan and be eligible for the District's contribution, an employee must contribute a minimum of $5 per month. The maximum contribution during any tax year shall not exceed the limit established by law. Both the District's contribution and the amount contributed by the employee to the Plan are not taxable until withdrawn. 1.3 Administration The District has entered into an agreement with Life Insurance Company (Hartford) to act as Plan sales and service agent is Dean Witter Reynolds, District has the sole authority to enforce the Plan operation of the Plan in accordance with its terms. Hartford Variable Annuity Administrator. Hartford's Inc. (Dean Witter). The and is responsible for the (CCSD Central Contra Costa Sanitary District BOARD OF DIRECTORS NO. VI. ADMINISTRATIVE POSITION PAPER vIA: ROGER J. DOU►N DATE General Manager —Chief Engineer October 18 1982 SUBJECT TYPE OF ACTION DEFERRED COMPENSATION PLAN ADMINISTRATIVE PROCEDURES APPROVE ADMINISTRATIVE PROCEDURES SUBMITTED BY Walter N. Funasaki INITIATING DEPT. /DIV. Administrative /Accounting ISSUE: The Deferred Compensation Plan Advisory Committee has prepared the administrative procedures for the District's Deferred Compensation Plan. BACKGROUND: A responsibility of the Deferred Compensation Plan Advisory Committee is the development of the internal administrative procedures for the Deferred Compensation Plan. A copy of the administrative procedures is attached. The administrative procedures will be incorporated in an employee handbook which describes the Deferred Compensation Plan. RECOMMENDATION: Approve the Deferred Compensation Plan administrative procedures developed by the Deferred Compensation Plan Advisory Committee. REVIEWED AND RECOMMENDED FOR BOARD ACTION INITIATING DEPT. /DI G CHIEF ENG. ���WNF 2. DEFERRED COMPENSATION PLAN ADVISORY COMMITTEE To facilitate the internal administration of the Plan, a Deferred Compensation Plan Advisory Committee (Committee), operating under the guidance of the District Finance Officer, was established (Board Position Paper approved on January 28, 1982). 2.1 Committee Membership One nonmanagement employee is selected from each department to serve on the Committee. Selection of department representatives to the Committee is the responsibility of the Department Managers. The Finance Officer is responsible for notifying the Department Manager when a representative's term has expired or when a replacement is needed for any other reason. 2.2 Term of Service Committee members serve two -year terms beginning the first day of March and ending the last day of February. The initial terms for the Plant Operations and Engineering Departments were three -year and one -year terms, respectively, to provide for overlapping terms. Should a department representative resign, terminate employment, or transfer to another department during the term, the Manager of the department losing representation selects a replacement member to fill the unexpired portion of the term. With the concurrence of the new Manager, a transferred individual will be allowed to remain as an ex officio member in order to complete an ongoing project. 2.3 Scope of Committee Activities Included in the scope of activities are (1) establish internal administrative procedures, (2) develop a document summarizing the Plan, (3) review accountability by Plan Administrator (Hartford), (4) review requests for emergency withdrawals, (S) review investment performance, (6) report to District management and the Board of Directors. 2.4 Operation of the Committee The Committee meets as often as it determines necessary, agrees upon rules of-order, and keeps the records it deems appropriate. 3. CHANGES AFFECTING THE DEFERRED COMPENSATION PLAN Any changes in the Social Security .regulations and laws which would affect the contribution amount are communicated by the Finance Officer to the employees and to the Committee for revisions to various written documents. The Committee shall establish a review schedule for the Administrative Procedures and the Plan Summary to ensure that these documents are current. -2- 4. DOCUMENT PROCESSING All forms required for enrollment, changes, emergency withdrawals, and termination withdrawals, are available through the Accounting Office. Hartford prepares a quarterly statement of earnings for each employee which is distributed by the Accounting Office. Usually, statements distributed each quarter are for the quarter ending the previous month. 4.1 Enrollment The Personnel Office provides all new employees with an information packet containing the Administrative Procedures for the Deferred Compensation Plan and a copy of the Plan Summary. Each new employee is advised by the Personnel Office that a representative of Dean Witter will contact the employee to explain the Plan and, if the employee so chooses, enroll him /her in the Plan. The Accounting Office advises Dean Witter of each new hire. A representative from Dean Witter then contacts the employee, meets with him /her at his /her work location, explains the Plan (including the fees and risks associated with various options), and gives him /her a copy of the Hartford Plan prospectus. If the employee elects to participate, Dean Witter has him /her sign enrollment forms ( "Joinder Agreement" and "Notification of Change ") which are returned to the Accounting Office by Dean Witter for processing. If the employee elects not to enroll within 30 days of hire and signs a statement to that effect, he /she must wait until the next open enrollment period (see Section 4.2 below). The Accounting Office processes the enrollment application as follows: a. Checks forms to see that they have been filled out completely and correctly. Confers with the employee on any question. b. Obtains authorized District signature (Clyde Hopkins, Paul Morsen, or Roger Dolan). c. Forwards the signed enrollment forms to Hartford via Dean Witter. d. Sends a copy of the signed forms to the employee. e. Starts payroll deductions and District payments. 4.2 Changes to a Participant's Account The District has established enrollment periods during the months of August, November, February, and May. By applying through the Accounting Office during these months, an employee may make one or more of the following changes to his /her account, effective the following pay period. -3- 4.3. a. An employee who elected not to participate when hired may enroll in the Plan. (Requires "Joinder Agreement" and "Notification of Change. ") b. An employee may change the amount of his /her personal contribution to the Plan (increase or decrease). (Requires "Joinder Agreement" and "Notification of Change. ") c. An employee may change the account allocation of moneys previously contributed (move money among fixed and variable accounts). (Requires "Notification of Change. ") d. An employee may change the allocation of future contributions. (Requires "Notification of Change. ") Forms are available in the Accounting Office and will be processed by the Accounting staff in the some manner as described under Section 4.1. Emergency Withdrawal Only in the event of extreme financial hardship may an employee make a cash withdrawal from the Plan. An unforeseeable emergency beyond the employee's control must exist. Any amount withdrawn is subject to federal and state taxes and Hartford's administrative fees. Emergency Withdrawal Applications are available in the Accounting Office. Although applications are processed as expeditiously as possible, the approval procedure may take as long as 30 days. The procedure is as follows: a. The employee receives the form and a copy of this procedure from the Accounting Office and returns the completed form to the Finance Officer. b. The Finance Officer notifies Committee members of the application. c. Based upon the apparent urgency of the request, the Committee either calls a special meeting or confers on the matter at its next regular meeting. d. If appropriate, the applicant is invited to appear at the meeting to explain his /her application. e. The Committee advises the applicant, in writing, of its position on the application. f. The Committee makes a recommendation to the District Board of Directors (Board) for action at the next regular Board Meeting. g. The Board reviews the application in closed session, as a personnel matter, and advises the Committee of its decision. At the Board's discretion, the applicant and /or a Committee representative may attend the Board Meeting to present additional information as needed. h. The Committee notifies the applicant of the Board's action in writing. -4- i. If the Board allows the emergency withdrawal, the applicant must then fill out and submit a "Withdrawal Request" form (available in the Accounting Office) to the Accounting Office for processing as follows: (1) The form is checked for accuracy and completeness. (2) The form is checked to see that the withdrawal amount does not exceed 90 percent of the account balance. (3) "Emergency Withdrawal" is noted on the form. (4) An authorized District signature (Clyde Hopkins, Paul Morsen, or Roger Dolan) is obtained. (5) The Finance Officer sends a cover letter and the withdrawal form to Hartford via Dean Witter. A copy is sent to the employee. (6) The employee receives a check from Hartford in approximately two weeks. j. If the application for emergency withdrawal is approved, the applicant may also reduce his /her personal contribution to the minimum amount ($5), without waiting for the next enrollment period. (See Section 4.2 for the procedure.) 4.4 Terminations (Includes Retirementl Upon termination, a number of options are available to employees, as described in the Plan Summary. An employee leaving the District will be given a copy of this procedure and will be asked by the Accounting Office to choose an option. If the employee is undecided or selects an option other than full cash withdrawal, he /she will be referred to Dean Witter for help in that decision. If the employee elects to make a full cash withdrawal, he /she completes a "Withdrawal Request" form and returns it to the Accounting Office where it is processed as follows: a. Form is checked for accuracy and completeness. b. An authorized signature is obtained (Clyde Hopkins, Paul Morsen, or Roger Dolan). c. A copy is sent to the employee. d. The completed form is sent to Hartford via Dean Witter. e. The employee receives a check from Hartford in approximately two weeks. -5- r cc E E ff�^ V/ L CL x W C 2 LL LL Cf. 2 u 4 u C 2 d co E } z N o m J to E o CO U 4t ' U U- N E CU U J m c m C� J co E c„ E U 'ca CD- = o Q a CL Q �b N r O N co N N C