HomeMy WebLinkAbout03.d. Approve a request for emergency withdrawal of funds from the Deferred Compensation Plan.Central Contra Costa Sanitary District
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' BOARD OF DIRECTORS
POSITION PAPER
Board Meeting Date: February 16, 2012
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
REVIEWED AND RECOMMENDED FOR BOARD ACTION:
v
D. Ratcl'
A. M graves
C
James M elly,
General h anager
ISSUE: Authorization by the Board of Directors is required for emergency withdrawal of
funds from the Deferred Compensation Plan.
RECOMMENDATION: Approve a request 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: The Deferred Compensation Committee has received a request for
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 a request 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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