HomeMy WebLinkAbout04.d. Request for Emergency Withdrawl of Funds from the Deferred Compensation PlanCentral Contra Costa Sanitary District
' BOARD OF DIRECTORS
POSITION PAPER
Board Meeting Date: March 18, 2010 No.: 4.d. Consent Calendar
Type of Action: CONSIDER EMERGENCY WITHDRAWAL
subject: CONSIDER A REQUEST FOR EMERGENCY WITHDRAWAL OF FUNDS
FROM THE DEFERRED COMPENSATION PLAN
Submitted By:
Debbie Ratcliff, Controller
Initiating Dept/Div.:
Administrative /Finance & Accounting
REVIEWED AND RECOMMENDED FOR BOARD ACTION:
D. Ratcli . M raves es M. y,
eral Manager
ISSUE: Authorization by the Board of Directors is required for emergency withdrawal of
funds from the Deferred Compensation Plan.
RECOMMENDATION: Approve the request by Steve Plunkett for an emergency
withdrawal of $5,000 after taxes, from the Deferred Compensation Plan, as
recommended by the Deferred Compensation Plan Advisory Committee.
FINANCIAL IMPACTS: None
ALTERNATIVES/CONSIDERATIONS: This request could be denied, however, this is
not recommended as the request meets the requirements for emergency withdrawals
as set forth by the Internal Revenue Service.
BACKGROUND: Steve Plunkett, Utility Worker, 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 requirements for emergency withdrawal in the
amount of $5,000 after taxes.
A separate, confidential memo has been provided to the Board. If the Board wishes to
obtain additional information, a closed session is scheduled on the agenda.
RECOMMENDED BOARD ACTION: Approve the request by Steve Plunkett for an
emergency withdrawal of $5,000 after taxes, from the Deferred Compensation Plan, as
recommended by the Deferred Compensation Plan Advisory Committee.
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