Title: IN5 457 PLAN DOCUMENT

Recommendation:

I recommend the Board adopt this plan document that will bring our IRC 457 Deferred Compensation Plan into compliance with current tax code.

Description:

• An Internal Revenue Code 457 Deferred Compensation plan was in place for employees in 1987 through Mass Mutual

• Mass Mutual discontinued these plan in Florida in 1993 due to administration concerns.

• Originally 457’s plans named the employer as both owner and beneficiaries for the life insurance portion of the employees’

• Laws enacted a few years ago changed employers to be only Trustees and this plan document affirms this requirement.

Financial Impact:

There is no financial impact to the District.

For Additional Information, contact:

Joseph M. Moore (moorej@palmbeach.k12.fl.us)  \ Dianne L. Howard

Attachments (list):
457Planatt.doc