Executive Board Session (Packet)

Leelanau County

Event Date: 2025-05-13

Summarized with ai model: claude-3-haiku-20240307

Disclaimer: AI-generated summaries may contain errors. Please review the source document for accuracy.

Here is a 3-4 paragraph executive summary of the document:

Executive Summary

The document provides details on the Leelanau County Money Purchase Plan, which is a qualified retirement plan designed to help employees save for retirement on a tax-advantaged basis. The plan allows for employer contributions, both matching and non-matching, as well as rollover contributions from other eligible retirement plans.

The plan outlines the eligibility requirements and entry dates for participating in the plan. It also details how employee service is determined for purposes of plan eligibility and vesting. The document covers the different types of employer contributions, how they are allocated, and how an employee’s compensation is defined for plan purposes.

The plan includes provisions for distributions prior to termination, as well as benefits and distributions upon termination of employment, death, disability, or retirement. The document also covers the tax treatment of distributions and claims procedures. Overall, the Leelanau County Money Purchase Plan is designed to help employees save for retirement in a tax-advantaged manner.

Nationwide

Docusign Envelope ID: F7A312F1-FD34-4782-A576-E22D01CB09B6

Internal document reference #:3156

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