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Commissioners approve amendment to employee retirement‑savings loan provisions
Summary
The board approved a fifth amendment to the employees’ retirement savings plan to remove four enumerated hardship categories and allow participant loans for any personal financial reason consistent with IRS rules; staff said there is no fiscal impact to the county.
The Board of County Commissioners voted on May 5 to review and, as appropriate, approve a fifth amendment to the employees’ retirement savings plan that removes four specifically enumerated hardship categories and allows loans for any personal financial reason consistent with Internal Revenue Service rules. Melanie Woodson, the county’s human resources director, told the board loans are funded from participants’ vested account balances, borrowers are charged interest that is credited back to their accounts, and the county bears no cost or liability for loan issuance.
Board discussion emphasized that the amendment increases participants’ flexibility to borrow from their own savings without changing IRS loan limits, repayment terms, or safeguards. The motion to advance the amendment passed by voice vote.
