Special Council Meeting Focuses on 401k

By Iretta Tiger

HOLLYWOOD — On Sept. 30 the Tribal Council held a special meeting at the Tribal headquarters. A majority of the resolutions on the agenda were devoted to 401(k) plans.

One resolution will allow the Tribe to roll-over 401(k) balances for former employees. A new law, passed in Dec. 2004, allows the employer to hold on to a 401(k) balance of less than $5,000 while the former employee decides on how they want their account distributed.

In another resolution this policy will also be offered to casino employees. Both resolutions were passed.

Resolution #7 on the agenda will allow the Tribe to offer a 401(k) plan safe harbor for those employees who participate in a Rabbi Trust. For a better understanding of what this means contact the Payroll department.

Florida Power and Light (FPL) submitted a resolution to create another 50 year agreement with the Tribe. The agreement would focus on the relocation of poles and power lines on the Hollywood reservation.

The plan is to put the lines underground which would free several acres of Tribal land; enough land for 29 homes to be built.

The last resolution on the agenda will incorporate the monthly per capital distribution into the 2006 budget. It will include an increase for those Tribal citizens 55 and older. This resolution was passed. The budget review will be held at the next Council meeting, scheduled for October 14.