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I <br /> Yuma County, Colorado <br /> Notes to the Financial Statements <br /> I December 31, 2009 <br /> (Continued) <br /> IIV. Other Information <br /> A. Pension Plans <br /> 1 1. Defined Contribution Pension Plan (401a) <br /> Under a defined contribution pension plan, the benefits a participant will receive <br /> I depend solely on the amount contributed to the participant's account plus the <br /> returns earned on investments of those contributions. <br /> Participation is mandatory for all employees after one year of employment. <br /> I Eligible employees contribute 5%of their base pay, and the County contributes <br /> 5%of their base pay. The plan has a five (5)year vesting period and is <br /> distributed upon an employee's separation from service, disability, or death. <br /> I The contribution requirements of the retirement plan participants and the County <br /> are established, and may be amended, by the County Commissioners. During <br /> 2009, the County matched the employees' required employer contributions, <br /> which amounted to$179,651. The plan is administered by the Colorado <br /> ICounties Officers and Employees Retirement Association ("CCOERA"). <br /> As the County is not the trustee and does not administer the plan, the plan is not <br /> I included in the financial statements. The County has no liability for losses under <br /> the plan but does have the duty of due care that would be required of an ordinary <br /> prudent investor. <br /> I2. Deferred Compensation Plan (Section 457) <br /> The County offers its employees a deferred compensation plan created in <br /> accordance with Internal Revenue Code Section 457. The plan, available to all <br /> I County employees, permits them to defer a portion of their salary until future <br /> years. The deferred compensation is not available to employees until separation <br /> from service or death. <br /> I The County has no liability for losses under the plan, does not administer the <br /> plan and is not the trustee of the plan; therefore, the plan is not included in the <br /> financial statements. <br /> I3. Cafeteria Plan <br /> The County offers a cafeteria plan organized under Internal Revenue Code <br /> I Section 125 that includes the following benefits: accident and/or term life <br /> insurance, health insurance premiums, unreimbursed health expense, <br /> orthodontia reimbursement and dependant day care reimbursement. No cost <br /> Ito the County is recognized, as the plan is a salary reduction plan. <br /> B. Post Employment Health Care Benefits <br /> ' All County employees covered by COBRA insurance may continue their health <br /> insurance due to a reduction in work hours or termination of employment. <br /> Employees who elect continued coverage must pay for premiums from the <br /> I termination date of coverage and monthly thereafter. No cost to the County is <br /> recognized as participants make payments directly to the CTSI—County Health Pool <br /> for their premium cost. <br /> I D14 <br />