RES-10087 Restating Public PartTime Employees' Deferred Compensation PlanRESOLUTION NO. 10087
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF ORANGE AMENDING AND RESTATING
A DEFERRED COMPENSATION PLAN FOR ITS
PART-TIME PUBLIC EMPLOYEES
BY ACCEPTING AND ADOPTING THE
SECTION 457(b) ELIGIBLE DEFERRED
COMPENSATION PLAN FOR GOVERNMENTAL EMPLOYERS TO
BE PROVIDED BY GREAT-
WEST
RETIREMENT SERVICES WHEREAS, the City of Orange (the City) is a municipal corporation,
which exercises governmental functions and powers and is organized and existing under the laws of the
State of
California; and WHEREAS, the City has previously established a Deferred Compensation
Plan, as defined by Internal Revenue Code (IRC) Section 457, applicable to each qualified
City employee or elected or appointed official who has elected to participate therein (the Prior
Plan); and WHEREAS, the Prior Plan was most recently amended and restated by the
City Council on October 22, 2002 to incorporate the provisions of the Economic Growth and
Tax Relief Reconciliation Act of2001 (the
Act); and WHEREAS, following the most recent amendment and restatement of the Prior
Plan, the Internal Revenue Service (IRS) issued model amendments incorporating the provisions
of the Act, final IRC regulations and other pertinent IRS rulings and related
legislation; and WHEREAS, the Prior Plan is being provided to the City by
Great-West Retirement
Services (Great-West); and WHEREAS, Great-West has recommended modifications
to the Prior Plan consistent with the final IRC regulations, the model amendments,
subsequent IRS guidance, proposed IRC regulations
and other pertinent legislation; and WHEREAS, this City Council desires to amend and restate the
Prior Plan for the purpose of incorporating
therein the aforementioned recommended modifications.NOW, THEREFORE, BE IT RESOLVED by the City Council
of the
City of Orange as follows:Section 1.The foregoing
recitals are true and correct.Section 2. The Prior Plan is hereby amended and restated in
the form of the Section 457(b) Eligible Deferred Compensation Plan for
Governmental Employees attached hereto (the Plan), which Plan is accordingly hereby accepted and adopted and
shall become effective as to each City employee or elected or appointed official who has elected
to participate therein on and after the effective date of the Plan;
Section 3. The assets of the Plan shall be held in a Trust Fund with a bank, trust
company, financial institution or other legally authorized entity appointed by the City or its
Director of Finance to have custody of Plan assets for the exclusive benefit of the Plan
participants and their beneficiaries, and the assets shall not be diverted to any other purpose.
Section 4. All actions heretofore taken by the officers and agents of the City with
respect to the administration of the Plan are hereby approved, confirmed and ratified, with such
additions thereto or changes therein as are approved by the Director of Finance of the City upon
consultation with the City Attorney. Moreover, the Director of Finance of the City is hereby
authorized and directed to do any and all things and take any and all actions and execute any and
all adoption agreements, custodial agreements, trusts, certificates, agreements and other
documents, which he may deem necessary or advisable in order to administer the Plan in
accordance with this Resolution.
ADOPTED this 13th day of June, 2006.
ATTEST:
t ~
Ma~~ity Clerk, ~range
I, MARY E. MURPHY, City Clerk of the City of Orange, California, do hereby certify
that the foregoing Resolution was duly and regularly adopted by the City Council of the City of
Orange at a regular meeting thereof held on the day of June, 2006, by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
COUNCILMEMBERS: Smith, Murphy, Cavecche, Dumitru
COUNCILMEMBERS: None
COUNCILMEMBERS: None
COUNCILMEMBERS: None
Mary E.~ty Clerk, C'
2