RES-10088 Restating Public Employees Compenstation PlanRESOLUTION NO. 10088
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF ORANGE AMENDING AND RESTATING
A DEFERRED COMPENSATION PLAN FOR ITS
PUBLIC EMPLOYEES BY ACCEPTING AND
ADOPTING A RESTATED AND AMENDED 457(b)
GOVERNMENTAL PLAN AND INVESTMENT AND
TRUST/CUSTODIAL DOCUMENT TO BE
PROVIDED BY NATIONWIDE RETIREMENT
SOLUTIONS, INC.
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 Nationwide Retirement
Solutions, Inc. (Nationwide); and
WHEREAS, Nationwide has recornmended 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 Restated
and Amended 457(b) Governmental Plan and Investment and Trust/Custodial Document 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; that is, January I, 2006.
Section 3. The assets of the Plan shall be held in an Investment Trust/Custodial 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 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:
of Orange
Cti,L-
angeMaryE.City Clerk, C' y
I 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 13th day of June, 2006 by
the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
COUNCILMEMBERS: Smith, Murphy, Cavecche, Dumitru
COUNCILMEMBERS: None
COUNCILMEMBERS: None
COUNCILMEMBERS: None
u C
Mary E.
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