RES-9667 Nationwide Retirement Solutions, Inc. Deferred Compensation Plan for Public EmployeesRESOLUTION NO. 9667
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF ORANGE AMENDING AND RESTATING
A DEFERRED COMPENSATION PLAN IN THE
FORM OF THE NATIONWIDE RETIREMENT
SOLUTIONS, INC. RESTATED AND AMENDED
DEFERRED COMPENSATION PLAN AND
TRUST/CUSTODIAL DOCUMENT FOR PUBLIC
EMPLOYEES.
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
IVHEREAS, the City has employees currently participating in a 457 deferred
compensation retirement savings plan administered by Nationwide Retirement Solutions, Inc.
Nationwide); and
WHEREAS, amendments to the Internal Revenue Code have been enacted that
require -changes to the structure, and allow enhancem(:nts, of the benefits of the deferred
compensation retirement savings plan; and
WHEREAS, this City Council desires to amend and restate the deferred
compensation retirement savings plan for the purpose of incorporating therein the
aforementioned amendments to the Internal Revenue Code.
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 deferred compensation retirement savings plan is hereby amended
and restated in the form of the Deferred Compensation Plan and Trust/Custodial Document
on file with the City Clerk (the Plan), which Plan shall become effective as of the first day of
January, 2002.
Section 3. The assets of the Plan shall be held in a Trust/Custodial Account, with
the City or its Director of Finance serving as trustee/custodian (Trustee), for the exclusive
benefit of the Plan participants and their beneficiaries, and the assets shall not be diverted to
any oth,:r purpose. The Trustee's beneficial ownership of Plan assets shall be held for the
further (:xclusive benefit of the Plan participants and their beneficiaries.
Section 4. All a-ctions 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. Moreov(:r, the Director of Finance of the
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 she may deem necessary or advisable in order to administer the Plan in
accordance with this Resolution.
ADOPTED this 22nd day of October, 2002.
J1J~Y}f
Mark A. Murphy, May , 'ty of Orange
ATTEST:
f4~.A-(' ~./;;(-Cassandra
J. Cath , City Clerk, CIty of Orange 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 22nd day of October,
2002 by the following vote:A
YES: COUNCILMEMBERS: ALVAREZ, MURPHY, CAVECCHE NOES:
COUNCILMEMBERS: NONE ABSENT:
COUNCILMEMBERS: SLATER. COONTZ ABSTAIN:
COUNCILMEMBERS: NONE e
Reso..
No. 9667 2 TJR