RES-9669 Amending & Restating a Deferred Compensation PlanRESOLUTION NO: 9669
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF ORANGE AMENDING AND RESTATING
A DEFERRED COMPENSATION PLAN.
IVHEREAS, 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, by the adoption of Resolution No. 9419 on February 27,2001, the City
Council of the City (a) adopted and established a Deferred Compensation Plan (hereinafter
referred to as the Plan) under Section 457 of the Internal Revenue Code of 1986, as amended
the Code), for the purpose of making available to eligible employees of the City the accrual
of tax benefits under a Section 457 Deferred Compensation Plan; and (b) approved various
documents in connection therewith, including (i) a Service Provider Agreement with
Americ,m General Retirement Services Company, a Texas corporation (the Service Provider),
for non-discretionary plan administrative services with respect to the Plan, and (ii)
a Custodial Agreement with V ALIC Trust Company, a Texas trust company (the
Custodian),whereby the Custodian will hold, administer, and distribute deferred
compensation contributions for the benefit of the City's employees arld their beneficiaries pursuant to
the terms of the Plan;
and WHEREAS, the Economic Growth and Tax Relief Reconciliation Act of
2001 amended Section 457 of the Code;
and WHEREAS, the Internal Revenue Service (the IRS) issued new proposed
regulations under Section 457 of the Code and technical corrections to the Economic Growth and
Tax Relief Reconciliation Act of 2001 were included in the Job Creation and Worker
Assistance Act of2002;
and WHEREAS, the City desires its Plan to conform with the changes in the
Code brought about by the Growth and Tax Relief Reconciliation Act of 200 I, the new
proposed IRS regulations, and the technical corrections in the Job Creation and Worker Assistance
Act of2002;
and WHEREAS, the City desires to adopt an amended and restated Plan in the form
of that certain City of Orange 457 Deferred Compensation Plan and that certain Amendment
to Deferred Compensation Plan (Governmental) on file: with the City Clerk (
collectively referred to herein as the revised Plan), that conforms with the changes in the Code
resulting from the Economic Growth and Tax Relief Reconciliation Act of 2001, the new
proposed IRS regulations, and the technical corrections in the Job Creation and Worker Assistance
Act of2002;
and WHEREAS, such revised Plan shall supersede the previously adopted
NOW, THEREFORE, BE IT RESOLVE]) by the City Council of the City of
Orange as follows:
Section 1.The foregoing recitals are true and correct.
Section 2. That the Plan that was previously adopted by the City Council by the
adoption of Resolution No. 9419 on February 27, 2001 is hereby amended and restated in the
form of the revised Plan on file with the City Clerk, which revised Plan shall become
effective as of the first day of January, 2002.
Section 3. That the City hereby retains the right, from time to time. to amend,
modijiy or discontinue all or any portion of the revised Plan without the consent of the
employees participating in the revised Plan, or the beneficiaries of any employees
participating in the revised Plan.
Section 4. All actions heretofore taken by the officers and agents of the City with
respe.;t to the administration of the previously adopt<:d Plan and the revised Plan are hereby
approved, confirmed and ratified. 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 she
may deem necessary or advisable in order to administer the revised Plan in accordance with
this Resolution.
ADOPTED this nnd day of October, 2002.
Mmk1Mllipt M.,o'.of Orange
ATTEST:
A"4~A'~ {'/~Ld..d
Cassandra J. Cathc , 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:
AYES:
NOES:
ABSENT:
ABSTAIN:
COUNCIL MEMBERS: ALVAREZ, HURPHY, CAVECCHE
COUNCIL MEMBERS: NONE
COUNCIL MEMBERS: SLATER, COONTZ
COUNCIL MEMBERS: NONE
A'-Cassandra
J. Cathc , City Clerk, City of Orange