RES-8873 Amending Deferred Compensation Plan with ICMA Retirement CorporationRESOLUTION NO. 8873
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF ORANGE AMENDING
A DEFERRED COMPENSATION PLAN
AND TRUST WITH ICMA RETIREMENT
CORPORATION.
WHEREAS, the City of Orange has employees rendering valuable services; and
WHEREAS, the City of Orange has established a deferred compensation plan for
such employees that serves the interest of the City by enabling it to provide reasonable
retirement security for its employees, by providing increased flexibility in its personnel
management system, and by assisting in the attraction and retention of competent
personnel; and
WHEREAS, the City of Orange has determined that the continuance of the
deferred compensation plan will serve these objectives; and
WHEREAS, amendments to the Internal Revenue Code have been enacted that
require changes to the structure of the deferred compensation plan.
NOW, THEREFORE BE IT RESOLVED by the City Council of the City of
Orange as follows:
1. That the City of Orange hereby amends and restates the deferred compensation
plan (the "Plan") in the form of the ICMA Retirement Corporation Deferred
Compensation Plan and Trust.
2. That the assets of the Plan shall be held in trust, with the Employer serving as
trustee, for the exclusive benefit of the Plan participants and their beneficiaries and the
assets shall not be diverted to any other purpose. The Trustee's beneficial ownership of
Plan assets held in the ICMA Retirement Trust shall be held for the further exclusive
benefit of the Plan participants and their beneficiaries;
3. That the Plan will not permit loans.
4. That the Employer hereby agrees to serve as trustee under the Plan.
ADOPTED this 27th day ofJanuary, 1998.
nne Coontz
ATTEST:
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Cassandra J. Cath
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 27th day of
January, 1998, by the following vote:
AYES: COUNCIL MEMBERS: MURPHY, SLATER, COONTZ, SPURGEON, ALVAREZ
NOES: COUNCIL MEMBERS: NONE
ABSENT: COUNCIL MEMBERS: NONE
ABSTAIN: COUNCILMEMBERS: NONE
dit~fOrange
Reso No. 8873 SSH:dg
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