RES-8874 Amending Deferred Compensation Plan with Great Western BankRESOLUTION NO. 8874
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF ORANGE AMENDING A DEFERRED
COMPENSATION PLAN AND TRUST WITH GREAT
WESTERN BANK.
WHEREAS, the City of Orange has employees currently participating in a 457 deferred
compensation retirement savings plan administered by Great Western Bank; and
WHEREAS, the City of Orange wishes to adopt the FundSelect Specimen Plan and
Trust/Custodial Document which includes those statutory revisions made to Internal Revenue
Code Section 457 by the Small Business Job Protection Act of 1996; and
WHEREAS, Great Western Bank FundSelect Advisers are able to administer the
deferred compensation plan for the City of Orange in accordance with the terms of their
respective agreements.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Orange
as follows:
1. The City of Orange hereby establishes the deferred compensation plan and adopts the
457 Plan and Trust/Custodial Document.
2. The assets of the Plan shall be held in a Trust/Custodial Fund, with the City of Orange
or its designated officer appointed as and serving as trust/custodian, for the exclusive benefit of
the Plan participants and their beneficiaries, and the assets shall not be diverted for any other
purpose. The Employer's beneficial ownership of the Plan assets held in Great Western Bank
shall be held for the further exclusive benefit of the Plan participants and the beneficiaries.
3. The City of Orange or its designated officer is hereby authorized to execute all
necessary agreements with FundSelect Adviser, Inc. and Great Western Bank incidental to the
administration of the Plan, and shall do all things necessary and property to implement this
Resolution.
This Amended and Restated Plan and Trust/Custodial Document adopted by the City of
Orange hereby supersedes and replaces any prior plan.
ADOPTED this 27th day of January, 1998.
2;
r of the City of Orange, Joan
ATTEST:
tf7u-
A/~Cassandra J. Cathdalt, City Clerk of the 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 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 Cassandra J. Cathcart, . y Clerk of the City of
Orange Reso No. 8874
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