RES-9048 Amending the Part Time Employee 457 Deferred Compensation PlanRESOLUTION NO. 9048
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF ORANGE AMENDING THE PART TIME
EMPLOYEE ~457 DEFERRED COMPENSATION
PLAN.
WHEREAS, the City of Orange has part time employees currently participating in a
9457 deferred compensation retirement savings plan with record keeping and investment
options offered by Great West Life & Annuity Insurance Company; and
WHEREAS, the City of Orange wishes to amend and restate the plan by adopting
the model 9457 plan provided by Great West Life & Annuity Insurance Company which
includes those statutory revisions made to Internal Revenue Code Section 457 by the Small
Business Job Protection Act of 1996; and
WHEREAS, Great West Life & Annuity Insurance Company is able to perform the
record keeping services for, and provide investment options to, the deferred compensation
plan for the City of Orange in accordance with the terms of their respective agreements.
NOW, THEREFORE, BE IT RESOL YED by the City Council of the City of
Orange as follows:
I. The City of Orange hereby establishes the deferred compensation plan
and adopts the 9457 model plan drafted by Great West Life & Annuity Insurance
Company, hereafter referred to as the "Plan".
2. The assets of the Plan shall be held in an annuity contract, with the City
of Orange or its designated officer appointed as and serving as trustee, 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 the annuity contract issued by Great West Life & Annuity
Insurance Company shall be held for the 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 Great West Life & Annuity Insurance
Company incidental to the administration of the Plan, and shall do all things
necessary and property to implement this Resolution.
This Amended and Restated Plan adopted by the City of Orange hereby supersedes
and replaces any prior plan.
ADOPTED this 8th day of December, 1998.
fOrange
ATTEST:
CUa4A-LJ--V&
Cddt/Ad Cassandra J. Cathc , 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 8th
day of December, 1998, by the
following vote:AYES:COUNCILMEMBERS: MURPHY, SLATER,
COONTZ,
SPURGEON,ALVAREZ NOES:
COUNCILMEMBERS: NONE ABSENT:
COUNCILMEMBERS: NONE ABSTAIN:
COUNCILMEMBERS:
NONE i4~~~Cassandra J. Ca , City Clerk of the City
of Orange Reso No. 9048 2-DAD: