RES-7846 Authorizing Development of Alternative Retirement Benefit PlanRESOLUTION NO. 7846
A RESOLUTION OF THE CITY COUNCIL OF
THE CITY OF ORANGE AUTHORIZING THE
CITY MANAGER OR HIS DESIGNEE TO
DEVELOP AND IMPLEMENT AN
ALTERNATIVE RETIREMENT BENEFIT PLAN
FOR PART-TIME EMPLOYEES IN LIEU
OF SOCIAL SECURITY AS REQUIRED BY
THE OMNIBUS RECONCILIATION ACT OF
1990.WHEREAS, it is determined to be in the best interest
of the city of Orange to pursue the development of
an alternative qualifying retirement plan for
part-time,temporary, and seasonal employees, thereby
meeting the requirements of section 11332 of the
Omnibus Reconciliation Act of 1990 and Section 3121(b) (7) (F) of
the Internal Revenue
Code; and WHEREAS, the development and implementation
of an alternate retirement plan would provide more
flexibility to the City in the administration of benefits
for said employees and still provide the minimum level
of benefit
contribution; and WHEREAS, it is the intent of the city council
of the City of Orange to adopt such a qualifying retirement
plan as an alternative system to Social Security to
employees not covered under a qualifying
plan; and WHEREAS, final regulations regarding
the formulation,qualification, and implementation of such plans
have not been issued and the Personnel Department has
consulted with other City department managers to
determine contribution levels and identify possible alternative
retirement plans.NOW, THEREFORE, BE IT RESOLVED, that the
city Council of the City of Orange does hereby authorize the
City Manager or his designee to develop and implement
an alternate retirement benefit plan pursuant to the
final regulations for Sec. 3121(b)(7)(F) of the Internal Revenue
Code when issued by the Internal Revenue Service
for part-time employees in lieu of social security and
set the benefit contribution at level at 7.5%, comprised of
3.75% employee contribution and 3.
ADOPTED this 25th day of June 1991.
Attest:
A'~~~~~
ci y Clerk th l.Wof 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 25th day of June,
1991 by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
COUNCIL MEMBERS: BARRERA, MAYOR BEYER, COONTZ, SPURGEON
COUNCIL MEMBERS: NONE
COUNCIL MEMBERS: STEINER
COUNCIL MEMBERS: NONE
A'--:~ ~ 0:~4/kh7C1.
ty Clerk t C~y of Orange RESO.
NO. 7846