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RES-10087 Restating Public PartTime Employees' Deferred Compensation PlanRESOLUTION NO. 10087 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ORANGE AMENDING AND RESTATING A DEFERRED COMPENSATION PLAN FOR ITS PART-TIME PUBLIC EMPLOYEES BY ACCEPTING AND ADOPTING THE SECTION 457(b) ELIGIBLE DEFERRED COMPENSATION PLAN FOR GOVERNMENTAL EMPLOYERS TO BE PROVIDED BY GREAT- WEST RETIREMENT SERVICES WHEREAS, 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, the City has previously established a Deferred Compensation Plan, as defined by Internal Revenue Code (IRC) Section 457, applicable to each qualified City employee or elected or appointed official who has elected to participate therein (the Prior Plan); and WHEREAS, the Prior Plan was most recently amended and restated by the City Council on October 22, 2002 to incorporate the provisions of the Economic Growth and Tax Relief Reconciliation Act of2001 (the Act); and WHEREAS, following the most recent amendment and restatement of the Prior Plan, the Internal Revenue Service (IRS) issued model amendments incorporating the provisions of the Act, final IRC regulations and other pertinent IRS rulings and related legislation; and WHEREAS, the Prior Plan is being provided to the City by Great-West Retirement Services (Great-West); and WHEREAS, Great-West has recommended modifications to the Prior Plan consistent with the final IRC regulations, the model amendments, subsequent IRS guidance, proposed IRC regulations and other pertinent legislation; and WHEREAS, this City Council desires to amend and restate the Prior Plan for the purpose of incorporating therein the aforementioned recommended modifications.NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Orange as follows:Section 1.The foregoing recitals are true and correct.Section 2. The Prior Plan is hereby amended and restated in the form of the Section 457(b) Eligible Deferred Compensation Plan for Governmental Employees attached hereto (the Plan), which Plan is accordingly hereby accepted and adopted and shall become effective as to each City employee or elected or appointed official who has elected to participate therein on and after the effective date of the Plan; Section 3. The assets of the Plan shall be held in a Trust Fund with a bank, trust company, financial institution or other legally authorized entity appointed by the City or its Director of Finance to have custody of Plan assets for the exclusive benefit of the Plan participants and their beneficiaries, and the assets shall not be diverted to any other purpose. Section 4. All actions heretofore taken by the officers and agents of the City with respect to the administration of the Plan are hereby approved, confirmed and ratified, with such additions thereto or changes therein as are approved by the Director of Finance of the City upon consultation with the City Attorney. 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 adoption agreements, custodial agreements, trusts, certificates, agreements and other documents, which he may deem necessary or advisable in order to administer the Plan in accordance with this Resolution. ADOPTED this 13th day of June, 2006. ATTEST: t ~ Ma~~ity Clerk, ~range I, MARY E. MURPHY, City Clerk of the City of Orange, California, do 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 day of June, 2006, by the following vote: AYES: NOES: ABSENT: ABSTAIN: COUNCILMEMBERS: Smith, Murphy, Cavecche, Dumitru COUNCILMEMBERS: None COUNCILMEMBERS: None COUNCILMEMBERS: None Mary E.~ty Clerk, C' 2