RES-9665 ICMA Retirement Corporation Deferred Compensation Plan and TrustRESOLUTION NO. 9665
A RESOLUTION OF TilE CITY COUNCIL OF THE
CITY OF ORANGE AMENDING AND RESTATING
A DEFERRED COMPENSATION PLAN IN THE
FORM OF THE ICMA RETIREMENT
CORPORATION DEFERRED COMPENSATION
PLAN AND TRUST.
WHEREAS, the City of Orange (the City) is a municipal corporation which exercises
govemmental functions and powers, and is organized and existing under the laws of the State of
California; and
WHEREAS, the City has employees rendering valuable services; and
WHEREAS, the City 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 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, and allow enhancem,:nts, of the benefits of the deferred
compensation plan; and
WHEREAS, this City Council desires to amend and restate the deferred
compensation plan for the purpose of incorporating therein the aforementioned amendments
to the Internal Revenue Code.
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. That the deferred compensation plan is hereby amended and restated in
the fomL of the ICMA Retirement Corporation Deferred Compensation Plan and Trust on file
with th,: City Clerk (the Plan), which Plan shall become effective as of the first day of
January, 2002.
Section 3. That the assets of the Plan shall be held in trust, with the City serving
as trustee (Trustee), for the exclusive benefit of 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 Vantage Trust shall be held for the further exclusive benefit of the Plan
particip.mts and their beneficiaries.
Section 4.That the City hereby agrees to serve as Trustee under the Plan.
Section 5. 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 custodial agreements, trusts, certificates, agreements and other
documents, which she may deem necessary or advisable in order to administer the Plan in
accordance with this Resolution.
ADOPTED this nnd day of October, 2002.
J1t.l~/!~.
ATTEST:
G,~~
Cassandra J. Cat , City Clerk, 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 22nd day of
October, 2002 by the following vote:
AYES: COUNCILMEMBERS:
NOES: COUNCILMEMBERS:
ABSENT: COUNCILMEMBERS:
ABSTAIN: COUNCILMEMBERS:
ALVAREZ, MURPHY, CAVECCHE
NONE
SLATER, COONTZ
NONE
CAfAA~
Cassandra J. Cathca ,City Clerk, City of Orange
Resa. Na. 9665 2 TJR