97-214RESOLUTION NO. 97R- 214
A RESOLUTION OF THE CITY COUNCIL OF
THE CITY OF ANAHEIM AMENDING
RESOLUTION NO. 83R -233 WHICH
ESTABLISHED A DEFERRED COMPENSATION
PLAN FOR FULL TIME EMPLOYEES TO
INCORPORATE RECENTLY ENACTED
FEDERAL LAWS
WHEREAS, on June 7, 1983, the City of Anaheim approved
and adopted Resolution No. 83R -233, establishing a Deferred
Compensation Plan for its full time employees; and
WHEREAS, the City Treasurer has recommended in a staff
report dated November 18, 1997, that Resolution No. 83R -233 be
amended in the manner hereinafter set forth, effective December
1, 1997; and
WHEREAS, as a result thereof, the need exists to amend
Resolution No. 83R -233 which established the City of Anaheim
Deferred Compensation Plan, (hereinafter called "PLAN for full
time employees in compliance with Section 457 of the Internal
Revenue Code; and
WHEREAS, the City Council of the City of Anaheim does
find that the aforementioned amendment is in the best interest of
the City of Anaheim;
NOW, THEREFORE, BE IT RESOLVED by the City Council of
the City of Anaheim that Sections 5.2, 11.6, 11.7 and 11.8 of the
PLAN be amended to read as follows:
"5.2 Except as provided in Section 5.3, the maximum amount
of the compensation of any Participant which may be deferred
under the Plan shall not exceed the lesser of $7,500.00 in a
calendar year or such greater dollar amount adjusted for the
cost -of- living in accordance with Section 457 of the IRS Code for
calendar years beginning after December 31, 1996 or 33 1/3% of
the Participant's includible compensation for the calendar year."
"11.6 Inactive Accounts (De Minimis)
Effective on or after January 1, 1998, and notwithstanding
the foregoing, the Participant may elect to receive or the
Employer may distribute without the consent of the Participant,
the Participant's entire account if all the following conditions
are met:
(i) The value of a Participant's account does not exceed
$5,000,
24960.1 \mjohnson \November 13, 1997
(ii) No amount has been deferred under the Plan with respect
to the Participant during the 2 year period (24 months) prior to
the distribution, and
(iii) There has been no prior distribution under the Plan to
the Participant pursuant to this section."
"11.7 One Additional Deferral of Commencement Date
Effective on or after January 1, 1997, the Participant may
postpone the original deferred distribution date elected in
Section 11.1 to a later date, but not later than April 1 of the
calendar year following the calendar year the Participant attains
age 70 34, provided that:
(A) Such election is made prior to the deferred commencement
date elected in Section 11.1 and before distributions have
commenced; and
(B) The Participant may make only one (1) such election."
"11.8 Other Distribution: Notwithstanding any other
provisions of the Plan, the Employer may change the time or
methods of benefit payment pursuant this Plan."
BE IT FURTHER RESOLVED that the effective date of said
amendment to Resolution 83R -233 is December 1, 1997.
AND BE IT FURTHER RESOLVED that, except as amended herein,
Resolution 83R -233 shall remain in full force and effect.
THE FOREGOING RESOLUTION is approved and adopted by the City
Council of the City of Anaheim this 18th day of No mber, 1997.
ATTEST: p
CITY CLERK O THE CITY OF ANAHEIM
24960.1 \mjohnson \November 13, 1997
MAY O THE CITY OF
AMENDMENT
CITY OF ANAHEIM
DEFERRED COMPENSATION PLAN
SECTION 5. DEFERRAL OF COMPENSATION:
5.2 Except as provided in Sec
any Participant- which may -be defer -r-ed-under- the Plan- for.the taxable -year shall not exceed
the lesser of:
(A) $7,500.00 or
(-B) 33 --1 /3- percent- ofthe- Participant 's Includable -Gompensation -or such
taxable y ar.
5.2 Except as provided in Section 5.3, the maximum amount of the compensation of
any Participant which may be deferred under the Plan shall not exceed the lesser of
$7,500.00 in a calendar year or such greater dollar amount adjusted for the cost -of- living
in accordance with Section 457 of the IRS Code for calendar years beginning after
December 31, 1996 or 33 1/3% of the Participant's includible compensation for the
calendar year.
11.6 Inactive Accounts (De Minimis)
Effective on or after January 1, 1998, and notwithstanding the foregoing the Participant
may elect to receive or the Employer may distribute without the consent of the Participant,
the Participant's entire account if all the following conditions are met:
(i) The value of a Participant's account does not exceed $5 000
(ii) No amount has been deferred under the Plan with respect to the
Participant during the 2 year period (24 months) prior to the distribution,
and
(iii) There has been no prior distribution under the Plan to the Participant
pursuant to this section
11.7 One Additional Deferral of Commencement Date
Effective on or after January 1 1997 the Participant may postpone the original deferred
distribution date elected in Section 11.1 to a later date, but not later than April 1 of the
calendar year following the calendaryear the Participant attains age 70 1/2 provided that:
(A) Such election is made prior to the deferred commencement date elected in
Section 11.1 and before distributions have commenced; and
(B) The Participant may make only one (1) such election.
11.6 11.8 Other Distribution: Notwithstanding any other provisions of the Plan, the
Employer may change the time or methods of benefit payment pursuant this Plan
APPROVED AS TO FORM:
JACK i... WHITE, GENERAL COUNSEL
STATE OF CALIFORNIA
COUNTY OF ORANGE ss.
CITY OF ANAHEIM
I, LEONORA N. SOHL, City Clerk of the City of Anaheim, do hereby certify that the foregoing
Resolution No. 97R -214 was introduced and adopted at a regular meeting provided by law, of
the Anaheim City Council held on the 18th day of November, 1997, by the following vote of the
members thereof:
AYES: MAYOR /COUNCIL MEMBERS: McCracken, Tait, Zemel, Lopez, Daly
NOES: MAYOR /COUNCIL MEMBERS: None
ABSENT: MAYOR /COUNCIL MEMBERS: None
AND I FURTHER CERTIFY that the Mayor of the City of Anaheim signed said Resolution
No. 97R -214 on the 18th day of November, 1997.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal of the City
of Anaheim this 18th day of November, 1997.
(SEAL)
CITY CLERK OF THE CITY OF ANAHEIM
I, LEONORA N. SOHL, City Clerk of the City of Anaheim, do hereby certify that the foregoing
is the original of Resolution No. 97R -214 was duly passed and adopted by the City Council of
the City of Anaheim on November 18th, 1997.
xe•L
CITY CLERK OF THE CITY OF ANAHEIM