98-242RESOLUTION NO. 98R-2_6_2_
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF ANAHEIM AMENDING RESOLUTION NO. 75R-431,
WHICH ESTABLISHED A DEFERRED COMPENSATION
PLAN FOR FULL-TIME EMPLOYEES, TO ADDRESS
OPERATIONAL ISSUES AND ESTABLISH A TRUST
WHEREAS, the City Treasurer has recommended in a staff report dated November 3, 1998,
that resolution No. 75R-431 be amended in the manner herein set forth, effective January 1, 1999;
and
WHEREAS, as a result thereof, the need exists to amend Resolution No. 75R-431 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
the Plan be amended and restated. A copy of the Plan is attached as Exhibit "A".
BE IT FURTHER RESOLVED that the effective date of said amendment to Resolution No.
75R-431 is January 1, 1999.
AND BE IT FURTHER RESOLVED that, except as amended herein, Resolution 75R-431
shall remain in full force and effect.
THE FOREGOING RESOLUTION is approved and adopted by the City Council of the City
of Anaheim this 3rd day of November, 1998.
ATTES~3~
CITY CLE~ OF T~ CITY OF ~IM
APPROVED AS TO FORM:
ANAHEIM
EXHIBIT "A"
CITY OF ANAHEIM
DEFERRED COMPENSATION PLAN
ARTICLE I. NAME
The Employer hereby amends and restates the Employer's Deferred
Compensation Plan and Trust. The name of this plan is the City of Anaheim
Deferred Compensation Plan hereinafter referred to as the =Plan." The Plan
consists of the provisions set forth in this document. Except as otherwise
provided herein, this amendment and restatement of the Plan is effective
January 1, 1999.
ARTICLE II. PURPOSE
2.01 The primary purpose of this Plan is to provide retirement income and
other deferred benefits to the Employees of the Employer and the
Employees' Beneficiaries in accordance with the provisions of Section 457
of the Internal Revenue Code of 1986, as amended (the "Code").
2.02 This Plan shall be an agreement solely between the Employer and
participating Employees. The Plan and Trust forming a part hereof are
established and shall be maintained for the exclusive benefit of eligible
Employees and their Beneficiaries. No part of the corpus or income of the
Trust shall revert to the Employer or be used for or diverted to purposes
other than the exclusive benefit of Participants and their Beneficiaries.
2.03 The Employer does not and cannot represent or guarantee that any
particular federal and state income, payroll or other tax consequences will
occur by reason of an Employee's participation in this Plan. The Participant
should consult with his own attorney or other representative regarding all
tax or other consequences of participation in this Plan.
ARTICLE III. DEFINITIONS
For the purposes of this Plan, certain words or phrases used herein will have
the following meanings:
3.01 Account: The bookkeeping account maintained for each Participant
reflecting the cumulative amount of the Participant's Deferred
Compensation, including any income, gains, losses, or increases or
decreases in market value attributable to the investment of the Participant's
Deferred Compensation, and further reflecting any distributions to the
Participant or the Participant's Beneficiary and any fees or expenses
charged against such Participant's Deferred Compensation.