98-243RESOLUTION NO. 98R- 24q
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF ANAHEIM AMENDING RESOLUTION NO. 91R-173,
WHICH ESTABLISHED A DEFERRED COMPENSATION
PLAN FOR PART-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. 91R-173 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. 91R-173 which
established the City of Anaheim Deferred Compensation Plan (hereinafter called "Plan"), for part-
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 "B".
BE IT FURTHER RESOLVED that the effective date of said amendment to Resolution No.
91R-173 is January 1, 1999.
AND BE IT FURTHER RESOLVED that, except as amended herein, Resolution 91R-173
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.
~YO~ OF-~CITY~F ANAHEIM
PRO T~4~
CITY CLERK OF THE CITY OF ANAHEIM
CITy ATTORIfF THE CITY OF ANAHEIM
EXHIBIT "B"
CITY OF ANAHEIM
DEFERRED COMPENSATION PLAN
FOR EMPLOYEES NOT COVERED BY CALPERS
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 for Employees not Covered by CALPERS 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 l, 1999.
ARTICLE II. PURPOSE
2.01 The purpose of this Plan is to extend, to Eligible Employees of the Employer,
certain benefits which ordinarily accrue from participation in an "eligible Deferred
Compensation Plan" as that term is used in Section 457 of the Internal Revenue
Code of 1986 as amended. It is intended that Participants in this Plan be
considered members of a retirement system, within the meaning of Section
3121 (b)(7)(F) of the Internal Revenue Code of 1986, as amended.
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: