HomeMy WebLinkAboutCC RES 02-051RESOLUTION NO. 02-51
A RESOLUTON OF THE CITY COUNCIL OF THE CITY OF TUSTIN, CALIFORNIA,
ESTABLISHING A DEFERRED COMPENSATION PLAN FOR PART-TIME AND OTHER
TEMPORARY, SEASONAL AND INTERMITTENT EMPLOYEES
WHEREAS, the City has established a Deferred Compensation Plan to be made available
to eligible part-time other temporary, seasonal and/or intermittent employees pursuant to
Federal legislation permitting such Plans; and
WHEREAS, the City recognizes that adoption of a Deferred Compensation Plan will allow
City to satisfy its obligations under the Omnibus Budget Reconciliation Act of 1990; and
WHEREAS, certain tax benefits could accrue to those participants contributing at least the
minimum required amount from their current income in said Deferred Compensation Plan to
meet their future financial requirement and/or supplement their Social Security benefits; and
WHEREAS, The U.S. Conference of Mayors (USCM) has established a master
prototype deferred compensation program for cities and political subdivisions permitting its
member cities and their employees to participate in this program; and
WHEREAS, U.S. Conference of Mayors, as Plan Administrator, agrees to hold
harmless and indemnify the City, its appointed and elected officers and participants from any
loss from USCM or PEBSCO's failure to perform its duties and services pursuant to the USCM
Program;
NOW, THEREFORE, The City Council of the City of Tustin, California does hereby resolve
as follows:
The City Council hereby adopts the U. S. Conference of Mayors Deferred Compensation
Program and it attendant investment options and hereby establishes the City of Tustin Deferred
Compensation Plan for the participation of all eligible pad-time and other temporary, seasonal,
and/or intermittent employees.
The City Manager, or his designee, is hereby authorized to execute for the City,
individual Acknowledgement Cards with each said employee and to act as the "Administrator" of
the Plan representing the City, and to execute such agreements and contracts as are
necessary to implement the Program. It is implicitly understood that in addition to the incidental
expenses of collection and disbursing the employee's deferral and other minor administrative
matters, there shall be a cost to the City for the Program in an annual amount per participant as
specified in certain other agreements.
Passed and adopted at a regular meeting of the Tustin City Council on the 20th
day of May, 2002. J~ ,M/THOMAS, MAYOR
ATTEST:
CI-~"¢CLERK
C:\WlNDOWS\Temporary Intemet Files\OLK185\Reso OBRA Plan. DOC
City of Tustin
RESOLUTION CERTIFICATION
STATE OF CALIFORNIA )
COUNTY OF ORANGE )SS
CITY OF TUSTIN )
RESOLUTION NO. 02-51
I, PAMELA STOKER, City Clerk and ex-officio Clerk of the City Council of the City of
Tustin, California, hereby certifies that the whole number of the members of the City
Council of the City of Tustin is five; and that the above and foregoing Resolution No. 02-
51 was adopted at a regular meeting of the City Council held on the 20th day of May,
2002, by the following vote:
COUNCILMEMBER AYES: Thomas, Worley, Bone, Doyle, Kawashima
COUNCILMEMBER NOES: None
COUNCILMEMBER ABSTAINED: None
COUNCILMEMBER ABSENT: None
Pamela Stoker, City Clerk