HomeMy WebLinkAboutCC RES 03-115RESOLUTION NO. 03-115
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
TUSTIN, CALIFORNIA, TO APPROVE AMENDMENTS TO
THE U.S. CONFERENCE OF MAYORS 457 DEFFERED
COMPENSATION PLAN DOCUMENTS
WHEREAS, the City's U.S. Conference of Mayors 457 Deferred Compensation
Plan permits amendments to the plan documents to include loans to participants and
domestic relations orders; and
WHEREAS, Nationwide Retirement Solutions Inc. acts as third party
administrator of the United States Conference of Mayors Deferred Compensation
program and administers the City's Deferred Compensation Plan; and
WHEREAS, regulations under Internal Revenue code section 457 provide that
eligible governmental 457 (b) plans may permit loans to participants; and
WHEREAS, this would allow participant to borrow money from their vested
account balance for general loans, including home loans; and
WHEREAS, the Domestic Relation Orders amendment will provide for a means
of separating the vested account balance according to a valid domestic relations order
when divorce occurs;
NOW, THEREFORE, The City Council of the City of Tustin, California does
hereby resolve as follows:
The City Council hereby adopts the amendments to the U.S. Conference of
Mayors Deferred Compensation plan document to include loans to participants and
domestic relations orders.
Nationwide Retirement Solutions, Inc. is authorized to act as the third party
administrator for the deferred compensation plan.
The City Manager, or his designee, is authorized to act as the "Plan Sponsor"
representing the City, and to execute such agreements and contracts as are necessary
to implement the amendments to the plan documents.
Passed and adopted at a regular meeting of the Tustin City Council held on the
6th day of October 2003.
City Clerk
Resolution No. 03-115
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STATE OF CALIFORNIA )
COUNTY OF ORANGE )
CITY OF TUSTIN )
SS
PAMELA STOKER, City Clerk and ex-officio Clerk of the City Council of the City of Tustin,
California, does hereby certify that the whole number of the members of the City Council of the
City of Tustin is 5; that the above and foregoing Resolution No. 03-115 was duly and regularly
introduced, passed, and adopted at a regular meeting of the Tustin City Council, held on the
6th day of October, 2003.
COUNCILMEMBER AYES:
COUNCILMEMBER NOES:
COUNCILMEMBER ABSTAINED:
COUNCILMEMBER ABSENT:
Worley, Kawashima, Bone, Davert, Thomas (5)
None (0)
None
None (0)
City Clerk
Resolution No. 03-115
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