HomeMy WebLinkAboutCC RES 05-102
RESOLUTION NO. 05-102
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
TUSTIN, CALIFORNIA, TO ADOPT REVISED 457
GOVERNMENTAL PLAN DOCUMENTS WITH GREAT
WEST RETIREMENT SERVICES
WHEREAS, the City's Great West Retirement Services 457(b) Deferred
Compensation Plan permits amendments to the plan documents to include compliance
with valid domestic relations orders; and
WHEREAS, Great West Retirement Services acts as third party administrator of
the Great West Retirement Services Deferred Compensation program and administers
one of the City's Deferred Compensation Plans; and
WHEREAS, the final regulations of the Internal Revenue Code require the City to
restate and/or amend its plan documents no later than December 31, 2005 to comply
with the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA); and
WHEREAS, adoption of this Resolution will enable plan compliance with
EGTRRA; and
WHEREAS, the Domestic Relation Orders amendment contained in the restated
plan documents 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 Great West Retirement
Services Deferred Compensation plan documents to comply with EGTRRA and allow
compliance with valid domestic relations orders.
Great West Retirement Services is authorized to act as the third party
administrator for this 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 City Council of the City of
Tustin on the 19th day of September, 2005.
Resolution No. 05-102
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LOU BONE
MAYOR
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PAMELA STOKER
CITY CLERK
STATE OF CALIFORNIA)
COUNTY OF ORANGE) SS
CITY OF TUSTIN )
I, Pamela Stoker, City Clerk and ex-officio Clerk of the City Council of the City of Tustin,
California, do hereby certify that the whole number of the members of the City Council of
the City of Tustin is five; that the above and foregoing Resolution No. 05-102 was duly
passed and adopted at a regular meeting of the Tustin City Council, held on the 19th day
of September, 2005, by the following vote:
COUNCILMEMBER AYES:
COUNCILMEMBER NOES:
COUNCILMEMBER ABSTAINED:
COUNCILMEMBER ABSENT:
BONE, DAVERT, AMANTE, HAGEN, KAWASHIMA
NONE
NONE
NONE
(5)
(0)
(0)
(0)
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PAMELA STOKER
CITY CLERK
Resolution No. 05-102
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