HomeMy WebLinkAboutResolution 1983 - 0188 (REPEALED)RESOLUTION NO.83-188
APPROVING AMENDMENT NO.1 TO REVISED DEFERRED
COMPENSATION PLAN FOR OFFICERS AND EMPLOYEES
A JOINT RESOLUTION OF THE BOARDS OF DIRECTORS OF
COUNTY SANITATION DISTRICTS NOS.1,2,3,5,6,7
AND II OF ORANGE COUNTY,CALIFORNIA,APPROVING
AMENDMENT NO •1 TO REVISED DEFERRED COMPENSATION PLAN
FOR THE OFFICERS AND EMPLOYEES OF THE DISTRICT,AND
AMENDING RESOLUTION NO.81-166
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WHEREAS,by Resolution No.79—176 adopted by the Boards of Directors on
December 12,1979,the Districts approved and adopted a revised Deferred
Compensation Plan;and,
WHEREAS,the Boards of Directors have,from time to time,revised said
Plan;and,
WHEREAS,certain changes in the federal law and regulations pertaining to
~eferred compensation plans adopted and administered by public agencies have
been enacted subsequent to the adoption of said Plan which require further
revisions;and,
WHEREAS,the Boards of Directors desire to amend the Districts’Deferred
Compensation Plan to comply with such new federal law and regulations.
NOW,THEREFORE,the Boards of Directors of County Sanitation Districts
Nos.1,2,3,5,6,7 and 11 of Orange County,California,
DO HEREBY RESOLVE,DETERMINE AND ORDER:
Section 1 That the Deferred Compensation Plan of the County Sanitation
Districts of Orange County,California,adopted by Resolution No.79—176,as
amended,is hereby further amended.A copy of said Amendment No.1 is attached
hereto,marked Exhibit “A”,and incorporated in this resolution hereat by
reference as though set forth at length.
Section 2 That Amendment No.1 adopted hereby shall become effective upon
adoption of this resolution and shall remain in effect until amended or
terminated by resolution of the Boards of Directors.
PASSED AND ADOPTED at a regular meeting held December 14,1983.
STATE OF CALIFORNIA)
SS.
OUNTY OF ORANGE
I,WILLIAM H.BUTLER,Secretary of the Boards of Directors of County
Sanitation Districts Nos.1,2,3,5,6,7 and II of Orange County,
California,do hereby certify that the foregoing Resolution No.83—188 was
passed and adopted at a regular meeting of said Boards on the 14th day of
December,1983,by the following vote,to wit:
AYES:Ruth Bailey,Barbara Brown,Sam Cooper,Norman Culver,Richard
Edgar,Bruce Finlayson,Henry Frese,Victor Grgas,Don Griffin,
Dan Griset,Robert Hanson,Donald A.Holt,Jr.,Elvin Hutchison,
Carol Kawanami,Frank Marshott,Philip Maurer,Gerald Mullen,
Carrey Nelson,Ron Pattinson,Bob Perry,Ruthelyn Plummer,Don
Roth,Donald J.Saltarelli,Don Smith,Charles E.Sylvia,John A.
Thomas,Bill Vardoulis,James Wahner,Henry Wedaa,Dorothy Wedel,
Harriett Wieder,Duane Winters
NOES:None
ABSENT:None
IN WITNESS WHEREOF,I have hereunto set my hand and affixed the official
seal of County Sanitation District No.1 on behalf of itself and Districts
Nos.2,3,5,6,7 and 11 of Orange County,California,this 14th day of
December,1983.
William H.Butler,Secretary
Boards of Directors,County
Sanitation Districts Nos.1,2,3,
5,6,7 and II of Orange County,
California
EXHIBIT “A”
AMENDMENT NO.1 TO THE
COUNTY SANITATION DISTRICTS OF
ORANGE COUNTY,CALIFORNIA
REViSED~DEFERRED COMPENSATION PLAN
Section 1 Section 11 of the Deferred Compensation Plan
is hereby amended to read as follows:
“The payment of amounts deferred shall commence
not later than the later of:
(a)sixty (60)days after the c1os~of the
Plan ~year in which the Participant or former
Participant attains (or would have attained)
Ordinary Retirement Age;or
(b)sixty (60)days after the close of the
Plan year in which the Participant separates
from service.”
Section 2 Section 13 is hereby amended to read as follows:
“Section 13:Nonassignability Clause.It
is agreed that neither the Participant nor
his beneficiary,nor any other designees,
shall have any right to commute,sell,assign,
transfer,or otherwise convey the right to re
ceive any payments hereunder,which payments
and right thereto are expressly declared to be
non-assignable and non-transferrable;and in
the event of any attempted assignment or trans
fer,the Employer shall have no further lia
bility hereunder,nor shall any payments be
subject to attachment,garnishment or execution,
or be transferrable by operation of law in the
event of bankruptcy or insolvency,except to
the extent otherwise provided by law,notwith
standing the above clause;provided,however,
that amounts deferred by a former Participant
may be transferred to another eligible State
deferred compensation plan (as defined in
Internal Revenue Service Regulations)of which
the former Participant has become a participant
if the following conditions are met:
(1)The plan to which the former Participant
wishes to transfer amounts deferred is located
within the State of California;
(2)The plan receiving such amounts provides
for the acceptance of such amounts;
(3)The employer accepting the transfer funds
gives written notice of its agreement to accept
such transfer and assumes liability therefor;and
(4)Participant provides a written release
to Employer releasing Employer from any claim or
liability under the Plan after the date such
transfer funds occurs.
If a Participant separates from service in order
to accept employment with another suc~entity,
payout of benefits will not commence upon separa
tion of service,notwithstanding any other pro
vision of this Plan,and amounts previously
deferred will automatically be transferred.”
Section 3 Section 10.5 is hereby added to the Deferred
Compen~ation Plan,to read as follows:
“Section 10.5.Limitation on Options.No
payout option may be selected by the Participant
under this Section 10 unless the present value
of the payments to the Participant determined
as of the date benefits payments commence (as
determined by use of the expected return multiples
in Section 1.72—9 of the Federal Income Tax
Regulations)exceeds 50 percent of the value of
the Participant’s book account as of the date
benefit payments commence.”
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