HomeMy WebLinkAboutResolution 1984 - 0132 (REPEALED)RESOLUTION NO.84-132
APPROVING REVISED DEFERRED COMPENSATION PROGRAM
FOR’EMPLOYEES
A JOINT RESOLUTION OF THE BOARDS OF DIRECTORS
OF COUNTY SANITATION DISTRICTS NOS.1,2,3,
5,6,7,AND 11 OF ORANGE COUNTY,CALIFORNIA,
APPROVING REVISIONS TO THE DEFERRED COMPENSATION
PROGRAM FOR THE MANAGEMENT AND DEPARTMENT HEADS
OF THE DISTRICTS
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WHEREAS,the Districts,by Resolution No.81—166,adopted by
the Boards of Directors on October 14,1981,approved and adopted
a Deferred Compensation Plan;and,
WHEREAS,as a part of.the compensation program for certain
District employees,and in conjunction with the adopted Deferred
•Compensation Plan,the Districts have previously approved’certain
contributions to the.individual accounts of certain employees;
and,
WHEREAS,the Boards of Directors desire to revise the
program of District participation.
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 DETERMINE,RESOLVE AND ORDER:
Section 1:The Districts hereby approve a contribution of
Districts’funds of an annual sum equal to a maximum of three
(3%)percent of the gross annual salary of the General Manager,
Assistant General Manager and Department Heads (the “matching
funds contribution”),provided said employees voluntarily
withhold from their salary and contribute an equal sum to the
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Deferred Compensation Plan.
The Districts will further provide an additional
contribution of an annual sum equal to three (3%)percent of the
gross annual salary of the employees described herein,exclusive
of the “matching funds contribution”amount hereinabove
described,without requirements for any matching contribution by
the individual employees (the “non—matching funds contribution”).
The participating Management/Department Head employees shall
not be entitled to withdraw any “matching funds contributions”
deposited by the Districts to the individual employee’s
investment account under the Plan,except upon the death or
retirement of the individual employee,or until the employee has
completed three (3)years of employment and participation in the
Plan.Upon the occurrence of any of the above,all funds then on
deposit will be deemed vested for the benefit of the employee’s
account.
The participating Management/Department Head employees shall
not be entitled to withdraw any “non—matching funds
contributions”that have been deposited by the District to the
individual employee’s investment account under the Plan,during
the three (3)years immediately preceding termination of
employment,except upon the death or retirement of the employee.
Section Z:This program shall be for the benefit of the
Management/Department Head employees and shall be terminated only
by action of the Boards of Directors.
Section 3.:The General Manager and the Director of Finance
are hereby authorized to execute individual Deferred Compensation
Participation Agreements with each eligible employee,arid are
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further authorized to execute any and all documents relating to
investment and payment transactions relating to this Plan,
provided that such documents are approved as to form by the
Districts’General Counsel.
Section A~:The revisions provided for in this Resolution
shall become effective July 20,1984.
PASSED AND ADOPTED at a regular meeting of the Boards of
Directors held this 11th day of July,1984.
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STATE OF CALIFORNIA)
f )SS.
COUNTY OF ORANGE
I,RITA 3.BROWN,Secretary of the Boards of Directors of County
Sanitation Districts Nos.1,2,3,5,6,7 and 11 of Orange County,
California,do hereby certify that the foregoing Resolution No.84—132 was
passed and adopted at a regular meeting of said Boards on the 11th day of
July,1984,by the following vote,to wit:
AYES:Ruth Bailey,Oscar Brownell,Sam Cooper,Norman Culver,Richard
B.Edgar,Henry R.Frese,Don R.Griffin,Dan Griset,Robert
Hanson,Evelyn Hart,John Holmberg,Carol Kawanami,Robert
Mandic,James Neal,Arthur Newton,Chris Norby,Richard Olson,
Richard Partin,Bob Perry,Ruthelyn Plummer,Don Roth,Donald 3.
•
.
Saltarelli,David Sills,Charles E.Sylvia,JOhn Thomas,James
Wahner,Martha Weishaupt .
NOES:None
ABSENT:Don E.Smith,Roger Stanton,Henry Wedaa
IN WITNESS WHEREOF,Ihave 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 11th day of July,
1984.
Rita J.BrowN,Secretary
Boards of Directors,County
Sanitation Districts Nos.1,2,3,
5,6,7 and 11 of Orange County,
California