HomeMy WebLinkAboutResolution 1987 - 0113 (REPEALED)RESOLUTION NO..87-113
APPROVING REVISED DEFERRED COMPENSATION PROGRAM
FOR MANAGEMENT AND DEPARTMENT HEADS
A JOINT RESOLUTION OF THE BOARDS OF DIRECTORS OF
COUNTY SANITATION DISTRICTS NOS.1,2,3,5,6,
7,11,13 AND 14 OF ORANGE COUNTY,CALIFORNIA,
APPROVING REVISIONS TO THE DEFERRED COMPENSATION
PROGRAM FOR THE MANAGEMENT AND DEPARTMENT HEADS
OF THE DISTRICTS AND REPEALING RESOLUTION NO.
84—132
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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.1,2,3,5,6,7,11,13 and 14 of Orange County,
Cal if ornia,
DO HEREBY DETERMINE,RESOLVE AND ORDER:
~ç~ion ~:The Districts hereby approve a contribution of
Districts’funds to the individual deferred compensation accounts
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
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and contribute an equal sum to the Deferred Compensation Plan.
The Districts will further provide an additional
contribution to the individual deferred compensation accounts 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”).
In the event the total sum contributed to the individual
employee accounts comprised of the three (3%)percent non—
matching contributions and the three (3%)percent matching
contributions from the Districts,and the three (3%)percent
matching contribution from the employee,exceeds the maximum
permissible dollar amount of deferred compensation,as prescribed
by the Internal Revenue Code or Internal Revenue Service
Regulations,the Districts shall continue to provide three (3%)
percent matching contributions,and the employee shall only be
required to contribute such matching contribution sum as will
provide a total of all contributions that will equal the maximum
allowed by law.
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
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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 Districts 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 a: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,and are
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
District’s General Counsel.
Section £:The revisions provided for in this Resolution
shall become effective August 1,1987.
Section ~:Resolution No.84—132 is hereby repealed.
PASSED AND ADOPTED at a regular meeting of the Boards of
Directors held this 12th day of August,1987.
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V
•STATE OF CALIFORNIA)
SS.
COUNTY OF ORANGE
I,RITA J.BRCWN,Secretary of the Boards of Directors of County
Sanitation Districts Nos.1,2,3,5,6,7,11,13 and 14 of Orange County,
California,do hereby certify that the foregoing Resolution No.87-113 was
passed and adopted at a regular meeting of said Boards on the 8th day of
August,1987,by the following vote,to wit:
AYES:Ben Bay,Roland E.Bigonger,A.B.“Buck”Catlin,John
C.Cox,Jr.,Norman E.Culver,Richard B.Edgar,Harry
S.Green,Don R.Griffin,Dan Griset,Robert Hanson,Evelyn
Hart,Larry Herman,Ronald B.Hoes terey,John Kanel,Jack
Kelly,Ursula E.Kennedy,William D.Mahoney,Philip Maurer,
Tan Mays,Sally Anne Miller,J.Todd Murphy,James Neal,Carrey
J.Nelson,Bob Perry,Don R.Roth,JR.“Bob”Siefen,Don
E.Smith,Roger R.Stanton,John H.Sutton,Charles Sylvia,
Martha Weishaupt,Edna Wilson
NOES:None
ABSENT:Arthur G.Newton,Wayne Silzel,Peer A.Swan
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.2,3,5,6,7,11,13 and 14 of Orange County,California,this 12th day
of August,1987.
Rita J.Brc~n,Secretary
Boards of Directors,County
Sanitation Districts Nos.1,2,3,5,
6,7,11,13 and 14 of Orange County,
Calif ornia