HomeMy WebLinkAboutOCSD 99-17RESOLUTION NO.OCSD 99-17
AMENDING DISTRICT’S EXECUTIVE MONEY PURCHASE PENSION
PLAN AND TRUST
A RESOLUTION OF THE BOARD OF DIRECTORS OF ORANGE
COUNTY SANITATION DISTRICT AMENDING THE DISTRICT’S
EXECUTIVE MONEY PURCHASE PENSION PLAN AND TRUST
WHEREAS,the Board of Directors of District,on October 29,1998,
adopted an Executive Money Purchase Pension Plan and Trust,as authorized by
United States Internal Revenue Code Section 401(a);and
WHEREAS,Article 4,Section 4.1 of said Plan provides for the District,as
Employer,to contribute a fixed percentage of the Participating Employee’s
compensation to the Plan;and
WHEREAS,District desires to change the percentage of its contribution
for the current Plan Year.
NOW,THEREFORE,the Board of Directors of Orange County Sanitation
District,
DOES HEREBY RESOLVE,DETERMINE AND ORDER:
Section 1 Section 4.1 of Article 4 of the District’s Executive Money
Purchase Pension Plan and Trust is hereby amended to read:
“4.1 Employer Contributions —The Employer shall contribute 21.2%of
the Participant’s Compensation for the Plan Year to the Plan.For this
purpose,‘Compensation’shall mean ‘Compensation’as defined in
Section 2.6 hereof,provided,however,any elective deferrals (as defined
in Section 402(g)(3)of the Code),or amounts which are not includible in
the gross income of the Employee by reason of Section 125 or 457 of the
Code shall not be included in Compensation.Employer contributions
shall be paid to the Trustee following the end of the Plan Year for which
the contributions are made.”
PASSED AND ADOPTED at a regular meeting held September 22,1999.
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