HomeMy WebLinkAboutOCSD 03-31RESOLUTION NO. OCSD 03-31
AMENDING DISTRICT'S EXECUTIVE MONEY PURCHASE
PENSION PLAN AND TRUST (SECOND AMENDMENT)
A RESOLUTION OF THE BOARD OF DIRECTORS OF ORANGE COUNTY
SANITATION DISTRICT APPROVING SECOND AMENDMENT TO THE
DISTRICT'S EXECUTIVE MONEY PURCHASE PENSION PLAN AND TRUST
WHEREAS, the Board of Directors of District, on October 28, 1998, approved an
Executive Money Purchase Pension Plan and Trust, as authorized by United States Internal
Revenue Code Section 401 (a); and
WHEREAS, the approved Plan made no provision for giving benefits and service credits
for military service; and
WHEREAS, District desires to amend its Plan to provide benefits and service credits for
military service by eligible employee participants.
NOW, THEREFORE, the Board of Directors of Orange County Sanitation District,
DOES HEREBY RESOLVE, DETERMINE AND ORDER:
Section 1: Section 10.5 of Article 10 of the District's Executive Money Purchase
Pension Plan and Trust is hereby added to read:
"Notwithstanding any provision of the Plan to the contrary, benefits and service
credits with respect to qualified military service shall be provided in accordance
with Code Section 414(u)."
Section 2: Section 2.6 of Article 2 of the District's Executive Money Purchase
Pension Plan is hereby added to read:
"Notwithstanding the foregoing, for Plan Years beginning after January 1, 2001,
Compensation paid or made available during such Plan Years shall include
elective amounts that are not includible in the gross income of the Employee by
reason of Section 132(f)(4) of the Code."
Section 3: Section 5.4 of Article 5 of the District's Executive Money Purchase
Pension Plan is hereby amended by deleting the second sentence thereof in its entirety.
PASSED AND ADOPTED at a regular meeting of the Board of \~Hre2tors h~Jd
December 17, 2003. · · ·, .1
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SECOND AMENDMENT TO
ORANGE COUNTY SANITATION DISTRICT
EXECUTIVE MONEY PURCHASE PENSION PLAN AND TRUST
This Second Amendment (the "Amendment") to the Orange County
'Sanitation District Executive Money Purchase Pension Plan and Trust (the
"Plan") is made this 1 J1h day of December, 2003, by the Orange County
Sanitation District (the "Employer''), the sponsoring employer of the Plan; and
WHEREAS, the Plan has been submitted to the Internal Revenue Service
pursuant to an application for a favorable determination letter as to the qualified
status of the Plan; and
WHEREAS, the IRS has issued a favorable determination letter covering
the Plan; and
WHEREAS, such determination letter is conditioned upon the adoption of
certain amendments to the Plan submitted to the IRS pursuant to the processing
of such determination letter application; and
WHEREAS, pursuant to the provisions of Section 9.1, the Board of
Directors of the Employer (the "Board") has the authority to amend the Plan
document; and
WHEREAS, the Board has voted, by adoption of Resolution No. OCSD
03-31, to adopt the amendments requested by the IRS.
The District's Executive Money Purchase Pension Plan and Trust is
amended as follows:
1. The following new Section 10.5 shall be added at the end of Article 10:
"Notwithstanding any provision of the Plan to the contrary, benefits and
service credits with respect to qualified military service shall be provided in
accordance with Code Section 414(u)."
2. The following language shall be added at the end of Section 2.6:
"Notwithstanding the foregoing, for Plan Years beginning after January 1,
2001, Compensation paid or made available during such Plan Years shall
include elective amounts that are not includible in the gross income of the
Employee by reason of Section 132(f)(4) of the Code."
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3. The second sentence of Section 5.4 shall be deleted in its entirety.
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PASSED AND ADOPTED at a regular meeting held December 'i7, 200·3·:
WS&S:TLW:pj:12/11/03:178061 2
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