HomeMy WebLinkAbout13-14 - Deferred Compensation Plan for Public EmployeesRESOLUTION NO. 13-14
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF COSTA MESA,
CALIFORNIA, ADOPTING THE AMENDED AND RESTATED CITY OF COSTA
MESA DEFERRED COMPENSATION PLAN FOR PUBLIC EMPLOYEES
SECTION 457 GOVERNMENTAL PLAN AND TRUST TO COMPLY WITH FINAL
INTERNAL REVENUE SERVICES (IRS) REGULATIONS, INCORPORATING
APPLICABLE PROVISIONS OF THE PENSION PROTECTION ACT OF 2006
(PPA), THE HEROES EARNINGS ASSISTANCE ACT OF 2008 (HEART), THE
WORKER, RETIREE AND THE EMPLOYER RECOVERY ACT OF 2008
(WRERA), AND OTHER PERTINENT IRS RULING AND RELATED
LEGISLATION, AND A RESOLUTION TO ESTABLISH A TRUST, WITH THE
ADMINISTRATIVE COMMITTEE SERVING AS TRUSTEE, FOR THE
PURPOSES OF HOLDING PLAN ASSETS FOR THE EXCLUSIVE BENEFITS
OF PLAN PARTICIPANTS AND BENEFICIARIES
THE CITY COUNCIL OF THE CITY OF COSTA MESA DOES HEREBY RESOLVE AS
FOLLOWS:
WHEREAS, the City maintains a deferred compensation plan available to City
employees which qualify under Section 457 of the Internal Revenue Code; and
WHEREAS, the IRS has issued amendments to its regulations incorporating the
requirements and provisions of PPA, HEART, and WRERA, and other pertinent IRS rulings and
related legislation; and
WHEREAS, City staff, with consultation with outside consultants, has prepared an
amended and restated Plan Document consistent with final 457(b) regulations, subsequent IRS
guidance, proposed regulations, and other pertinent legislations including the establishment of
a Trust, attached hereto as Attachment 1.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Costa Mesa
has adopted and approved the amended and restated City of Costa Mesa Deferred
Compensation Plan for Public Employees Section 457 Governmental Plan and Trust, attached
hereto as Attachment 1. The City Clerk shall certify to the passage and adoption of this
resolution, and it shall be thereupon be in full force and effect.
BE IT FURTHER RESOLVED that the amended and restated City of Costa Mesa
Deferred Compensation Plan for Public Employees Section 457 Governmental Plan and Trust
(Attachment 1) is effective retroactively to January 1, 2011.
BE IT FURTHER RESOLVED that the assets of the Plan shall be held in trust, with the
City of Costa Mesa, as employer, appointing the Administrative Committee to serve as trustee
Resolution No. 13-14 Page 1 of 2
('Trustee"), for the exclusive benefit of Plan participants and their beneficiaries, and assets
shall not be diverted to any other purpose.
BE IT FURTHER RESOLVED that the City of Costa, as employer, hereby appoints the
Administrative Committee as Trustee under the Plan.
PASSED AND ADOPTED this 7th day of May, 2013.
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) ss
CITY OF COSTA MESA )
I, BRENDA GREEN, City Clerk of the City of Costa Mesa, DO HEREBY
CERTIFY that the above and foregoing is the original of Resolution No. 13-13 and was
duly passed and adopted by the City Council of the City of Costa Mesa at a regular
meeting held on the 7 h day of May, 2013, by the following roll call vote, to wit:
AYES: COUNCIL MEMBERS: Genis, Leece, Mensinger, Monahan, Righeimer
NOES: COUNCIL MEMBERS: None
ABSENT: COUNCIL MEMBERS:None
IN WITNESS WHEREOF, I have hereby set my hand and affixed the seal of the
City of Costa Mesa this 8th day of May, 2013.
.P�..�r& Ohr.. SE:e
BRENDA GREEN CITY CLERK
Resolution No. 13-14 Page 2 of 2