HomeMy WebLinkAboutAgenda Statement 1983/11/15 Item 7 COUNCIL AGENDA STATEMENT
Item 7
,/ Meeting Date 11/15/83
ITEM TITLE: Resolution ///7= Amending Article V and VI of the City of
Chula Vista Deferred Compensation Plan
SUBMITTED BY: Director of Finance 4,V`4 mp (4/5ths Vote: Yes X No )
REVIEWED BY: City Manager/
Amendments can be made to the City's Deferred Compensation Plan with Great
Western Savings & Loan with Council approval.
RECOMMENDATION: That the City Council amend Article V and VI of the City of
Chula Vista's Deferred Compensation Plan opening up the enrollment period for
all eligible employees.
BOARDS/COMMISSIONS RECOMMENDATION: Not applicable.
DISCUSSION:
On July 28, 1981, by Resolution No. 10585, the City Council changed the
enrollment date for our Deferred Compensation Plan from January to July each
year. This was done to permit a participant in the Plan to defer a portion of
his income based on salary adjustments granted in July, instead of having to
wait until the following January.
Salary negotiations for fiscal year 1983-84 were not completed until after the
July enrollment period. Unless our Plan is amended, employees wishing to make
changes would have to wait until July 1984. The proposed amendment would
permit changes throughout the year effective the first pay period beginning in
the month subsequent to the month of request. This means that employees this
year can request a change during the month of November 1983 and it will become
effective beginning the first period in December 1983.
FISCAL IMPACT: Not applicable.
WPC 0145G
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