HomeMy WebLinkAboutReso 2003-063RESOLUTION NO. 2003-063
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CHULA VISTA AMENDING THE 401(A) DEFERRED
COMPENSATION PLAN AND AUTHORIZING THE
DIRECTOR OF FINANCE TO EXECUTE THE AMENDED
PLAN ADOPTION AGREEMENT WITH THE PLAN
ADMINISTRATOR
WHEREAS, the City Council approved a deferred compensation plan pursuant to
Internal Revenue Code Section 401(a) for Executive and Senior Management employees
effective January, 2002; and
WHEREAS, the Council recently approved an enhancement to the plan by increasing the
annual City contribution to the plan on behalf of the City Manager from 100% to 200% of the
maximum dollar amount allowed under Internal Revenue Code Section 47(b)(2)(A) as adjusted
for cost of living adjustments described in Internal Revenue Code Section 457(e)(15); and
WHEREAS, staff is recommending that the plan be amended to implement changes in
the compensation package for the City Manager recently approved by the Council.
NOW, THEREFORE, BE IT RESOLVED the City Council of the City of Chula Vista
does hereby adopt the 401(a) Deferred Compensation Plan and approve the Amended Adoption
Agreement for the City of Chula Vista Money Purchase Retirement Plan, a copy of which shall
be kept on file on the office of the City Clerk.
BE IT FURTHER RESOLVED that Director Finance of the City of Chula Vista is hereby
authorized and directed to execute said agreement on behalf of the City.
Presented by
Approved as to form by
Assis ant City Manager .
John M. Kaheny
City Attorney
Resolution 2003-063
Page 2
PASSED, APPROVED, and ADOPTED by the City Council of the City of Chula Vista,
California, this 18th day of February, 2003, by the following vote:
ATFEST:
Councilmembers:
Councilmembers:
Councilmembers:
AYES:
NAYS:
ABSENT:
Davis, Rindone, Salas, McCann and Padilla
None
None
~dill~a~Mayo°~r~
~usan t~ge~ow, City Cle'r~
STATE OF CALIFORNIA )
COUNTY OF SAN DIEGO )
CITY OF CHULA VISTA )
I, Susan Bigelow, City Clerk of Chula Vista, California, do hereby certify that the foregoing
Resolution No. 2003-063 was duly passed, approved, and adopted by the City Council at a
regular meeting of the Chula Vista City Council held on the 18th day of February, 2003.
Executed this 18th day of February, 2003.
Susan Bigelow, City Clerlt