HomeMy WebLinkAboutReso 2004-371
RESOLUTION NO. 2004-371
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CHULA VISTA APPROVING AN AMENDMENT TO THE
DEFERRED COMPENSATION PLAN AGREEMENT TO
INCLUDE A LOAN PROVISION
WHEREAS, in 1975, the City Council approved a Deferred Compensation Plan, and
since then, several amendments have been made; and
WHEREAS, the most recent amendment was approved by City Council in 1998, but
regulations surrounding the loan provision were unclear at that time. Regulations released in
2002 have since clarified that loans are an optional provision for 457(b) and 401(a) Deferred
Compensation Plans; and
WHEREAS, this amendment would create a loan provision in the plan which would
allow participants to take loans against their deferred compensation balances; and
WHEREAS, this added benefit would allow more flexibility and access to these funds
which may encourage greater participation from younger employees and assist older employees
in preparing for their upcoming retirements; and
NOW, THEREFORE, BE IT RESOLVED the City Council of the City of Chula Vista
does hereby approve the amendment to the Deferred Compensation Plan Agreement to include a
loan provision.
BE IT FURTHER RESOLVED that Director Finance of the City ofChula Vista is hereby
authorized and directed to execute said agreement on behalf of the City.
Presented by
Approved as to form by
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Ann Moore '
City Attorney
Resolution 2004-371
Page 2
PASSED, APPROVED, and ADOPTED by the City Council of the City of Chula Vista,
California, this 23rd day of November, 2004, by the following vote:
AYES:
Councilmembers:
Davis, Rindone, Salas and Padilla
NAYS:
Councilmembers:
None
ABSENT:
Councilmembers:
McCann
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ATTEST:
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Susan Bigelow, MMC, City Cle
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. 2004-371 was duly passed, approved, and adopted by the City Council at a
regular meeting of the Chula Vista City Council held on the 23rd day of November, 2004.
Executed this 23rd day of November, 2004.
,.,
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Susan Bigelow, MMC, City Clerk