HomeMy WebLinkAboutReso 1981-10578
Revised 7 /n /81
RESOLUTION NO.
10578
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHULA
VISTA APPROVING A CHANGE IN THE ENROLLMENT DATE FOR
THE GREAT WESTERN DEFERRED COMPENSATION PLAN
The City Council of the City of Chula Vista does hereby
resolve as follows:
WHEREAS, the City Council of the City of Chula Vista by
Resolution No. 7641, dated February 18, 1975, approved an amended
Deferred Compensation Plan for full-time unclassified employees
and members of the City Council, adopting Articles of the City of
Chula Vista Deferred Compensation Plan, and
WHEREAS, said Deferred Compensation Plan only authorized
enrollment changes at the beginning of a calendar year, and
WHEREAS, it is now desired to approve and authorize such
changes to be made on the first pay period in September of each
year after the eligible member notifies the Director of Finance
during the month of July of each fiscal year of such change, and
WHEREAS, said change requires the amendment of Articles V
and VI of the Articles of the City of Chula Vista Deferred
Compensation Plan.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the
City of Chula Vista that said Articles V and VI of the Articles of
the City of Chula Vista Deferred Compensation Plan be, and the
same are hereby amended to read as follows:
Article V
Enrollment
The conditions of enrollment in the Plan shall be
as follows:
A. Any eligible employee may become a
participant in the Plan, commencing with
prospective compensation in the year in which
his election to do so is made within sixty
(60) days after the announcement that the
Plan is open for enrollment. Subsequent
thereto (or subsequent to any revocation
pursuant to Article VII) he may thereafter
become a participant in the Plan upon written
notice of his intention to do so during the
month of July in any fiscal year to be
effective the first pay period in September.
A participant shall agree in writing on a
form approved by the Director to accept the
terms of the Plan.
B. At the time of enrollment or change in
enrollment relating to the deferment of
compensation, a participant must agree to
defer a minimum amount equal to not less than
$25.00 per month or $300.00 for a
twelve-month period.
-1-
Article VI
Change in
Enrollment
Any change in enrollment shall be made on fonus
approved by the City and shall be submitted in the
month of July of each fiscal year and will be
effective on the first pay period beginning in
September. Not more than one such notice shall
be acceptable within any twelve-month period,
computed from the date of the last such written
notice, or, if none, from the date of enrollment;
provided that more than one type of change in
enrollment specified in Article II, H may be
combined in anyone written notice.
BE IT FURTHER RESOLVED that the City Clerk be, and she is
hereby authorized and directed to forward a certified copy of this
resolution to Great Western Savings and Loan.
Presented by
Approved as to fonu by
i~~/t"i.,- /~d.-c;:--
Gordon K. Grant, Director of
Finance
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George D. Lindberg, City Attorney
ADOPTED AND APPROVED by the CITY COUNCIL of the CITY OF
CHULA VISTA, CALIFORNIA, this 28th day of Ju1 y
198~, by the following vote, to-wit:
Cox, McCand1iss, Scott, Hyde, Gi110w
AYES:
Councilmen
NAYES: Councilmen None
ABSENT: Councilmen None
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ATTE . ~~~~or of the City of Chula Vista
Cl.ty er~
STATE OF CALIFORNIA)
COUNTY OF SAN DIEGO) ss.
CITY OF CHULA VISTA)
I, , City Clerk of the
City of Chula Vista, California, DO HEREBY CERTIFY that the above
is a full, true and correct copy of Resolution No. 10578 , and
that the same has not been amended or repealed. DATED
Ii ~ IOil!
City Clerk