HomeMy WebLinkAboutReso 2009-039RESOLUTION NO. 2009-039
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CHULA VISTA AMENDING THE NATIONWIDE
RETIREMENT SOLUTIONS GOVERNMENTAL MONEY
PURCHASE PLAN AND TRUST (401(A) PLAN)
WHEREAS, in December 2001, the Chula Vista City Council approved a Deferred
Compensation Plan pursuant to Internal Revenue Code section 401(a) for certain employees; and
WHEREAS, the Plan provided for a mandatory employee contribution and an employer
(City) contribution; and
WHEREAS, on January 13, 2009, the City Council, as part of a budget reduction plan,
voted to suspend the City's contribution for all participating employees except for the City
Manager, City Attorney, and City Clerk, who all have employment contracts securing their
401(a) plans; and
WHEREAS, this suspension would be effective starting on the pay period beginning
January 16, 2009, through the end of the fiscal year 2009/2010; and
WHEREAS, special tax counsel with the law firm Luce, Forward, Hamilton & Scripps
has reviewed this matter and determined that the City may suspend its contributions and that the
employees must continue their contributions as they were made through irrevocable elections;
and
WHEREAS, the City desires to amend the 401(a) plan accordingly.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Chula
Vista does hereby amend the Nationwide Retirement Solutions Governmental Money Purchase
Plan and Trust (401(A) Plan).
Presented by
Maria achadoorian
Finance Director
Approved as to form by
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Bazt C. Miesfeld
City Attorney ~
Resolution No. 2009-039
Page 2
PASSED, APPROVED, and ADOPTED by the City Council of the City of Chula Vista,
California, this 3rd day of Mazch 2009 by the following vote:
AYES: Councilmembers: Bensoussan, Castaneda, Ramirez, and Cox
NAYS: Councilmembers: None
ABSENT: Councilmembers: McCann
Cheryl Cox, yor
ATTEST:
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Donna R. Noms, CMC, City Clerk
STATE OF CALIFORNIA
COUNTY OF SAN DIEGO
CITY OF CHULA VISTA
I, Donna R. Noms, City Clerk of Chula Vista, California, do hereby certify that the foregoing
Resolution No. 2009-039 was duly passed, approved, and adopted by the City Council at a
regulaz meeting of the Chula Vista City Council held on the 3rd day of Mazch 2009.
Executed this 3rd day of Mazch 2009.
Donna R. Noms, CMC, City Clerk