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Home My WebLink AboutRESO 6308"'· . r . CR:GII'JAL RESOLUTION NO. 6308 RESOLUTION OF THE COUNCIL OF THE CITY OF PALO ALTO ESTABLISHING AN INTERNATIOUAL CITY MANAGEMENT ASSOCIATION DEFERRED COMPENSATION PLAN FOR THE CITY ATTORNEY WHEREAS, the City has employed Diane Lee as its City Attorney; and WHEREAS, the City Attorney is, and will be, rendering valuable services to the City; and WHEREAS, the City has considered the establishment of a Deferred Compensation Plan for the City Attorney made ~vailable to the City and to the City Attorney by the International City Management Association Retirement Corporation; and WHEREAS, the City receives benefits under said plans by being able to assure reasonable retirement secur~ty to ~he City Attorney; NOW, THEREFORE, the Council of the City of Palo Alto does RESOLvE as follows: SECTION 1. That the City establish said Deferred Compensation Plan for the City Attorney and hereby authorizes its Mayor to execute the Deferred Compensation Plan with the In~ernational City Management Association Retirement Corporation. SECTION 2. That the Mayor may, on behalf of the City, execute all Joinder Agreements with the City Attorney which are necessary tor the City Attorney to participate in the Plan, an example of which appears as Appendix A. INTRODUCED AND PASSED: September 11, 1984 AYES: Bechtel, Cobb, Fletcher, Klein, Levy. Renzel, Sutorius, Witherspoon, Woolley NOES: None ABSTENTIONS: None ABSENT: None /.·~~ I AP PROVED [j TO FORM: __£j ~·-v. A/ 2n 1 ~ (a~j . . . eti.c~ 9'le)IOPUllt boa<MI 0 Nb A.;1Mn'*\I D Cha~ of 8ene'·c111ry -·· -~. C~101L ~!Mmet'tl 0 Funo T11n&ler (pfinl name o! emp!Oyer) tART A. ESSEN'nAL EllPL.OY& INFORMATION 0 Miss Fu!! Name C Mrs 0 Mr OMs. First Midc:lle ----·--., deferred compensal1011 pian as !oliOWS Last SexOM OF Date of Birtfl Mo· ___ Oay· ___ Year· ___ Social Security No ---------------- Job r~~~---~-------------------Oa~imeptionenurnber _______ ~·------- Mo. Sueet i.un •• CONTIUaUTION AND IHYUTllENT AMOUNT Of DEFERRED COMPENSATION Ettec:live on 1he PIYdlY shown belr:M, I desire to be paid, in the • .lfm of defetred ~tion as follows: ~ OI o...,,aN>g E"'C'IO\'W i ~· o.M<l'ICI Con..-u!O' TO!al llM 00., 0..) Conir DAlCll1 O:n•cwon (1 l ,._,,.,.. ....... ... .. .. i;lt0.........,. • • • .. pity ... •fOt Oal9J ............. -... "" ..... _......_.. Payday on wttiCtl piao it IO~ -----=-----:--Mo. 0., Yr. My euntnt salary ii$ ---~-----pet i:iay period. I am c:iciel 9VefY(2 ..-.. monlh, 15d9fs, elc.): _____ _ Hofe: ff )QI are l,llir1g th&~ prcMslon, plNse 91.tbrnil ''Retirement Age'" tonn found i"I Re's brochure. 1he CalcMJI> Provisiein." PART D. FUND TllA.NSFEll . City ALLOCATION TO INVESTMENT FUNDS I request that the 101a1 amounts of luture deferred ~ompensation be applied to tf'M! ava.'ab!e m11es1ment funds in tne IOllow>r.g pe1cE!f1tages· .. *""-'"-... .. Fo..:I ... Slacli~ ... (~FllllCI ... .. T.i ICIO .. I reques1 that useu in~~~"°" account wi11'1 t~ abOYe ~. C00$1Slit1Q 01 previOus!y contrib\1190 amounts plus earnin;S. be tr.nsf•rrtld among lllaltltlle ~I fund optians, • k*:Ms: T r'llftlllw ,.... IC _ ..... -otu.o -·--f,.,.., h'Om to _.. ..... -DIUlll __ ......, T,.,... twam IO -·· ... -Oiltund --fund T,...., flam 10 ..._. .... > __ ,..,., -t/llU.O SUPPLllllHTAL. PllO'IW: I ,..vie 9!1loCNO a .,..t lfllll)6a1NnD any llPtcilll CQnllOerationi ~ SUIT> c:ontrWion . ......,., fr Oft'• anottwl' l)lln. ... oth~PIDM._ ICMA. -RC COPY I"'" .-ov••·s uSE ... _,. -k ._"'"' '"''""""" - •' • I • ~ • GENERAL INFORMATION e i. This Joinder Agreemen1 is.elerred compensation agreement be!v•eer. li1e empiciye~ and emp;oyee ident1f1ed on the reverse side. governed t-y the provisions of !he empic-yers defe~rea cor.ipensa11on plan, adminis~ered by the lnternat1ona1 City Management Association Retirement Corporat•on. 2. U~less otherwise spec;~1ed herein, norma! relirement age under this a:i~eemen: s~a:: be age 70 o: an arternate a~e elected by writte!"1 instrumen: and delivered to the ICMA fie!iremen1 Corporal.on by ?he . ernployee prior 10 ~paration hem service. A parlicipanrs normal ret;remen: age determ+nes (a) the laies! time when benef::s may commence under !his plan (unless the p<:rt•c1pa".! cont1n..,es ernp :)·"r:e:"11 after normal reti1emerit age), and (b) the period duri.,g which a participant may utilize the calc"1-up l1m1'.a· tion Once a participant has to any e;.ten1 utilized the catch-up lim1!al1on. norma: ret1rernen~ age may no: be changed. A participar.!'s alternate normal retirement age may 11ot be earlier than lhe earlies! date that the partici- pant will become eligible to reke arid rece;ve unreduced retireme!"l'. benefits urider t'"ie empioye(s basic retirement plan coveririg the participant and may not be iater than me date the panicipant attains age 70 If a participant continues emp:oymen1 affer ariaining age 70. no~ r:aving preyiously electec ar: a·~ema1e normal 1etirement age. the participar.ts a!terna1e norrr.al retiremer.1 age shail not be later thar. tne rr.an- datory retirement age, if any, estab!istied by the employer. or the age a! wh;ch the participant actuaHy separates from service if the employer has no mandalory retirement age. If the participant w1!i l')Ot become eligible to recei11e benefits under a basic re:ireme;il plan main'.a:ried by tne employer tr.e pa·'.1c • pant's a11ernate normal retirement age rray 1·,01 be eari1er than attainmen1 of age 55 ar,c: may 'lO! be ate~ than ana1nment of age· 70. Normal retirement age under this agreement does not rep,esent a mandaiory age cf retirement nor is it an agreement to retire at the designated age. 3. tf the benefits afe paid 10 the emp!oyee under an option reQuiring t~e purchase o~ ari anni.Jity des;g,,a:ioi or redesignation of a be~eficiary or be~e1iciaries rr.ay have to be repeated at the frlw. ir. C<ccc-~da,,:e w.~r the requirements of tt>e a:1nuitor. The ~toyee understands tha! the last dated designat:on of a beneficiary or benefic ci•es filed with the ICMA Retirement Corpo'.ai1on as trustee for any pa•ticipaling employer, shall, in the event of death prior to ful: distribution after retirement. con110! the actions o~ the ICMA Retirement Cotpc-ration, as trustee. in t1'e distribution of the deferred compersaMn furios. assets. end accumulations in ar ICMA Retirement Corporation accoums estabhshed for lhe employee. 4. tt iS understood that 1ederal law and!or regulations of the United States 11"\ternal Revenue ServicE> ·;mi! t>ie .amount which can~ deferred hom federal income 1axes. On January 1, 1979, this limi1a11on. was es1abtished as 25% o' ~o~al compensatlClr. or $7 .500 per ~ear, whichever is less. Tota: cornpensat.on in- cludes wages paid plus any amount wh~ch is deferrea. (Example: wages paid of $15.000. plus a deferral ot SS,000, is 25% of to:a1 compensation.) Catch-op Limitation; Fo1 each o! the last three (3) 1a:-.atiie years of a participant er-ding before attainment of normal retirement aj;e. the maximu.'fl amount of deferred compensa!1on sna11 be the lesser of (1 l sis.ooo or (2) the sum 01 (a) the r101ma1 limitation 'or the taxable year. and (b) tha: por!ion of the nor:-na: limitation for each of the prior taxai"lie years of the par11cipan1 commenci~g after 1978 during wh1cM the ~a:1 ~as in existence and the participant was eligible to partic•pate an !he ptan 1or in any other plan established under Sect:cn 457 of the fr.ternat Revenue Code by a'l c.-mployer within the same staie as ttie employer) less the amcxmt of deferred compensa1;on for each such prior taxable year (including amourits deferred under such other plan). ft is understood that ttie employee has cerMied and that the emplo)•er has. to the exten1 possible. verif!ec that the amou!"ltS de1e"f'C in this agreement do nol exceed the above !;mita1jor Deferral o~ any ar--:O:J"'~S beyond the above limii~··on must be reported to the ICMA Reliremen: Corporation which will ref..,ncl l"',e excess amounts for payment as inco: · e to the employee. 5. AmOl.ints contributed 1c: the purchase of an annui1y contract described in Section 403'b) of the !me:na1 Revenue cOde. and/or arrounts contribu1ed under a Secti0ll457 plan other than this plan. Sha'• be ~reareo as if such amounts con~'1tuted deferred compe"lsation under this prari for the 1axable year in which the coniribution was made ar.d shall ihereby reduce the maximum arnounl thai may be deferred f;)r such !a11- able year. -:' In the event that an all0<.a~ior. tc invest1T1en1 funds ;s made in sucl"I a way as to conflic? wi~'"i sta~e O' 1oca; law. whether by error. change of law. lack of knoYt'ledge of the law. or intent the ICMA Ret1,ement Cor- poration, as trustee.~ ,·bear no legal responsibility for sucti designation. The ICMA Re:1rement Corpora- tion may rely on ~ritte .. reoresentations o~ !he employer without regard 10 the empioyee·s awro"a' and . wili advise the employe• end empioyee 01 any action taken In ta!-::ing any said ac11on req:.m1ng the 1ra!"!Sfer of significant monies frc."' one fund :o another. the ICMA Retirement Corporation shaF not be reQi..iired to unfavorably liquidate se<.urities, or lo ot~rwise ac1 in a Hme frame which will resurt in a reduction o' any other participant's earrungs.