HomeMy WebLinkAboutRESO 5755.. • OR~GINAL
RESOLUTION NO. 5755
RESOLUTION OF THE COUNCIL OF THE CITY OF PALO ALTO
AMENDING RESOLUTION NO. 5083 RELATING TO CITY'S
DEFERRED COMPENSATION
The Council of the City of Palo Alto does RESOLVE as follows:
SECTION 1. Resolution No. 5083 is hereby amended by amending
Section 5 of the City of Palo Alto, Cdlifornia, Deferred Compen-
sation Plan, adopted by Resolution No. 5083, to read as follows:
"SECTION 5. DEFERRED COMPENSATION:
5.1 During each employment period in which the em-
ployee is a participant in the plan, the em-
ployer shall defer payment of such part of his
compensation as is specified by the ~mployee in
the Participation Agreement which he has executed
and filed with the employer; provided that, ex-
cept as provided in Section 5.2, the maximtnn
that each participant may defer under this Plan
for any taxable year shall aot exceed the lesser
of:
5. 1 (.a)
5. l(b)
$7,500, or
33 1/3 percent of the participant's
includable compensation.
5.2 Notwithstanding the provisons of Section 5.1,
for one or more of the participant's last three
taxable years ending before he attains normal
retirement age under the Plan, the maximum
amount of income which may be def erred in any
taxable year by an employee shall be the lesser
of:
5. 2(a)
5. 2 {_b)
$15,000, or
the sum of:
(i} the Plan ceiling established for
purposes of Section 5.1 for the
taxable year (dete't"Dllned without
regard to the section), plus
(ii} so much of the Plan ceiling estab-
lished for purposes of Section 5.1
for taxable years before the taxable
year as has not theretofore been
used under Section 5.1 or this
Section.
5.3 For purposes of this Section, all terms shall be
defined consistent with those definitions contained
in Section 457 of Title 26 of the United States
Code; or successor legislation."
• ...
... ..
SECTION 2. The Council hereby states that it is the intent
of the Counc'Tf that the City's deferred compensation plan be, and
be administered, in compliance with the terms of the Revenue Act
of 1978, or successor legislation governing such plans. In the
ever.t of any conflict or inconsistency between the City's deferred
com:pensati~a plan and such federal statutes, said federal statutes
ah.all prevail, and the Plan shall be administered in full com-
pliance with all requirements of said legislation.
SECTION 3. The Council finds that the adoption of this
resolution is not a pro~e~t as defined by the California Environ-
mental Quality Act.
INTRODUCED AND PASSED: Df:Cm1ber ~IJ, 1979
AYES: Brenner, Eyerly, Fletcher. Henderson, Levy, Ren1el, Witherspoon
NOES: None
ABSTENTIOHS : None
ABSENT: Fazzi no, Sher
APPROVED:
~·ffe~,. Ra)' or