HomeMy WebLinkAbout1981-05-26; City Council; Resolution 6531I% * A
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RESOLUTION NO. 6531-
A RESOLUTION ON THE CITY COUNCIL OF THE CITY OF
CARLSBAD, CALIFORNIA, AMENDING THE CITY'S DEFERRED
COMPENSATION PLAN
Whereas, the City of Carlsbad has an existing Deferred Com-
pensation Plan; and
Whereas, it is necessary to amend this plan to maintain
consistancy with the deferred compensation options offered
through the plan; and
Whereas the Deferred Compensation Plan must be amended by
Council action;
NOW THEREFORE BE IT RESOLVED, by the City Council of the
City of Carlsbad, California, as follows:
1. That Section 4.2 of the City's Deferred Compensation
Plan shall be amended to read as follows:
"Each Participation Agreement shall specify the dollar
amount, which is to be deferred pursuant to the Plan and to be
withheld out of the Compensation otherwise payable to the
Participant for each payroll period. The amount deferred each
year may not exceed the lesser of $7,500.00 or 25% of Partici-
pant's gross compensation. Such deferred amounts shall be
reasonable equal installments totaling not less than twenty-five
dollars ($25.00) per payroll period."
2. That Section 6.7 of the City's Deferred Compensation
Plan shall by amended to read as follows:
"If the Plan provides for more than one type of invest-
ment vehicle, a Participant may request a change in preference
of investment: (as provided in Section 4.4). Such request may be
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made only with respect to compensation not yet earned and de-
ferred, unless the particular vehicle specifically allows the
transfer of funds previous deposited between investment vehicles
under the administrator's control. The Employer may, but is not
required to, honor such request. The minimum investment in each
type of investment shall be twenty five dollars ($25.00) per
payroll period. Nothing contained in this Plan shall be con-
strued as requfiring the Employer to invest deferred amounts or
as limiting the Employer's discretion with respect to making
investments.
adj oyed PASSED, AI?PROVED AND ADOPTED at a/regu ar meeting of the
City Council of the City of Carlsbad held the 26th day of
May- '- - -, 1981, by the following vote, to wit:
AYES : Council Wnbers Packard, An=, Lewis & Kulchin
NOES: NO?x
ABSENT 6mncil Member Casler /3
RONALD C. PACKARD, Mayor
ATTEST:
\
ALETHA L. RAUT
(SEAL)