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HomeMy WebLinkAbout1974-09-12 - Resolution No. 74-15~ r RESOLUTION NO. 74-15 0 RESOLUTION OF THE BOARD OF DIRECTORS OF THE YORBA LINDA COUNTY WATER DISTRICT AMENDING THE EMPLOYEES DEFERRED COMPENSATION PLAN AND AUTHORIZING ITS IMPLEMENTATION WHEREAS, the District has sought to provide special inducements and incentives for key personnel in recognition of special requirements and working hours particular to this group of employees; and WHEREAS, a committee composed of management representatives has pre- pared a deferred compensation plan establishing policies and pro- cedures and has submitted said plan to the District for consideration and adoption and said plan was adopted by Resolution No. 74-6 on April 11, 1974, and WHEREAS, the Internal Revenue Service has reviewed the original Deferred Compensation Plan and determined that certain Amendments would be required prior to issuing a ruling on the Federal Income Tax consequences of the Plan, and WHEREAS, the requested amendments have been incorporated into the attached deferred compensation plan, dated August 8, 1974 and marked "Exhibit A" , and NOW THEREFORE BE IT RESOLVED AS FOLLOWS! 1. The amended employee deferred compensation plan attached to this resolution dated August 8, 1974 and marked "Exhibit A" and by such reference incorporated herein, is adopted. The District, general manager with the assistance of the auditor and designated committee members is authorized to implement said plan. The District secretary is designated as Plan Administrator and disqualified as a participant in the Plan. The District consents to the Plan and assumes the obligations to be performed on its part as set forth in said plan. 2. The amended plan shall supersede the Plan adopted by Resolution No. 74-6 on April 11, 1974 and be retroactive to April 29, -1- • 1974, but shall apply only to the compensation received by a participating employee after the date he files a written declaration to participate. The District consents to the participation of any eligible permanent employee of the District, such participation to be in accord- ance with the participating employee's Participation Agreement. PASSED AND ADOPTED this 12th day of September 1974 by the following called vote: AYES: Hastings, Clodt, Lindow, Knauft and Wagner NOES: none ABSENT: none President ATTEST: Secreta -2-