HomeMy WebLinkAbout1980-03-13 - Resolution No. 80-02r~
RESOLUTION NO. 80- 2
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 Directors of the Yorba Linda County Water District have
sought to provide special inducement and incentives for the personnel
and employees of the District, and
WHEREAS, a deferred compensation plan was adopted by Resolution No. 74-6
on April 11, 1974 and
WHEREAS, the Internal Revenue Service 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 were incorporated into the plan and the
amended deferred compensation plan was adopted by Resolution No. 74-6
on September 12, 1974, and
WHEREAS, the changes to the Internal Revenue Code now allows more frequent
enrollment periods and places limitations on the amount of income that can
be deferred, and
WHEREAS, these revisions have been incorporated into the attached Deferred
Compensation Plan dated March 13, 1980 and marked Exhibit "A",
NOW THEREFORE BE IT RESOLVED by the Board of Directors of the Yorba Linda
County Water District as follows:
1. The amended employee deferred compensation plan attached to
this resolution dated March 13, 1980 and marked "Exhibit A" and by such
reference incorporated herein, is adopted. The District General Manager
is authorized to implement said plan. The District Secretary is desig-
nated as Plan Administrator and disqualified as a participant in the Plan.