HomeMy WebLinkAbout1987-12-17 - Resolution No. 87-35RESOLUTION NO. 87-35
RESOLUTION OF THE BOARD OF DIRECTORS
OF THE
YORBA LINDA WATER DISTRICT
AMENDING THE EMPLOYEES DEFERRED COMPENSATION PLAN
AND AUTHORIZING ITS IMPLEMENTATION
WHEREAS, the Directors of the Yorba Linda 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. 74-15 on September 12, 1974, and
WHEREAS, additional changes to the Internal Revenue Code allowed
more frequent enrollment periods and places limitations on
the amount of income that can be deferred, and the
revisions were incorporated into the deferred
compensation plan dated March 13, 1980 and the amended
deferred compensation plan was adopted by Resolution No.
80-2 on March 13, 1980; and
WHEREAS, Resolution No. 85-30 adopted October 10, 1985 designates
Whit Cromwell as administrator; and
WHEREAS, an in-house Assistant Plan Administrator would be
beneficial to handle participant inquiries; and
WHEREAS, Cheryl Gunderson, Business Manager and non-participant, is
available to participants and would assist the Plan
Administrator in conducting the operations of the Deferred
Compensation Plan,
-
NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the
Yorba Linda Water District as follows:
1. The amended employee deferred compensation plan
adopted by Resolution No. 80-2 on March 13, 1980 and
amended by Resolution No. 85-30 on October 10, 1985 shall
continue in effect with the exception that Cheryl Gunderson,
Business Manager and non-participant, is designated as
Assistant Plan Administrator.
PASSED AND ADOPTED this 17th day of December, 1987 by the following
called vote:
AYES: 4 P. Armstrong, W. Cromwell, S. Fox, R. Knauft
NOES: 0
ABSENT: 0
ABSTAIN: 1 Arthur C. Korn
President
Yorba Linda Water District
ATTEST:
Secretary,
Yorba Linda Water District