HomeMy WebLinkAbout17824 - RESOLUTIONS - 4/1/1992 RESOLUTION NO. 17824 r,
OF THE CITY COUNCIL OF THE CITY OF PALM SPRINGS,
CALIFORNIA, APPROVING AN AMENDMENT TO THE
DEFERRED COMPENSATION PLAN.
WHEREAS the City Council approved a Deferred Compensation Plan for
City employees on October 6, 1983; and
14HEREAS the Internal Revenue Service's rules and regulations governing
normal retirement age have been clarified;
NOW THEREFORE BE IT RESOLVED by the City Council of the City of Palm
Springs, as follows:
Section 1 . That the first sentence of Section 3.8 of the City's Deferred
Compensation Plan be amended to read as follows:
"Normal Retirement Age" shall mean the range of ages ending
no later than age 70 , and beginning no earlier than age
50.
Section 2. That Section 8 of the City's Deferred Compensation Plan
be deleted, and replaced by a new Section 8, to read as
follows:
Section 8. PLAN--TO-PLAN TRANSFERS
8.1 Transfer to another plan. A Participant who 0
separates from Service in order to accept employment
with an entity other than the Employer, which entity
also sponsors an Eligible State Deferred Compensation
Plan, and who becomes a participant in such plan
(the "transferee plan") may have the balance in
such Participant's Participation Account transferred ,
to the -transferee plan. Payments of benefits will
not commence upon the Participant's Separation
from Service, notwithstanding any other provision
of this Plan, if the transferee plan provides for
the acceptance of such balance. "
8.2 Transfer from another plan. A Participant who,
in order to accept employment with the Employer,
terminated employment with an entity other than
the Employer, which entity also sponsors an Eligible
State Deferred Compensation Plan, and who was a
participant in such plan (the "transferor plan")
shall , upon receipt by the Plan of the amounts
deferred by such Participant in the transferor r
plan, have such Participant's Participation Account
credited with the balance of such Participant's
account in the transferor plan if the transferor
plan provides for the transfer of such balance.
Adopted this 1st day of April 19 92 •
AYES: Councilmembers Broich, Hodges, and Mayor Bono '
NOES: None ,
ABSENT: Coucnilmember Neel
ATTEST: _._ cI M SI? ILIFORNIA ,
By \
--"'City Clerk City Manager
REVIEWED & APPROVED __