HomeMy WebLinkAbout03-402 Deferred Comp Plan
RESOLUTION NO. 03- 1-&2-
BY: I<e/IA l3t'rt!Ú
A RESOLUTION OF THE MAYOR AND CITY COUNCIL OF THE CITY OF
MERIDIAN TO PROVIDE FOR AN AMENDMENT TO RESOLUTION NO. 142, AS
THE GENERAL EMPLOYEES NONQUALIFIED DEFERRED COMPENSATION
PLAN FOR THE CITY EMPLOYEES OF THE CITY OF MERIDIAN WITH
AMERICIAN FUNDS GROUP, SALOMON SMITH BARNEY, INc. IS NO LONGER IN
COMPLIANCE WITH THE FEDERAL RULES AND REGULATIONS; TO PROVIDE
FOR THE ADOPTION OF THE V ALIC 457(b) PLAN DOCUMENTS AND THE
WADDELL & REED 457 PLAN DOCUMENTS FOR THE DEFERRED
COMPENSATION PLAN FOR CITY OF MERIDIAN EMPLOYEES AS THESE 457
PLANS ARE IN COMPLIANCE WITH THE PROVISIONS OF THE ECONOMIC
GROWTH AND TAX RELIEF RECONCILIATION ACT OF 2001 (EGTRRA); AND
PROVIDING AN EFFECTIVE DATE.
WHEREAS, the Mayor and Council have the authority [pursuant to I.C. § 50-
302] to establish resolutions not inconsistent with the laws of the state ofIdaho as may be
expedient, in addition to the special powers therein granted, to maintain the peace, good
government and welfare of the corporation and its trade, commerce and industry; and
WHEREAS, the Mayor and Council have deemed it expedient and in the best
interests of the City of Meridian to establish and enter into general employees nonqualified
deferred compensation plans for the City employees of the City of Meridian with V ALIC and
Waddell & Reed, as the new Plans are in compliance with the current Federal Rules and
Regulations, Economic Growth and Tax Relief Reconciliation Act of2001 (EGTRRA).
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND CITY
COUNCIL OF THE CITY OF MERIDIAN, IDAHO as follows:
SECTION 1. Pursuant to Idaho Code §50-301 et seq., the Mayor and City Council
hereby adopt the general employees nonqualified deferred compensation plans for the City
employees of the City of Meridian with V ALIC and Waddell & Reed, copies of the Plans are
attached hereto as Exhibit "A" and by this reference incorporated herein, as the new Plans are in
compliance with the current Federal Rules and Regulations, Economic Growth and Tax Relief
Reconciliation Act of2001 (EGTRRA). A copy of this Resolution and the attached 457 Plans
with V ALIC and Waddell & Reed shall be held on file in the office of the City Clerk.
RESOLUTION FOR DEFERRED COMPENSATION PLAN
FOR CITY EMPLOYEES WITH V ALIC AND WADDELL &
REED 457 PLANS
PAGE 1 of2
SECTION 2: EFFECTIVE DATE. This Resolution shall be in full force and effect as
of January 1, 2002.
PASSED BY THE COUNCIL OF THE CITY OF MERIDIAN, IDAHO, this 15"~ day
of. /9;lJI7'¿ ,2003.
APPROVED BY THE MAYOR OF THE CITY OF MERIDIAN, IDAHO, this I ¡;;-f!l-
day of J:J;p n' ( ,2003.
~~
Mayor Robert D. Corrie
ATTEST:
RESOLUTION FOR DEFERRED COMPENSATION PLAN
FOR CITY EMPLOYEES WITH V ALIC AND WADDELL &
REED 457 PLANS
PAGE 2 of2
CERTIFICATE OF CLERK
OF
THE CITY OF MERIDIAN
I, the undersigned, do hereby certify:
1. That I am the duly appointed and elected Clerk of the City of Meridian, a duly
incorporated City operating under the laws of the State ofIdaho, with its principal office at 33
East Idaho, Meridian, Idaho.
2. That as the City Clerk of this City, I am the custodian of its records and minutes
and do hereby certify that on the (5/.!. day of /f¡Jr1 Z ,2003, the following action
has been taken and authorized.
A RESOLUTION OF THE MAYOR AND CITY COUNCIL OF THE CITY OF
MERIDIAN TO PROVIDE FOR AN AMENDMENT TO RESOLUTION NO. 142, AS
THE GENERAL EMPLOYEES NONQUALIFIED DEFERRED COMPENSATION
PLAN FOR THE CITY EMPLOYEES OF THE CITY OF MERIDIAN WITH
AMERICIAN FUNDS GROUP, SALOMON SMITH BARNEY, INc. IS NO LONGER IN
COMPLIANCE WITH THE FEDERAL RULES AND REGULATIONS; TO PROVIDE
FOR THE ADOPTION OF THE V ALIC 457(b) PLAN DOCUMENTS AND THE
WADDELL & REED 457 PLAN DOCUMENTS FOR THE DEFERRED
COMPENSATION PLAN FOR CITY OF MERIDIAN EMPLOYEES AS THESE 457
PLANS ARE IN COMPLIANCE WITH THE PROVISIONS OF THE ECONOMIC
GROWTH AND TAX RELIEF RECONCILIATION ACT OF 2001 (EGTRRA); AND
PROVIDING AN EFFECTIVE DATE.
WHEREAS, the Mayor and Council have the authority [pursuant to I.C. § 50-
302] to establish resolutions not inconsistent with the laws of the state ofIdaho as may be
expedient, in addition to the special powers therein granted, to maintain the peace, good
government and welfare of the corporation and its trade, commerce and industry; and
WHEREAS, the Mayor and Council have deemed it expedient and in the best
interests of the City of Meridian to establish and enter into general employees nonqualified
deferred compensation plans for the City employees of the City of Meridian with V ALIC and
Waddell & Reed, as the new Plans are in compliance with the current Federal Rules and
Regulations, Economic Growth and Tax Relief Reconciliation Act of2001 (EGTRRA).
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND CITY
COUNCIL OF THE CITY OF MERIDIAN, IDAHO as follows:
SECTION 1. Pursuant to Idaho Code §50-301 et seq., the Mayor and City Council
hereby adopt the general employees nonqualified deferred compensation plans for the City
employees of the City of Meridian with V ALIC and Waddell & Reed, copies of the Plans are
attached hereto as Exhibit "A" and by this reference incorporated herein, as the new Plans are in
CERTIFICATE OF CLERK
PAGE 1 OF2
~
compliance with the current Federal Rules and Regulations, Economic Growth and Tax Relief
Reconciliation Act of2001 (EGTRRA). A copy ofthis Resolution and the attached 457 Plans
with V ALIC and Waddell & Reed shall be held on file in the office of the City Clerk.
County of Ada. )
-IL W'
On this ~ day of 1'1 ¿. ,2003, before me,
4/)¡rff {J. (J VG1(L-, tV , a Notary Public, appeared WILLIAM G. BERG.
JR., known or identified to me, respectively, to be the City Clerk of the City of Meridian, Idaho,
that executed the said instrument, and acknowledged to me that he executed the same on behalf
ofthe City of Meridian.
~&~
Notary Public for Idaho
Residence~
Commission Expires: II-o;/-- 0'1
Z:\WorklMlMeridian\Meridian 15360MIResolutions City Ha11\2003\CertofC1erk for Res Amending Res 142 Defen'ed Camp Plan Pension Plan
04 0903.doc
CERTIFICATE OF CLERK
PAGE 2 OF 2