Resolution No. 1680181
RESOLUTIOi NO. 1680
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CYPRESS
ESTABLISHING A DEFERRED COMPENSATION PLAN FOR EMPLOYEES
AND AUTHORIZING THE IMPLEMENTATION THEREOF.
WHEREAS, the City Council of the City of Cypress desires to enable
the employees of said City to plan and provide for adequate financial
resources for retirement; and
WHEREAS, the Internal Revenue Code provides a method by which employees
who defer a portion of their income until retirement pursuant to a plan need
not pay Federal Income tax thereon until after retirement; and
WHEREAS, this City Council finds and determines that it would be in
the best interest of the City of Cypress and its residents to establish
such a plan and to make the same available to its employees.
NOW, THEREFORE, the City Council of the City of Cypress hereby resolves
as follows:
SECTION 1. The City Council hereby approves and adopts as a deferred
compensation plan for its employees that certain document entitled "The
City of Cypress Deferred Compensation Plan" dated January 26, 1976, a copy
of which is on file in the City Clerk's Office, and by this reference
incorporated herein as though set forth at length.
SECTION 2. The City Attorney hereby is authorized and directed to
transmit a copy of this Resolution and of said Plan to the Internal Revenue
Service and to request therefrom a "favorable determination letter".
SECTION 3. Said Plan shall apply only to the compensation earned by
a participating employee after the date on which such employee files a
participation agreement with the City.
PASSED AND ADOPTED by the City Council of the City of Cypress at a
regular meeting held on the 26th day of January, 1976.
ATTEST:
CITY &ERE OF THE C14/
OF CYPRESS
STATE OF CALIFORNIA
COUNTY OF ORANGE
SS
cec
MAYOR OF THE CITY OF CYPRESS
I, DARRELL ESSEX, City Clerk of the City of Cypress, DO HEREBY CERTIFY
that the foregoing Resolution was duly adopted at a regular meeting of the
said City Council held on the 26th day of January, 1976; by the following
roll call vote:
AYES: 5 COUNCILMEN: Harvey, Kanel, Lacayo, Sonju and Frankiewich
NOES: 0 COUNCILMEN: None
ABSENT: 0 COUNCILMEN: None
CI iLERK OF THE, CITY OF CYPRESS