Resolution No. 1696RESOLUTION NO. 1696
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CYPRESS ESTABLISHING AN AMENDED DEFERRED COMPEN-
SATION 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; and
WHEREAS, by Resolution No. 1680, such a plan was established;
but said plan did not conform to certain requirements of the
Internal Revenue Service; and this Council wishes to establish an
amended plan consistent with said requirements,
NOW, THEREFORE, the City Council of the City of Cypress hereby
resolves as follows:
SECTION 1. Cypress City Council Resolution No. 1680 hereby
is repealed in its entirety, and the Plan referred to therein hereby
is rescinded.
SECTION 2. 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
March 8, 1976, a copy of which is on file in the City Clerk's Office,
and which by this reference is incorporated herein as though set
forth at length.
SECTION 3. 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 4. Said Plan shall become effective upon receipt by
the District of said determination letter.
PASSED AND ADOPTED by the City Council of the City of Cypress
at a regular meeting held on the 8th day of March, 1976.
ATTEST:
CITY CLE'RK' OFA THE'CITY OF CYPRESS
STATE OF CALIFORNIA )
COUNTY OF ORANGE
SS.
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 8th day of March, 1976;
by the following roll call vote:
AYES: 5 COUNCILMEN: Harvey, Kanel, Lacayo, Sonju and MacLain
NOES: 0 COUNCILMEN: None
ABSENT: 0 COUNCILMEN: None
7/ (
CITY CLERK OF THE CITY OF CYPRESS