Resolution No. 2048406
RESOLUTION NO 2048
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CYPRESS
ESTABLISHING AN AMENDED AND RESTATED 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* and
WHEREAS by Resolution No 1696, such a plan was established, but
this City Council wishes to amend and restate said plan to provide the
employees of the City with a broader range of benefit payment alternatives
and to comply with recent legislation
NOW THEREFORE THE CITY COUNCIL OF THE CITY OF CYPRESS HEREBY RESOLVES
AS FOLLOWS
SECTION 1 There is hereby approved and adopted an amended and
restated deferred compensation plan for the City's employees that certain
document entitled, "The City of Cypress Deferred Compensation Plan"
dated December 11 1978 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
PASSED AND ADOPTED by the City Council of the City of Cypress at a
regular meeting held on the llth day of December 1978.
ATTEST:
CITY CLERK OF THE�C OF CYPRESS
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) SS
MAYOR OF
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 llth day of December 1978, by the following
roll call vote.
AYES* 5 COUNCIL MEMBERS Evans, Lacayo, MacLain, Rowan and Hudson
NOES 0 COUNCIL MEMBERS. None
ABSENT 0 COUNCIL MEMBERS. None
C Y C E• OF THE CITY OF CYPRESS