HomeMy WebLinkAboutRES CC 1991 821 1991 1218RESOLUTION NO. 91 -821
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF MOORPARK ESTABLISHING A RETIREMENT PLAN FOR
CERTAIN EMPLOYEES NOT COVERED BY PUBLIC
EMPLOYEES RETIREMENT SYSTEM
WHEREAS, the Omnibus Budget Reconciliation Act of 1990 amended
prior law by adding Section 3121 (b) (7) (F) to the Internal Revenue
code (the "Code ") expanding the definition of employment for the
purposes of FICA taxes to include service performed by certain
employees of state or local governmental entities after July 1,
1991; and
WHEREAS, such law exempts from FICA coverage employees who are
members of a retirement system of a state or local government
entity if certain minimum standards are met; and
WHEREAS, certain employees of the City of Moorpark are members
of the Public Employees' Retirement System (PERS).
WHEREAS, the Internal Revenue Service has issued proposed
regulations that define a public retirement system and establish
minimum benefit standards, and such proposed regulations
specifically reference Code Section standards, and such proposed
regulations specifically reference Code Section 457(b) as an
allowable plan for the purpose of Section 3121(b)(7)(F); and
WHEREAS, the City of Moorpark wants to assure that its
employees who do not participate in PERS are not subject to FICA
taxes under Code Section 3121(b)(7)iF);
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City
of Moorpark that the City of Moorpark Deferred Compensation Plan
for Employees not covered by PERS (hereinafter called "Plan ")
attached as Exhibit "A" and incorporated herein is hereby adopted.
BE IT FURTHER RESOLVED by the City Council of the City of
Moorpark that all Eligible Employees shall be Participants in the
Plan and shall be responsible for employee contributions and shall
make payment for expenses as required by the Plan.
BE IT FURTHER RESOLVED by the City Council of the City of
Moorpark that the City, as employer, shall pay on behalf of
employees their contribution and expenses, as defined in the Plan,
until the end of the current fiscal year.
BE IT FURTHER RESOLVED by the City Council of the City of
Moorpark that the effective date of this Plan shall be July 1,
1991, and shall apply to the earning: of current eligible employees
from that date forward.
2
BE IT FURTHER RESOLVED by the City Council of the City of
Moorpark that the Plan is intended to qualify as an eligible
deferred compensation plan under Code Section 457 and to constitute
a retirement system within the meaning of Code Section
3121(b)(7)(F). The City may amend the Plan in accordance with its
terms and to any extent that may be necessary to conform the Plan
to all applicable laws, regulations, or rulings.
BE FURTHER RESOLVED that capitalized terms used herein shall
have the same meaning as set forth in Section 1.1 of the Plan
unless otherwise expressly stated herein.
ADOPTED BY THE MOORPARK CITY COUNCIL ON DECEMBER 18
1991.
SIGNED AND APPROVED ON DECEMBER 18 1991.
(::2�-
Paul W. L2—�Q
as Jr., Ma r
ATTEST:
MOORPARK
799 Moorpark Avenue Moorpark. California 93021 (805) 529 -6864
STATE OF CALIFORNIA )
COUNTY OF VENTURA
CITY OF MOORPARK )
I, Lillian E. Kellerman, City Clerk of the City of Moorpark,
California, do hereby certify under penalty of perjury that
the foregoing Resolution No. 91 -821 _ was adopted by the
City Council of the City of Moorpark at a meeting held on
the 18th day of DECEMBER ]1)91, and that the same
was adopted by the following vote:
AYES: COUNCILMEMBERS MONTGOMERY, PEREZ, TALLEY, WOZNIAK AND MAYOR LAWRASON
NOES: NONE
ABSENT: NONE
ABSTAIN: NONE
WITNESS my hand and the official seal of said City
this _19th day of DECEMBER _ __ , 1991-
I "'Jft
111i an E_ R lerran
City Clerk
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