Resolution 575t°
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12/27/83
RESOLUTION NO. 575
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
EDMONDS, WASHINGTON, AMENDING SECTION 3.8 OF
THE DEFERRED COMPENSATION PLAN ADOPTED BY
RESOLUTION NO. 561, PASSED BY THE CITY COUNCIL
ON JULY 12, 1983, TO DESIGNATE THE EMPLOYMENT
YEAR AS BEGINNING ON DECEMBER 16 OF ANY YEAR
AND ENDING ON DECEMBER 15 OF THE NEXT
SUCCEEDING YEAR AND AMENDING SECTION 6.2 TO
ALLOW ELECTION OF ONE PARTICIPANT IF NONE OF
THE MEBT COMMITTEE IS A MEMBER.
WHEREAS, pursuant to Resolution No. 561, passed by the
City Council on July 12, 1983, the City adopted a Deferred
Compensation Plan pursuant to Section 457 of the Internal
Revenue Code, and
WHEREAS, section 3.8 of said plan provided for an
employment year beginning January 1 and ending with the next
following December 31, and
WHEREAS, because of the City's accounting procedures
employees last paycheck of any year is received on December 20
for work through December 15, and
WHEREAS, such accounting procedure necessitates an
amendment of the plan to coincide with actual City payroll
practices, and,
WHEREAS, the Deferred Compensation Management
Committee should have at least one member who is a
participant, now, therefore,
THE CITY COUNCIL OF THE CITY OF EDMONDS, HEREBY
RESOLVES AS FOLLOWS:
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Section 1. Section 3.8 of the Deferred Compensation
Plan, adopted by Resolution No. 561, passed by the City
Council on July 12, 1983, is hereby amended to read as
follows:
3.8 "Employment Year" means the year beginning
with December 16 and ending with the next
following December 15, except that the first
year of an Employee hired in "mid- year" shall
be a short year beginning with the date of
employment and ending with the next following
December 15.
Section 2. Section 6.2 of the Deferred Compensation
Plan, adopted by Resolution No. 561, passed by the City
Council on July 12, 1983, is hereby amended to read as
follows:
6.2 The Deferred Compensation Management Committee
shall be comprised of the members of the MEBT
committee, appointed or elected pursuant to
Chapter 2.30 of the Edmonds Municipal Code;
provided, however that the participants may
select one of their number to serve on the
committee. Under no circumstances may a
majority of the committee members be
participants in the Plan unless the Mayor
consents to such majority. The duty of the
Committee shall be to perform the following:
6.2.a) establish procedural rules and regulations
facilitating operation of the Plan, and
arrange for its administration by outside
organizations if the Committee deems it
necessary;
6.2.b) receive applications from Participants for
emergency withdrawal of funds and determine
the propriety of such withdrawals;
6.2.c) review periodically the condition of the
deferred compensation fund and make changes in
investment vehicles and media as appropriate.
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Section 3. The Deferred Compensation Plan adopted by
Resolution No. 561 shall not be affected except as set forth
herein.
RESOLVED this 3 day of January , 1984.
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fu:'i�• • �• ,
ATTEST /AUTHENTICATED:
CITY CLERK, IRENE ARNEY MORAN
APPROVED AS TO FORM:
OFFICE OF THE CITY RNEY:
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FILED WITH THE CITY CLERK: December 29, 1983
PASSED BY THE CITY COUNCIL: January 3, 1984
RESOLUTION NO. 575
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