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HomeMy WebLinkAboutReso - CC - 075-1987RESOLUTION NO. 75-87 AMENDING THE DEFERRED COMPENSATION PLAN OF THE CITY OF BURLINGAME RESOLVED, by the Council of the City of Burlingame, ifornia, that: WHEREAS, the City adopted a Deferred Compensation lan for its employees on May 17, 1976, by the adoption of esolution No. 46-76 which established a plan affording those mployees a legal opportunity to defer receipt of a portion of heir compensation to save and defer both Federal and State ncome taxes; and WHEREAS, the recent Federal tax legislation has rescribed additional requirements, conditions and limitations for eferred Compensation Plans in States and local subdivisions of the tes; and WHEREAS, it is necessary to bring the Burlingame £erred Compensation Plan into conformance with said Federal tax gislation to insure full qualification of the Plan; NOW, THEREFORE, IT IS HEREBY FOUND, DETERMINED AND , that: 1. The public interest, convenience and necessity uire approval of the City of Burlingame Deferred Compensation n, as amended, and as set forth in the attachment hereto, ked Exhibit A, and incorporated herein by reference. 2. The said Plan is hereby approved and adopted for City of Burlingame. It shall be made available to those loyees who qualify for participation, as defined in Section 2.2 the Plan. 3. Prior authority granted by this Council in tions No. 46-76 and 56-79 concerning the Master Deferred sation Agreement shall continue in full force and effect, amended. Mayor I, JUDITH A. MALFATTI, City Clerk of the City of urli.ngame, do hereby certify that the foregoing Resolution was ntroduced at a regular meeting of the City Council held on the 20th day of July 1987, and adopted thereafter by the ollowina vote: YES: COUNCILMEN: AMSTRUP, BARTON, LEMBI, MANGINI COUNCILMEN: NONE NT: COUNCILMEN: PAGLIARO 7/13/87 11 ( / City C