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