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CC Resolution No. 4093 ~ ~ RESOLUTION N0. 4093 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CUPERTINO AMENDING THE ADOPTION AGREEMENT OF THE DEFERRED COMPENSA- TION PLAN AS ADOPTED BY RESOLUTION N0. 4082 WHEREAS, the City heretofore by its Resolution No. 4082 did adopt a City of Cupertino, California Deferred Compensation Plan, including the Deferred Compensation Plan Adoption Agreement, subject to written ap~roval by the In- ternal Revenue Service; and WHEREAS, said written approval by the Internal Revenue Service did indicate the desirabilify,:~of making certain modifications to the said Adoption Agree- ment; ~ NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Cuper- tino that the Deferred Compensation Plan Adoption Agreement, attached hereto and made a part hereof is hereby adopted as amended. BE IT FURTHER RESOLVED that the effective date of adoption shall be as of the fifteenth (15th) day of December, 1975, the date on which said Plan and said Agreement were first established by Resolution No. 4082. PASSED AND ADOPTED at a regular meeting of the City Council of the City of Cupertino this 5th day of January , 1976, by the following vote: Vote Members of the City Council AYES: Meyer's, Nellis, Sparks, Jackson NOES: None ABSENT: Frolich ABSTAIN: None APPROVED: /s/ James E. Jackson Mayor, City of Cupertino ATTEST: /sj Wm. E.~Rvder City Clerk . ~ _ ~ Attachment Res. No. 4093 DEFERRED COMPENSATION PLAN ADOPTION AGREEMENT THIS AGREEMENT, made by and between the CITY OF CUPERTINO, hereinafter referred to as "City" and , hereinafter referred to as "Adopting Employee". WHEREAS, the City has established the "CITY OF.CUPERTINO, CALIFORNIA DEFERRED COMPENSATION PLAN", hereinafter referred to as "Plan" for the benefit of its employees, and WHEREAS, the Plan provides that any employee, subject to the limitations established in the Plan of the City, may elect to join and become a Member of the Plan on executing and filing with the City~an Adoption Agreement, and WHEREAS, the Adopting Employee desires to join and become a Member of the Plan, NOW, THEREFORE;the City and the adopting Employee agree as follows: 1. The City has provided the Adopting ~m~ploy.e~ with a current copy of the Plan. 2. The Adopting Employee hereby elects to become a Member of the Plan and to defer payments pursuant to the Plan as follows: a. Amount of monthly compensation: $ (not less than $20 per month) b. Compensation for accrued vacation benefits to be set aside as deferred compensation at retirement only: $ ' The.adopting Employee agrees that his rights ~to the deferred compensation shall be governed by all.terms and conditions of~the Plan. 3. Compensation deferred under Section 2b aho~ve shall be governed by the following additional'conditions: a. Adopting Employee shall not have the right to said accrued vacation benefits prio~ to retirement. b. The City will pay benefits to Adopting Employee in installments over a period not to exceed the life expectancy of Adopting Employee. c. The City shall retain ownership of amounts deferred until paid to Adopting Employee. ~ d. The amount of deferred compensation to which employee shall be entitled under this Section shall be measured at any time by the market value of investments made pursuant to Section 4 hereof. 4. The Adopting Employee designates his investment objectives to be interest time deposits in local savings and loan or banking institution and re- quests the City to invest the deferred compensation funds accordingly. 5. The Adopting Employee designated the following persons as his Bene- ficiaries to receive, in the event of his death, any benefits to which he is en- titled under the Plan: Name of Beneficiary Address of Beneficiary l. 2. 3. 4. If more than one person is named as Beneficiary, any payments to which they may be entitled shall be paid as follows: (Choose one) In equal shares, to such of the designated persons, survivor, or survivors, as shall then be living, or Wholly to the first designated person who survives me Such benefit shall be paid in a lump sum within 60 days after death. I hereby reserve the right to change or revoke this Beneficiary designation with- out notice to any Beneficiary. 6. (a) In the event of normal or late retirement or disability the method of distribution shall be made in percentages as follows: Percentage In a lump sum. (percent) In monthly, quarterly, semi-annual or annual inseallments over a period not to exceed ten (10) years from date (percent) distribution began or over a period established by the City not greater than the life expectancy of the participanC. Total 100% - 2 - ~ 1 6. (b) In the event of termination of employment for reason other than normal or late retirement, disability, or death the method of distribution shall be made in the percentages as follows: In a lump sum. (percent) In monthly, quarterly, semi-annual or annual installments percent of substantially equal payments over a period not to exceed seven (7) years from date distribution began, but no pay- ment shall have a value of less than (the smaller of) $50 or the balance credit to the participant's book account. Tot~l 100% The above distributions shall be postponed until the yes participant reaches his birthday. no SOth, 60th or 65th 6. (c) In the event of termination of the Plan by the City as referred to in paragraphs 12.1 and 12.3 thereof or with respect to any event which will cause payment to begin where the time and method of payment of benefits is not specifically provided in the Plan or in this Agreement, the value of each partici- pant's book account shall be distributed in a lump sum to the participant, if then living, or, if not, to the beneficiary (s) designated herein not later than 60 days after such termination of the Plan or event causing payments to begin. Dated: , 19 CITY OF CUPERTINO EMPLOYER By Its City Manager ADOPTING EMPLOYEE I hereby agree to the designation of Beneficiary as shown above. SPOUSE OF ADOPTING EMPLOYEE - 3 -