Reso 2003-118 - Laserfiche WebLink

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AMENDMENT NO. 1 TO THE CITY OF SAN LEANDRO, CALIFORNIA DEFERRED COMPENSATION PLAN WHEREAS, the City of San Leandro, California (the "Employer") sponsors and maintains the City of San Leandro, California Deferred Compensation Plan (the "Plan"); WHEREAS, pursuant to Section 12.1 of the Plan, the Employer reserves the right to amend the Plan at any time; and WHEREAS, the Employer has determined that it is in the best interests of the Plan and of the Participants (as defined in the Plan) to amend the Plan to incorporate certain changes to comply with the laws governing eligible deferred compensation plans; NOW, THEREFORE, BE IT RESOLVED THAT the Plan is hereby amended effective as of January 1, 2002 as follow: Section 2 of the Plan is amended to read as follows: "Section 2. Purpose: The Plan is intended to be an eligible deferred compensation plan within the meaning of Section 457(b) of the Code and the regulations thereunder. The primary purpose of the Plan is to attract and hold key personnel by permitting them to enter into agreements with the City of San Leandro which will provide for long-term deferral of income in lieu of current income. This Plan was effective on January 1, 1981 and subsequent to that date has been amended and restated. All assets of the Plan shall be held in Trust for the sole and exclusive purpose of providing benefits to Employees or their beneficiaries. In no event shall any part of the principal or income of the Plan be paid to or revert to the Employer, or be used for any purpose whatsoever other than for the exclusive benefit of Employee or their beneficiaries, unless otherwise specifically provided for in the Plan or the Trust." 2. Section 5.2 is amended to read in its entirety as follows: "5.2 The amount of Compensation which maybe deferred by a Participant is subject to the following linutations: (a) At the time of entering into an agreement hereunder to defer Compensation or at the time of reentry following a withdrawal or at the time a change in the amount to be deferred is elected, the maximum amount (other than rollover amounts) a Participant may defer during an Employment Period shall not exceed the lesser of: (i) 100 percent of the Participant's Includible Compensation or (ii) the "applicable dollar amount" within the meaning of Section 457(b)(2)(A) of the Code, as adjusted in accordance with Section 457(e) of the Code ($11,000 for 2002). (b) A Participant who will attain the age of 50 before the close of the Plan Year and with respect to whom no other elective deferrals may be made to the Plan for the Plan Year by reason of the limitation in Section 5.2(a), may enter into a Participation Agreement to make elective deferrals in addition to those permitted by the limitation in Section 5.2(a) in an