HomeMy WebLinkAboutRes 8259RESOLUTION NO. 82 59
OF THE
TRUCKEE CONNER PUBLIC UTILITY DISTRICT
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APPROVING AND AUTHORIZING EXECUTION OF
JOINT POWERS AGREEMENT
WHEREAS, Government Code Section 6502 authorizes two or more public
agencies to jointly exercise any power common to the contracting bodies, and;
WHEREAS, Section 53213 of the Government Code authorizes local agen-
cies to establish deferred compensation plans for their officers and employ-
ees; and
WHEREAS, the North Tahoe Public Utility District, Tahoe City Public
Utility District and Truckee Donner Public Utility District have each es-
tablished a deferred compensation plan;
NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the
Truckee Donner Public Utility District as follows:
1. The Joint Powers Agreement attached hereto as Exhibit
"A" is hereby approved.
2. The President of the Board of the Truckee Donner Public
Utility District is hereby authorized to execute the
Joint Powers Agreement.
PASSED AND ADOPTED at a regular meeting of the Board of Directors of
the Truckee Donner Public Utility District duly called and held in said Dis-
trict on the 15th day ol November , 1982, by the following roll
eaJ1 vote :
AYES: iluber, VanLandinghara and Corbett.
NOES: Kuttel.
ABSENT: Maass.
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
By _-j£?!™hy.V--
Ti i ,ident
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ATTEST :
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I Susan M. Craig, Deputy District C Clerk
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AGREEMENT
FOR
ADMINISTRATION
DEFERRED COMPENSATION PLAN
THIS AGREEMENT, made and entered into this day of
, 1982, by and between Truckee-Donner P.U.D.
State of California, hereinafter referred to as "AGENCY", and
SACRAMENTO SAVINGS & LOAN ASSOCIATION, a California corporation,
hereinafter referred to as the "Plan Administrator";
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WHE
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WITNESSETH)
jency has adopted Sacramento Savings' Defi
'Ian for the benefit of it'
Jlan is an Eligible State D<
:r Internal Revenue Code Section 457
imployees; and
jd Compensation
2d solely by th>
Plan
contri!
WHI
has fou:
;ligib nar ticn
In order for Agency to provide such a Plan, ,Vjency
that i requires s ervices relating to t he administration
of such P1. an; and
WHERE; itrator han je that it uocsassoi
the know] ed< 16 ana expern snce to administer and provide such
administrative services;
(c) If the Account is less than $100,000.00 but with
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a minimum of $10,000.00 at the beginning of a
calendar quarter, that amount shall be invested
in Six-Month Money Market Certificates (Treasury
Dills), at the rate then prevailing and with simple
interest calculation. VLL INTERIM DEPOSITS,
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(contributions) into the Account shall earn 8%
daily until either:
(1) The interim deposits (contributions)
equal or exceed $10,000.00 and are,
on the first day of the quarter following
that occurence, deposited into a Six-Month
Money Market Certificate; or
(2) One of the Plan's Six-Month Money Market
Certificates matures, iit which time the
interim deposits (contributions) shall be
added to the funds in the maturing Certi-
ficate and reinvested in a new Six-Month
Money Market Certificate.
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(d) If the Account is $100,000.00 or more at the beginning
of a calendar quarter, the interest rate will be that
rate then being offered by Plan Administrator on
Certificates of Deposit in excess of $100,000.00,
bearing ninety (90) day maturity dates, (commonly
referred to as the "Jumbo Rate"), with interest paid
and compounded quarterly, or that rate then being offered
on Six-Month Money Market Certificates, whichever is
higher. This rate will be adjusted quarterly.
(e) Notwithstanding, Plan Administrator guarantees that
the minimum rate shall be the stated rate on Plan
Administrator's longest term fixed rate certificate
with interest paid and compounded daily, presently 8%.
All funds on deposit shall be subject to all applicable rules,
regulations, and statutes of the California Department of Savings
and Loans, the Federal Home Loan Bank Board, the Federal Savings
and Loan Insurance Corporation, and all other applicable regulatory
authorities.
3. CONTRACTUAL RELATIONSHIP. Plan Administrator shall have no
privity of contract with the individual participants of Plan, and
Plan Administrator agrees not to accept nor honor any instructions
pertaining to transactions that may be submitted by participants.
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4. OWNERSHIP OF FUNDS. Title and Ownership of the Account
established under the Plan shall at all times be in the Agency
and named (Agency) Deferred Compensation Plan Account.
As funds of Plan remain the property of Agency until such
time as funds are "made available" (Death, Disability, Retirement,
Termination or such "Unforeseeable Emergency" as specifically
determined by and pursuant to> regulations issued by the Secretary
of Treasury 4 57B-5) to participant, no participant shall have any
right to encumber, hypothecate, or alienate his or her interest in
Plan.
5. PARTICIPANT ELIGIBILITY. Eligible participants in the Plan
are those who are compensated for services rendered to Agency,
whether employee or independent contractor. Consistent with
Internal Revenue Service policy governing all such plans, discri-
mination favoring any segment of eligible participants is specifi-
cally prohibited.
6. ALLOWABLE CONTRIBUTIONS. Pursuant to Internal Revenue Code
Section 457, the maximum that may be deferred to a taxable year
shall not exceed the lesser of:
(a) $7,500.00; or
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ib) 33 1/3% of the participant's includable compensation.
The term "includable compensation" means compensation
for services performed for Agency which (taking into
account Section 457 of Internal Revenue Service Code)
is currently includable in gross income.
All contributions shall be in the form of a payroll deduction
per pay period and forwarded to Plan Administrator by warrant along
with a listing of deductions per participant.
The deductions will be credited to the "Sub-Accounts" established
in the name of the Agency for each participant; i.e., "(Agency)
Account Under Deferred Compensation for John Doe".
I Participants are permitted to make changes in their authorized
payroll deductions subject to reasonable time limitations that
may be imposed by Agency. For each such change the Agency and the
participant will execute a new Plan and Agreement. A copy of
the new Plan and Agreement will be sent by the Agency to Plan
Administrator by no later than the following pay period.
7. ALLOWABLE DISTRIBUTIONS. Internal Revenue Code Section
I 457 provides that funds are "made available" upon the occurence
of the following:
(a) Termination (voluntary-involuntary)
(b) Disability
(c) "Unforeseeable Emergency'1
(d) Retirement
(e) Death
Plan Administrator will honor requests of withdrawal from the
Account of Plan ONLY when authorized by Agency.
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While Plan Administrator has no provisions for accumulating
income-tax withholdings from disbursements, Plan Administrator
will make direct payments including periodic payments to Plan
participants at the direction of Agency.
While Federal Regulations impose certain interest penalties
for early withdrawals, there are many conditions under which
withdrawals may be made witiiout penalty, and Plan Administrator will
advise Agency to utilize those options whenever possible. Further-
more, should an interest penalty be required by Federal Regulations,
Plan Administrator will invoke the absolute minimum penalty allowed.
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Any withdrawal made as a result of the death of a Plan
participant will not be subject to penalty.
8. PRIVITY OF CONTRACT BETWEEN AGENCY AND PARTICIPANT.
All participants must sign an individual Plan and Agreement
form provided by Plan Administrator and acknowledged by Agency.
All participants must also complete and sign the Settlement
Agreement and Designation of Beneficiary form. Plan Administrator
will retain copies of all such agreements and amendments for filing.
9. PLAN ADMINISTRATOR SERVICES.
(a) Plan Administrator shall relieve Agency of all
administrative, bookkeeping, reporting and payout
procedures.
(b) Plan Administrator shall provide detailed quarterly
statements to all Plan participants, as well as
providing a cumulative quarterly report to Agency.
(c) Plan Administrator will assist in implementing Plan
by conducting meetings for Agency and Plan partici-
pants which are normally scheduled on a biannual
basis. All such meetings will be conducted by Plan
Administrator Representatives.
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(d) Plan Administrator shall be the source of supply
of all forms related to the Plan.
(e) In-House legal counsel shall assist Plan Adminis-
trator in monitoring Plan to assure that Plan is
in full compliance with all pertinent laws and
regulations and Plan Administrator shall advise
Agency of any changes in such laws and regulations
and shall do so in writing.
(f) Plan Administrator shall report pertinent information
to outside agencies, as now or later may be required,
and furnish information regarding Plan to Agency for
its records and accounting, as now or later may be
required.
(g) Plan Administrator shall render these services at
NO COST to the Agency or Plan participants.
10. AGENCY SERVICES. Agency shall provide or cause to be
provided to the Plan Administrator the following:
(a) Complete and accurate information and any forms or
documents in completed form which are necessary
for Plan Administrator to perform the services
required hereunder, and which are requested by Plan
Administrator in a timely manner.
(b) Payroll deduction procedures and facilities.
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(c) Assistance in scheduling tor and providing facilities
for yroup meetings between Plan Administrator and
participants lor the purpose of distributing information
relating to Plan.
(d) Assistance in obtaining such other information as may
be needed from time to time by Plan Administrator for
efficient administration of Plan.
11. TERM. This agreement shall remain in force until either
party elects to terminate the agreement in writing and forwards such
written notice of termination by registered mail to the other party.
12. TERMINATION. The agreement shall terminate not less than
sixty (GO) day:; after receipt of such written notice.
In the event termination is by Agency, and the effective date
of such termination is at a time other than the end of a quarter,
then Agency shall pay Plan Administrator the reasonable costs of
preparing statements of activity and such other reports to be given
to Agency by Plan Administrator.
Upon termination by Agency or Plan Administrator, full withdrawal
of funds shall be subject to Federal Regulations governing early
withdrawals for Certificates of Deposit.
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13. WARRANTY. Plan Administrator hereby warrants that it shall
perform all services required hereunder in a careful, diligent,
and professional manner, and that Plan Administrator shall correct
promptly any and all errors made by it in the course of performance
of said service that may be discovered from time to time.
14. HOLD HARMLESS - AGENCY. Plan Administrator agrees to hold
Agency, its Board, commissions, officers, agents and/or employees,
including any Advisory Committee members harmless from any and all
claims, losses, damage of liability which Agency may suffer or incur
by reason of Plan Administrator's failure to accurately or correctly
perform the services required of it. hereunder.
15. HOLD HARMLESS - PLAN ADMINISTRATOR. Agency agrees to hold
Plan Administrator harmless from any and all claims, losses, damage
or liability which Plan Administrator may suffer or incur by reason
of Agency's failure to accurately or correctly perform the services
required of it hereunder.
16. AMENDMENT. This agreement may be amended or modified either
by written agreement signed by both partial) 0£ when ii-quircd by
changes in applicable law.
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17. CONFIDENTIALITY OF INFORMATION. All information supplied
to, and all work processed or completed by Plan Administrator
or caused to be processed or completed by Plan Administrator in
furtherance of terms and conditions of this agreement shall be
kept confidential by Plan Administrator. However, Plan Administra-
tor shall not be required to keep confidential any information or
any work processed or completed or caused to be processed or
completed which is required to be disclosed by Plan Administrator
in order to comply with Federal, State and County laws and regula-
tions.
18. NONASSIGNABILITY. It is mutually agreed that this
agreement shall not be assigned, nor shall any of the services
agreed to be performed or provided by Plan Administrator hereunder
be assigned without first obtaining the express written consent
of Agency.
19. PLAN ADMINISTRATOR'S STATUS. In the performance of the
obligations set forth in this agreement, Plan Administrator
shall have the status of an independant contractor, and in no
sense shall Plan Administrator be considered an employee of the
Agency described herein.
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IN WITNESS WHEREOF, the parties hereto have executed this agreement,
consisting of 13 pages including this page, the day and year first here-
inafter written.
>.*4w^
President, Board of Directors
TRUCKEE DONNER PUBLIC UTILITY DISTI 8
By
William G. Stewart, Vice President
Public Funds Plan Administrator
SACRAMENTO SAVINGS £ LOAN ASSOCIAT]
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