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HomeMy WebLinkAboutRES 1982-59 - Board RESOLUTION NO. 82 OF THE TRUCKEE DONNER PUBLIC UTILITY DISTRICT APPROVING AND AUTHORIZING EXECUTION 01' JOINT POWERS AGREEMENT WHEREAS, Government Code Section 65021 authorizes two or more public agencies to jointly exercise any power cow.©n to the contracting bodies, and; WHEREAS, Section 53213 of the Ge-)vernment Code authorizes local agen- cies to establish deferred compensation plans f or their officers and employ- ees; and WHEREAS, the North Tahoe Public Utility Di str ictf Tahoe City Public Utility District and Truckee Donner Public Utility District have each es- tablished a deferred compensation plan; NOW, THEREFOREf BE IT RESOLVED by the Board of Directors of the Truckee Donner Public Utility 'District as follows: 1. The Joint Powers Agreement at-L--a.ched her as Exhibit "A" is hereby approved. 2. The President of the Board of the Truckee Donner Public 4 Utility District .-Ls hereby authorized to execute the Joint Powers Agreement. PASSED AND ADOPTED at a regular meetjng of the Board of Directors of the Truckee Donner Public Utility District duly (_--alled and held in said Dis- trict on the 15th day of November 108-) call vote : by the following roll AYES: Huber, VanLandingham and Corbett. NOES: Kuttel. ABSENT: Maass. TRUCKEE DONNER PUBLIC UTILITY DISTRICT B y_ e side nt ATTEST: Susan M. Craig, Deputy Distr-ict Clerk AGREEMENT F 0 1� ADMINISTRATION DT]FERRED COMPENSAT:EONl PLAN THIS AGREEMENT, made and entered d - e into this (Jay of 19821 by and between Truckee- P .U. D. �o nn Truckee-Donner State of California'/ hereinaf ter referred- - „ . �o as "AGENCY" and SACRAMENTO SAVINGS & LOAN ASSOCIATION a California• corpora, ion , hereinafter referred to as the "Plan -� . Adm.�.ni s t ra to.r WfI TNI�S S l ,1'I.I, WHEREAS , Agency has adopted S acrane�nto Sz1vings Deferred Compensation Plan f©r the ben - 4 benefit of _�. S erliployees ; and WIIEREA.S , Plan is an Elig ble State Defer� wed Compensa,L- ..on Plan under Internal R(kvenue Code Section 4 5� . funded solely by the contributions of eligib1_e p a r t i c i p c-an arc WHEI- EAS , In order for Agency to pr0,%7; .�� - a Plan , � ge c y t c1 has found that it rewires services rel_ca-- • n - - �.znc� 1�o the admirii s f_rdt�Qn of such Plan; and WHEREAS , Plan Administrator has represented �-�� �.,�C�t i_t p0ssJJt.-C-3 the knowledge and experience to adrilinister a n C provide such administrative services j . i ;i�in.'G,a►k- "S7`� 'p'n. :•9ii+"..iN,yW..ryr,La',.,ar'j'M.-.;.Y.;:9a,u,..>s 4sdauf' ,.:is.�..,.,,;,,i ,- i _-: r _,.,, :- .-. :-: _ ., d . .. L.a.?4�4a.f4 jYf.n i...,._Ir•nY...{:. ,.. .. _ t - - .. ._ -s.;o-:::ve r...?.S`Kl''C:,.y'.�`a-ce31..i".`''Ji.r E s'', t.• '+` _ ,f i.-x•F' .;F-' N',.Y�t =i`f 1 f d -.i ie?Sv: -zf•a.,x..,f;3ecwi4q{...w..;...-..w.:w.,.1_,:,,:... - xnsA<..:{ .. .. R"Y5f^'+.'.>v.-•r...T•nr•.,...Tn.•,q-T^....�.�.._y1'+l„^"-..i�,.•.,•tw� ._._T... Noon?' THERE- FORE , in consideration of the r�1 utual covenants and agreements herein set f ort_l-1 , tll�e part '-1e,s coo I'c_-reby agree as follows w APPOINTMENT. A( C-`11 S w� �u.1 Y.7 1��i i�� �{7�y .� � OlUtion/ordinance Now c�oC'_S �Ze-Y el a o_�r1 S 'r �,� r - y pp AC1ZAMEN O SAVINGS & LOAN ASSOCIA`1.'_1_ot' as the 1"ILiII ����rx�1_I��s.�?a+ � �= +_, ���ruc � 1� �c �:- �r1 _' kee--I)orine.r ' .U.D e e 1 r tl C c . L t i - �1 _Z 'l1t.1 L- L:c re ,__C2_reC-1 tU a NV1"!]C)"J[M1�N 0F, l`'uND5 . Agency o invest � h_ funds oIF Plan w iti-I Plan Adr2�ini Jtrator any. PlEin 1�cim_- ��n.Zstrator agrees to accept such funds for i n vre }tlt;en-t ill ( (.r t _i sate s o_t_ Deposit subject �.o -1 c'gulatiol,7.S t l-c--- 7 ill &.1-f ect (a) The mLirli:rzulr� i1_1ve stl11,er�t allowed� monthlycc rnonth2y �er participant D J $ o . 0 0 , or 1 f _rtto re h ai? t�i71.�� I►1ln 1 Ij1LlI l cllI,o unt. , i IZ multiples of $5 . 00 . (b) If tt e icCoul�t is le ss ��an ~'1 10 , 0 o o . 00 at the Deg l nnin g of cI CEile dl-.-Ar quarter, the interest r at-e c hal l be 8 coll-lpou1-lc?c.�d CiE1i ly. '.I' 1 ,� ACCount f our teen ( 14 ) day ter.111 r and the ma -� tur 1-ty date shall extendea arl additional i=our teen 1 4) days by any furl-1her deposit. r� . ,-'+t.=FrG.y.�r i::gr4L nYrfi `f •3 lG-`,d ,,f' .•rii.a9S31..Lir1'.3ka.a[tiF fic3`i�a5. ..♦.. .. -,: ., .. ,'.s:.n �<.,,ai.;ti§3'y+v,�.c?I.tri.s.,3.•..isr.d-.rs-S SR,.x i#1 , (c) If the Account is less thEIII $100 , 000 . 00 but with a rri i n i 4- MI-11n Of $10 , 000 . 00 at le beginning of ci c e i i C_I a I I-',,L,I- L-e r that be il-lvested onth t.,1oi1ey Marl,',..et Cert =icat s (T reasury 13-i_Ils) at the rate then prevai l ing and with SilTIpie interest calculation. ALL TNTEF"'IM 1�1__`IPOSTqis (contributions) into the Account shal-IL. earn 8% daily until either : (1) The interJI-m deposits (contributions) equal or exceed $l0 , 000 . 00 and are , on the first day of the cuar-ter I following that occurence d 4 1 -Posited J_nto a Six-Mont h. Money Market Certificate; or (2) 01-le of the Plan ' s Six-Mon-th Money Mar ket at which time -t�-Ie C e r t i i c c--i es_D rn a I-u rr,,c; 4 -m-terim deposits (conL-r__ibutions) shall he added to the fun(E_; thc� jr'IE tu,r.,--Lng Certi-- 12-cate and rein-vested in a nev,,, Six-Month Money Market Ce-r-tificate, 3 WbMIUf 04' (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 r bearing ninety (90) day maturity dates , (commonl. Y' referred to as the "Jumbo Rate" ) with interest p aid 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 Afdministrator g uarantees that _- the minimum rate shall be the stated rate on Plan Administrator ' s longest term fixed rate certificate with interest paid and compounded dai ly, presently 8% . All funds on deposit shall be subject to all applicable rules , regulations , and statutes of the California Depaitment of Saving s and Loans , the Federal Home Loan Bank Board, the Federal Savings and Loan Insurance Corporation, and all other appl icable regulatory authorities , 3.. CONTRACTUAL RELATIONSHIP, Plan Administrator shall have no privity ,of contract with the individual participan ants of Plan, and Plan- Administrator agrees not to accept nor honor any instructions pertaining to transactions that may be submitted by participants. 4 rra Z1A_-b.'0 Zo&�9� qwL W41- t 4 ......... 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 speci f idally determined by and pursuant to regulations issued by t he Secretary of Treasury 457B-5) to participant, no participant shall have any right to encumber, hypothecate , or al]-enate 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 . Cons istent 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 WAa (b) 33 1/3% of the participant' s includable compensation. The term "includable compensation" means comp ensation 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 pay roll deduction per pay period and forwarded to Plan Administrator b warrant •-along I 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" . Participants are permitted to make cha' nges in their authorized payroll deductions subject to reasonable time limitations that may be .imposed by Agency. For each such chang e the Agency and the participant will execute a new Plan and Ag reement. A copy of the new Plan and Agreement will be sent by the Ag enc y to P lan Administrator by no later than the following pay p eriodO 6 Yrr Mb 4 A 'k- X",s '�4n 'Ra IM 7 . ALLOWABLE DISTRIBUTIONS . Internal Revenue Code----------- .. _ �. Section 4 57 provides that funds are "made ' avai lable 11 Upon the occurence of the following: (a) Termination (voluntary.involuntar y) ' (b) Disability (C) "Unforeseeable Emergency" (d) Retirement (e) Death Plan Administrator will honor requests withdrawal q s t s o f w►�.thdr awa 1 from the Account of Plan ONLY when authorized by Agency. While Plan Admini s trator has no provisions sions for accumulating income--tax withholdings from disbursements,r� �- � � .�e�r��n.t.�, Plan Administrator will make direct payments including _ ... ._ periodic payments to Plan participants at the direction of Agency. _. ... While Federal Regulations im os(� certain p t�C�.in interest penalties for early withdrawals, there are man conditions' y cond�.�zons under which withdrawals may be made without penalty..lty, and Plan Administrator, will advise Agency to utilize those ' ose options whenever possible. Further- more., should an interest penaltybe required by Federal Regulations, . . Plan Administrator will invoke the abs olute minimum penalty allowed. 7 . _ _- •.. .. _ .. '' _ .. .: - .- .. ..-_... .. _.._ - ., :p•�. 3.'3F'ikc#._,,:l+r..:;.x.�,u:�'J.� 4�rf .y.tb- ts;1, .-7 -.'-'--:. ,:.`. rrr:'.^s.r+r�-,:'1R'¢At!q'^a/;err..r..c.+s'Y:H•aT'P'^"_*`^x.*ww -....., `7 ''Z s Any withdrawal made as a result of the death of a Plan participant will not be subject to penalty, y. 8 . PRIVITY OF CQNTPACT BETWEEN AGENCY AND P APTICIPANT. All participants must sign an individual_ Plan and Agreement form provided b Plan Administrator Y r and acknowledged by Agenc Y All participants must - also complete .p p to and sign the Settlement Agreement and Beneficiary Designation of g iciary 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, ,bookkeepin reporting g p g and payout procedures . (b) Plan Administrator shall provide p detailed quarterly statements -to all Plan participants , as well p r as providing ,a cumulative quarterlyreport P ort to Agency. (c) Plan Administrator will - • assist in implementing Plan by conducting meetings for Agency enc and Plan partici- pants part�.ci pants which are normally scheduled on a biannual basis . All such meetings will be conducte d by Plan Administrator Representatives . 8 r t ,c -....v..t..c:.,...s`!•wdL..- ,1 ..:....._ r:s a_.... ` ^t ;< 4 p;..st;. �,<•+c :c r . - a .. • - . . - E ArfJ. .Y--,.. ,nt .Ya ..: •} a ,y•,i' ,.._ .....,.� ^^f�--,�.+.?�Yy� y�� �+Sb �•r k� � ?S C•,�.. _ n �u,9 `�f r (d) Plan Administrator shall be the source of supply pP Y of all forms related to the Plan, (e) In--House legal counsel shall assist Plan Adminis- trator s 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 p p on to outside agencies , as now or .later may �be required, , and furnish information regarding Plan g g an to Agency for its records and accounting, as now or later may be required. (g) Plan Administrator shall render these service s s at No COST to the Agency or Plan participants, 1.o . AGENCY SERVICES . Agency shall provide or cause se to be provided to the Plan Administrator the following:(a) Complete and accurate information a . nd any forms or documents in completed form which are necessary for Plan Administrator to perform the services required hereunder, and which are requested b Plan q Y Administrator in a timely manner. (b) Payroll deduction procedures and facilities , 9 sJi r.„.., ,i.__...... ., t-1:-....:ry t_.+k.vTBF, .' T. ;yry--. .k •s - + ,.,-t't'-1`rti 3 `rs: -a.i - �.� •"`+ wP'.�..3�a5ii y�} +Te.,.c ti' iScba'::�e.a7a.�.v�ts;llii. �S..S::'9 (c) Assistance it scheduling for and providing facilitie s for group meetings between Plan Administrator and participants for the purpose of distributing • �' p hating information relating- to Plan . (d) Assistance in obtaininginformation such other information as may be needed from time to time b Plan . Y Administrator for Lf ficient administration of Plan, 11, , TERM. This agreement shall remain i • n force until either party - elects to terminate the agreement in writin g and forwards such written notice of termination - • by registered mail to the other arty, . p ty. 12 . TERMINATION. The agreement t shall. • g 11. terminate not less than sixty (60) days after receipt of ' such . .�.. -----p ch 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 Flan Administrator . Upon termination by Agency or Plan Adminir , . ,�trator, full withdrawal of funds shall be subject ect to Federal •� Regulations governing early withdrawals for Certificates of Deposit, p t. 10 y c • ' it .. .fi a-.•.».....Y.s..wur.... "/.:::..,^.t...,__. -__.r..,-,- .,..1,,. ry .'^'�{YY?..nti'^±r1is1'*r-':'-r.+w'wr+Y•..w.•....___'.__....._.:. -_ r t. 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, i nc ludi.ng 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 cla-Lms , losses, damage g 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 b both artier or when required ~ Y pby changes in applicable law. s 11 ,...,,.. -..aa..a...u..xsacxrau,ty- _. 17 . CONFIDENTIALITY OF INFOR IATION. All information .---.- ormat3on supplied to, and all work processed or completed b ,* Plan . �' � Administrator or caused to be processed or Completed b PlanAdministrator P . y in furtherance of terms and conditions of this agreement shall be kept confidential b Plan Administrator . , .�' trator . However, Plan an Admi n i s tra- tor shall not be required to keep confidential any informatio n or any work processed or completed or caused to be processed or completed which is required t q o be disclosed by Plan Administrator in order to comply with Federal State Late 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 empress written consent of Agency, 19 . PLAN ADMINISTRATOR' S STATUS . 1 In the performance of the obligations set forth , in this agreement, Plan Administrator shall have the status of an inde endan P t contractor, and in no sense shall Plan Administrator be considered an employee of the .. Agency described herein. 12 I}Yii�G'�+Fraw+�s�t...a.,.,..�,rrt 3,3 s •-L>,;tii`+c' >k..Yrrlt:'cav .i.`ra Ct.sm:us. 'iliia..1, via .. «,;.' ., ',. -' -.. _ '.'..x',y ty.'W+t n't:::Jttt..w.t3.♦'i -aln'i.n..,,......._ .._ 4 IN WITNESS WHEREOF, -the parties hereto have executed this agreement, g ► consisting of 13 pages including this page, the day and year first here- inafter ere inafter written. 1 silent, Board of Directors T UCKEE DONNER PUBLIC UTILITY" DISTRICT By William G. Stewart, Vice President Public Funds Plan Administrator SACRAMENTO SAVINGS & LOAN ASSOCIATION . ..••-,•:.:-e..cz...e:s.uis�i:w.i+-.4a..ltsr.,-.t'N�.i.s-�rA,.a� ..:.vu3;Rh aal'.,3•::i.bva. ,<n,., _.. -- ._.. •a-:®_y-:asePo�d•Si.<,£«,"L�rl:,v�§xfiubm•.+,R•taiYxV:s:.�ag a+r.-:.tise-..•._Li::*ee.,mr�haRkhis,e»��Aav aaMs�.�Yx-v,¢:.as� �vv s.�.xs_:ac%:e....a�"a.v.y��aarc••.-esvt.�ma.�,.ai..miy .