Resolution No. 2101cam
RESOLUTION NO. 2101
A RESOLUTION AUTHORIZING THE DISTRICT
TO MAKE CONTRIBUTIONS TO THE DEFERRED
COMPENSATION PLAN FOR EMPLOYEES IN-
ELIGIBLE TO PARTICIPATE IN THE DISTRICT
PENSION PLAN
BE IT RESOLVED by the Board of Directors of the South
Tahoe Public Utility District, County of E1 Dorado, State of
California, as follows:
WHEREAS, the District provides a pension plan for its
employees pursuant to a Group Policy with Manufacturer's Life
Insurance Company, and
WHEREAS, pursuant to said Group Policy, monthly, the
District contributes six (6) percent and the employee contributes
four (4) percent of the employees monthly salary as of July of
each year for the purchase of an annuity, and
WHEREAS, said Group Policy provides that for an employee
to be eligible to participate that the employee must not be more
than 60 years of age at time of beginning participation, and
WHEREAS, the District currently has two employees who are
ineligible due to their age and the Board of Directors have ex-
pressed a desire to provide a pension plan for its employees
denied participation under the Manufacturer's Life Insurance
Company due to age,and
WHEREAS, the District provides a Deferred Compensation
Plan for its employees.
NOW, THEREFORE, BE IT RESOLVED,
1. That monthly the District contribute six (6) percent
if the employee agrees to contribute at least four (4) percent, of
the employees monthly salary as of July of each year to the
Deferred Compensation Plan for employees ineligible to participate
in the Manufactuer's Life Insurance Company Group Policy due to
the requirement that an employee must not be more than 60 years
of age.
a
t
A
.
cam
RESOLUTION NO. 2101
A RESOLUTION AUTHORIZING THE DISTRICT
TO MAKE CONTRIBUTIONS TO THE DEFERRED
COMPENSATION PLAN FOR EMPLOYEES IN-
ELIGIBLE TO PARTICIPATE IN THE DISTRICT
PENSION PLAN
BE IT RESOLVED by the Board of Directors of the South
Tahoe Public Utility District, County of E1 Dorado, State of
California, as follows:
WHEREAS, the District provides a pension plan for its
employees pursuant to a Group Policy with Manufacturer's Life
Insurance Company, and
WHEREAS, pursuant to said Group Policy, monthly, the
District contributes six (6) percent and the employee contributes
four (4) percent of the employees monthly salary as of July of
each year for the purchase of an annuity, and
WHEREAS, said Group Policy provides that for an employee
to be eligible to participate that the employee must not be more
than 60 years of age at time of beginning participation, and
WHEREAS, the District currently has two employees who are
ineligible due to their age and the Board of Directors have ex-
pressed a desire to provide a pension plan for its employees
denied participation under the Manufacturer's Life Insurance
Company due to age,and
WHEREAS, the District provides a Deferred Compensation
Plan for its employees.
NOW, THEREFORE, BE IT RESOLVED,
1. That monthly the District contribute six (6) percent
if the employee agrees to contribute at least four (4) percent, of
the employees monthly salary as of July of each year to the
Deferred Compensation Plan for employees ineligible to participate
in the Manufactuer's Life Insurance Company Group Policy due to
the requirement that an employee must not be more than 60 years
of age.
i
C -
( r
can
2. That for the two exisiting employees the District
contribute to the Deferred Compensation Plan an additional
sum equal to the amount the District would have contributed
for the two employees if the employees had not been ineligible
to participate in the Manufacturer's Life Insurance Company
Group Policy. Said sum is $5,907.84 as of December 1977.
PASSED and ADOPTED this 5th day of January, 1978, at
a duly held meeting by the following votes:
AYES: Directors Kashuba, Cocking, Fieldcamp
Olson and Jones.
NOES: None
ABSENT: None
ATTEST:
Sou
v
Lorrene L. Kashuba, President
South Tahoe Public Utility District
na d Ex- Officio Secretary
Public Utility District
cm
n
I hereby certify that the foregoing is a full, true
and correct copy of RESOLUTION NO. 2101 , duly and regularly
adopted by the Board of Directors of the South Tahoe Public
Utility District, El Dorado County, California, at a meeting
thereof duly held on the 5th day of January 1978, by the
following votes:
AYES: Directors Kashuba, Cocking, Fieldcamp
Jones and Olson
1 %W NOES: None
ABSENT: None
( C e & Ex- Officio Secretary
South T hoe Public Utility District
M