Resolution 2766-03
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RESOLUTION NO. 2766-03
A RESOLUTION OF THE BOARD OF DIRECTORS
OF THE SOUTH TAHOE PUBLIC UTILITY DISTRICT
AMENDING RESOLUTION NO. 2723-01 AUTHORIZING
AN AMENDMENT TO THE DISTRICT'S PENSION PLAN
BE IT RESOLVED by the Board of Directors fo the South Tahoe Public Utility District,
County of EI Dorado, State of California, as follows:
WHEREAS, the South Tahoe Public Utility District Board of Directors has authorized
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the participation in CalPERS (California Public Employees' Retirement System); and
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WHEREAS, it has been agreed that contributions to the Manulife Pension Plan will
cease after June 18, 2003, and administration of the Manulife Pension Plan will terminate
on June 30, 2008; and
WHEREAS, the current pension plan document indicates the South Tahoe Public
Utility District shall make participant contributions and allow participant loans from
individual accounts in the Pension Plan; and
WHEREAS, to terminate the Manulife Pension Plan it is necessary that all
participant loans from individual accounts in the Manulife Pension Plan are repaid by June
30, 2008;
NOW THEREFORE, be it resolved that the Board of Directors is adopting a
resolution authorizing the trustees to amend Article IV Section 4.1 (a) and Section 4.7(a)
and Article VII Section 7.4(c) to specify an end date for South Tahoe Public Utility District
contributions to the Manulife Pension Plan and to specify a repayment date for participant
loans.
PASSED AND UNANIMOUSLY ADOPTED by the Board of Directors of the South
Tahoe Public Utility District, this 3rd day of July, 2003.
AYES: Directors Wallace, Schafer, Jones, Comte, Mosbacher
NOES: None
ABSENT: None
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Amendment to the
South Tahoe Public Utility District
Pension Plan
This amendment to the South Tahoe Public Utility District Pension Plan (the Plan) is made
and entered into this 3rd day of July 2003.
WHEREAS, the parties hereto entered into this Plan effective July 1, 2001; and
WHEREAS, it is the desire of the parties hereto to amend said Plan effective June 18,
2003, as hereinafter provided; and
THEREFORE, Article Article N Section 4.1 (a) and Section 4.7 (a) and Article VII Section 7.4 (c)
will be amended as follows:
9 ARTICLEN Section 4.1 (a)-
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ARTICLE N Section 4.7 (a) -
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17 ARTICLE vn Section 7.4 (c)-
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The Employer shall make contributions over such period of
years as the Employer may determine on the following basis.
On behalf of each Participant eligible to share in allocations,
for each year of his participation in this Plan, the Employer
shall contribute 6% of his annual Compensation. No further
contributions shall be made to the Plan after June 18,2003.
As a condition for sharing in Employer contributions, each
Participant shall agree to contribute 4% of his Compensation to
the Trustee. Such contribution shall be credited to his
Employee Contribution Account and shall share in Trust Fund
earnings and losses. The Employee Contribution will be
contributed by the Employer on the Participant's behalf as
described in Code Section 414(h)(2). No further mandatory
contributions shall be made to the Plan after June 18,2003.
Loans shall provide for level amortization with payments to be
made not less frequently than quarterly over a period not to
exceed five (5) years. However, loans used to acquire any
dwelling unit which, to within a reasonable time, is to be used
(determined at the time the loan is made) as a principal
residence of the Participant shall provide for periodic
repayment over a reasonable period of time that may exceed
five (5) years. Notwithstanding the foregoing, loans made prior
to January I, 1987 which are used to acquire, construct,
reconstruct or substantially rehabilitate any dwelling unit
which, within a reasonable period of time is to be used
(determined at the time the loan is made) as a principal
residence or the Participant or a member of his family (within
the meaning of Code Section 267(c)(4)) may provide for
periodic repayment over a reasonable period of time that may
exceed five (5) years. Additionally, loans made prior to January
1,1987, may provide for periodic payments which are made
less frequently than quarterly and which do not necessarily
result in level amortization. After June 18, 2003, no loans may
mature beyond June 30, 2008.
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IN WITNESS WHEREOF, the Corporation and Trustees have hereunder affixed their
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3 La..-k. , this3r4 day OLL l!j 2003.
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TRUSTEES
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Richard Solbrig, Genera
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~.Y.li-- ~%e '1(
Rhonda Me arlane, hlef inancial
Officer
11 ~~H~slsm~ces Director
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