Resolution No. 98-59 CITY OF TIGARD,OREGON
RESOLUTION NO.98-
A RESOLUTION OF THE CITY OF TIGARD,OREGON,AMENDING THE AMERITAS MONEY PURCHASE
PENSION PLAN AND SECTION 457 DEFERRED COMPENSATION PLAN,TERMINATING THE PLANS
EFFECTIVE DECEMBER 31, 1998, AND DIRECTING THE CITY MANAGER TO TAKE WHATEVER
ACTION NECESSARY TO EFFECT THIS RESOLUTION.
WHEREAS, the City of Tigard(the "City") pursuant to an Intergovemmental Agreement between the City of
Tigard and the Tigard Water District assumed many of the services of the Tigard Water District(the"District");and
WHEREAS,the Plans require amendment to bring them into compliance with the Internal Revenue Code of 1986,
as amended;and
WL-WREAS,the Plans have been inactive since the City assumed the services of the District;and
WHEREAS,the accounts for the participating employees and former employees of the District are fully vested;and
W;IEREAS,it is appropriate and necessary to terminate the Plans;and
WHEREAS,the City Manager will need to direct the City's staff to notify participants who have accounts in the
Plans and perform certain other ministerial actions to distribute funds from the Plans.
NOW,THEREFORE,BE IT RESOLVED by the Tigard City Council that:
ANIk
IM SECTION 1: The Money Purchase Pension Plan and the Section 457 Deferred Compensation Plan adopted
by the Tigard Water District shall be amended to bring them into compliance with the Internal
Revenue Code of 1986, as amended. The City Manager is hereby directed to prepare the
appropriate amendments.
SECTION 2: The Money Purchase Pension Plan and the Section 457 Deferred Compensation Plan adopted
by the Tigard Water District are hereby terminated.
SECTION 3: The City Manager is directed to take all necessary action to effect the foregoing resolutions.
PASSED: This day of ✓ 1 8.
i
M o -City of Tigard
ATTEST:
City Recorder-City of Tigard
RESOLUTION NO.98- j Gj
Page 1