REQUEST FOR COUNCIL ACTION

RESOLUTION: 2005-73

SUBJECT: City of Lakewood Deferred Compensation Plan and Trust Agreement.

RECOMMENDATION: City Council approve and adopt by resolution the amendments to the Lakewood Deferred Compensation Plan and Trust Agreement to comply with changes made to Internal Revenue Code § 457 by the Economic Growth and Tax Relief Reconciliation Act of 2001.

SUMMARY AND BACKGROUND OF SUBJECT MATTER: In 2001, the Economic Growth and Tax Relief Reconciliation Act was enacted and became effective January 1, 2002. Final regulations under Internal Revenue Code § 457 were issued on June 11, 2003; however the Internal Revenue Service has given employers until December 31, 2005 to amend their plan documents. The City of Lakewood Deferred Compensation Plan and Trust Agreement have been revised to comply with this Act and the Internal Revenue Code and to implement their provisions.

RESOLUTION ADOPTION DATE: November 28, 2005

ORIGINATED BY: Ken Milano, Director of Employee Relations

STAFF PERSON RESPONSIBLE: Ken Milano, Director of Employee Relations, 303-987-7701

DOCUMENTS ATTACHED: Resolution 2005-73
Summary of Changes
Second Amendment to the City of Lakewood Deferred Compensation Plan and Trust Agreement

SUBMITTED BY:
Ken Milano, Director of Employee Relations

REVIEWED BY:
Joni Inman, Director Mayor & City Manager's Office
Michael J. Rock, City Manager