HomeMy WebLinkAboutCC Reso No 1986-03RESOLUTION N0. 86-3
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LAKE
', ELSINORE, CALIFORNIA, TO ESTABLISH A DEFERRED COMPENSATION
I PLAN.
WHEREAS, the Employer has employees rendering valuable
services; and
I i WHEREAS, the establishment of a deferred compensation plan
for such employees will serve the interests of the Employer by enabling
, it to provide reasonable reti.rement security for its employees, by
` providing increased flexibility in its personnel management system, and
I
'i by assisting in the attraction and retention of competent flexibility in
' its personnel management system, and by assisting in the attraction and
' retention of competent personnel; and
WHEREAS, the Employer has determined that the establishment
~I of a deferred compensation plan to be administered by the ICMA Retirement
, Corporation will serve the above objectives, and
I WHEREAS, the Employer desires that the investment of funds held
! under its deferred compensation plan be administered by the ICMA Retirement
, ' Corporation, as Trustee, with the understanding that such funds will be
, held by the ICMA Retirement Trust, a trust established by public employers
II~ for the purpose of representing the interests of such employers with
, respect to the collective investment of funds held under their deferred
compensation plans.
NOW, THEREFORE BE IT RESOLVED that the Employer adopts the
deferred compensation plan, attached hereto as Appendix A, and appoints
the ICMA Retirement Corporation to serve as Administrator thereunder; and
BE IT FURTHER RESOLVED that the Employer hereby executes the
ICMA Retirement Trust, attached hereto as Appendix B; and
BE IT FURTHER RESOLVED that the Employer hereby adopts the
trust agreement, attached hereto as Appendix C, and appoints the ICMA
Retirement Corporation as Trustee thereunder, and directs the ICMA Retire-
ment Corporation as Trustee, to invest all funds held under the deferred
compensation plan through the ICMA Retirement Trust as soon as is
practicdble; and
BE IT FURTHER RESOLVED that the City of Lake Elsinore Finance
Director shall be the coordinator for this program and shall receive
necessary reports, notices, etc. from the ICMA Retirement Corporation
as Administrator, and shall cast, on behalf of the Employer, any
i required votes under the program. Administrative duties to carry out the
plan may be assigned to the appropriate departments.
PASSED, APPROVED AND ADOPTED this 14th day of
January , 1986, by the following vote:
AYES: COUNCILMEMBERS
NOES: COUNCILMEMBERS
ABSENT: COUNCILMEMBERS
ABSTENTIONS: COUNCILMEMBERS
KNIGHT, MATSON, STRIGOTTE, ~ERMILLION
NONE
VALENZUELA
NONE
d' LnC~C~
ARTA VALENZUELA, OR
CITY OF LAKE ELS ORE
ATTEST:
~~
ANN MONEY, CITY CLER
TY OF LAKE ELSINORE
APPROVED AS TO
~
i ------- ---
_
, I,
' STATE OF CALIFORNIA )
) ss.
I COUNTY OF RIVERSIDE ) ~
I -
i I, Jo Ann Money City Clerk of the City of Lake Elsinore,
' DO HEREBY CERTIFY that the foregoing resolution was duly adopted by the
City Council of the City of Lake Elsinore at a regular meeting of said
Council on the 14th day of January, 1986 , and
' that it was so adopted by the following vote:
~ AYES: COUNCILMEMBERS: KNIGHT, MATSON, STRIGOTTE, VERMILLION
II NOES: COUNCILMEMBERS: NONE
ABSENT: COUNCILMEMBERS: VALENZUELA
I
~ _1~_~
ANN MONEY, CITY CLERK
TY OF LAKE ELSINORE
(SEAL)
' STATE OF CALIFORNIA )
~ ~ ) ss. ~
' COUNTY OF RIVERSIDE )
', I Jo Ann Money, City Clerk of the City of Lake Elsinore,
~ DO HEREBY CERTIFY that the above and foregoing is a full, true and correct
~! copy of Resolution No. 86-3 , of said Council, and that the same
has not been amended or repealed.
' DATED: January 16, 1986
' J N MONEY CI Y C~
~
' Y OF LAKE ELSINORE
i (SEAL)
,