HomeMy WebLinkAbout91-125 CC ResolutionRESOLUTION NO. 91-125
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF TEMECULA ESTABLISHING A DEFERRED
COMPENSATION PLAN FOR PROJECT EMPLOYEES
WiqEREAS, under a new Social Security tax law effective July 1, 1991, all state and local
government employees who are not members of a retirement system (such as PERS), must be
enrolled under Social Security or a qualified alternative retirement plan.
WItlEREAS, employers have until December 31, 1991 to establish and implement private
retirement plans as alternatives to Social Security.
WItERF_AS, the establishment of a deferred compensation plan qualifies as an alternative
plan to Social Security
WHEREAS, The U.S. Conference of Mayors has established a master prototype deferred
compensation program for cities and political subdivisions permitting its member cities and their
employees to enjoy the advantages of this program;
WHEREAS, The U.S. Conference of Mayors, as Plan Administrator, agrees to hold
harmless and indemnify the City, its appointed and elected officers and participating employees
from any loss resulting from The U.S. Conference of Mayors or its Agent's failure to perform its
duties and services pursuant to The U.S. Conference of Mayors Program;
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Temecula
as follows:
SECTION 1. The City Council hereby adopts the U.S. Conference of Mayors Deferred
Compensation Program and its attendant investment options and hereby establishes the City of
Temecula Deferred Compensation Plan for the voluntary participation of all eligible Project
Employees.
Resos 91-125
SECTION 2. The City Manager or his designee is authorized to execute all agreements
and conWatts as are necessary to implement the Program and to act as the City's *Administrator'
of the Plan.
PASSED, APPROVED AND ADOPTED by the City Council of the City of Temecula
at a regular meeting held on the 17th day of December, 1991.
Ronald J. Parks, Mayor
ATTEST:
[SEAL]
STATE OF CALIFORNIA)
COUNTY OF RIVERSIDE) $S
CITY OF TEMECULA )
I I-IF~RF. RY CERTIFY that the foregoing Resolution was duly adopted by the City Council
of the City of Temecula at a regular meeting thereof, held on the 17th day of December, 1991,
by the following vote of the Council:
AYES: 5
COUNCILMEMBERS:
Birdsall, Moore, Lindemaas, Mufioz
Parks
NOES:
0 COUNCILMEMBERS: None
ABSENT: 0 COUNCILMEMBERS: None
· Greek, CityC46rk
Rems 91-125
ESTIMATED PST PAYROLL:
1. FICA
- FICA @ 6.20%
CITY OF TEMECULA
PROJECT EMPLOYEE RETIREMENT
FY 1991-92
230,000 ( 6 months)
Exhibit A
CITY'S EMPLOYEE TOTAL
COST COST COST
14,260 14,260 28,520
2. PARS
- Contribution @ 3.75%
- Administration fee
TOTAL
ICMA
- Contribution @ 3.75%
- Administration fee
TOTAL
4. Great Western
- Contribution @ 3.75%
- Administration fee
TOTAL
5. Lincoln National - Contribution @ 3.75%
- Administration fee
TOTAL
6. PEBSCO - Contribution @ 3.75%
~ Administration fee
TOTAL
8,625 8,625 17,250
1550 0 1,550
10,175 8,625 18,800
8,625 8,625 17,250
4500 0 4,500
13,125 8,625 21,750
8,625 8,625 17,250
550 0 550
9,175 8,625 17,800
8,625 8,625
0 0
8,625 8,625
17,250
0
17,250
8,625 8,625 17,250
0 0 0
8,625 8,625 17,250