HomeMy WebLinkAbout93-035 CC Resolution RESOLUTION NO. 93-35
A RESOLUTION OF THE CITY COUNCIL OF
THE CITY OF TEMECULA ESTABLISHING A
DEFERRED COMIPENSATION PLAN
WHEREAS, the City established a Deferred Compensation Plan to be made available
to all Regular Employees; and
"ERF,AS, certain substantial tax benefits could accrue to employees participating in
said Deferred Compensation Plans; and
VMEREAS, 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; and
WHEREAS, the U.S. Conference of Mayors has selected and contracted with an
independent plan administrator to accept and fulfill the responsibility for all administrative
requirements necessary for the successful operation of the Program; and
V,IHEREAS, 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 Regular
Employees.
Resos 93-35
Section 2. The City Manager or his designee is authorized to execute all agreements and
contracts 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 1 1 th day of May, 1993.
J.S:A Munoz, May@r
ATTEST:
J't,pejS) Greek, City Cte-rk
[SEAL]
STATE OF CALIFORNIA)
COUNTY OF RIVERSIDE) SS
CITY OF TEMECULA )
I HEREBY 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 llth day of May,
1993, by the following vote of the Council:
AYES: 5 COUNCILMEMBERS: Birdsall, Parks, Roberts, Stone,
Muiioz
NOES: 0 COUNCILMEMBERS: None
ABSENT: 0 COUNCILMEMBERS: None
ne S. Greek, lerk
Resos 93-35