HomeMy WebLinkAboutResolution No. 12-7326RESOLUTION NO. 12 -7326
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF DOWNEY
APPROVING THE SUPPLEMENTAL EMPLOYEE RETIREMENT PLAN (SERP)
WHEREAS, California Government Code Section 53216 authorizes a governmental or
public agency or employer to establish and make contributions to retirement plans; and
WHEREAS, the City of Downey (the "Employer") desires to provide retirement benefits
to its employees under such a plan; and
WHEREAS. the City Council ( "the Council ") of the Employer hereby establishes a
retirement plan for certain eligible employees of the Employer effective July 01, 2012.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF DOWNEY DOES
HEREBY RESOLVE AS FOLLOWS:
SECTION 1. The eligibility requirements for employees to participate in such plan shall
be as follows:
• Minimum ± 55
• Minimum of 5 years c
eve date of PIS.
City of Downey effective date of
SECTION 2. The Council hereby adopts that certain plan known as the City Of Downey
Supplemental Employee Retirement Plan, effective July 01, 2012.
SECTION 3. The Employer shall make all contributions to the Plan to fund said benefits.
SECTION 4. For purposes of the limitations on contributions and benefits under the
Plan, as prescribed by section 415 of the Internal Revenue Code of 1986, as amended, the
"limitation year" shall be the Plan Year, as defined under the terms and provisions of the Plan.
SECTION 5. For purposes of clarification of administration of the Plan but not for
purposes of making said Plan subject to title I of ERISA, the Council hereby designates the
Employer as the plan administrator.
SECTION 6. The Council hereby appoints the following individuals to comprise the Plan
Committee: Director of Finance and the Director of Human Resources.
SECTION 7. The Council hereby authorizes any member of the Plan Committee to
execute on behalf of the Employer the Form 2848, Power of Attorney and Declaration of
Representative.
SECTION 8. The Council hereby appoints Keenan Financial Services as the contract
administrator to assist the Employer in the implementation and administration of the Plan.
SECTION 9. The Council hereby authorizes and directs the City Manager and /or the
Director of Finance to take the following actions:
A. Execute the Plan and any and all other documents necessary or proper to
implement the Plan.
B. Contract with Keenan Financial Services as contract administrator to provide all
services described in the contract.
RESOLUTION NO. 12 -7326
PAGE TWO
C. Execute any and all documents, including any amendment to the Plan,
necessary or proper to maintain favorable determination of the Plan.
D. Enter into any other contract or agreement which he or she deems necessary or
proper to administer and /or fund the Plan and to attain and maintain the income
tax qualification of the Plan under the Internal Revenue Code of 1986, as
amended.
SECTION 10. The City Clerk shall certify to the adoption of this Resolution.
APPROVED AND ADOPTED this 13 day of March, 2012.
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,k6RIA M. JIMENEZ, bMC
City Clerk
ROG C. BROSSMER, Mayor
HEREBY CERTIFY that the foregoing Resolution was adopted by the City Council of
the City of Downey at a regular meeting held on the 13 day of March, 2012, by the following
vote, to wit:
AYES: Council Members: Guerra, Marquez, Vasquez, Gafin, Mayor Brossmer
NOES: Council Member:
ABSENT: Council Member:
ABSTAIN: Council Member:
V y
ADRIA M. JIMEN , CM
City Clerk
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