HomeMy WebLinkAboutResolution No. 3107 RESOLUTION NO. 3107
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF DOWNEY
APPROVING THE REAPPOINTMENT OF FRANK R. GASDIA TO THE
DOWNEY COMMUNITY HOSPITAL AUTHORITY
THE CITY COUNCIL OF THE CITY OF DOWNEY DOES RESOLVE AS FOLLOWS:
SECTION 1. FRANK R. GASDIA is hereby reappointed as a member of
the Downey Community Hospital Authority for the term expiring April 30,
1979.
SECTION 2. The City Clerk shall certify to the adoption of this
Resolution and shall transmit a certified copy thereof to the appointee.
APPROVED AND ADOPTED this 14th day of April, 1975.
Joseph E. iLoreto, Mayor
ATTEST:
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City Clerk
I HEREBY CERTIFY that the foregoing Resolution was duly adopted
by the City Council of the City of Downey at a regular meeting thereof
held on the 14th day of April, 1975, by the following vote, to wit:
AYES: 4 Council Members: Winton, Scotto, Jennings, DiLoreto
NOES: 0 Council Members:
ABSENT: 1 Council Members: Temple
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City Clerk
r .nancdai industrics Corporation
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DEFERRED COMPENSATION PLAN
- ADMINISTRATION AGREEMENT
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This Agreement is entered into in Downey, California
by and between the City of Downey, California (here-
inafter called City) and Financial Industries Corporation, a
California corporation, duly licensed (hereinafter called
FIC). .
RECITALS:
This Agreement is based on the following facts and intentions
of the parties:
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A. Resolution No. �` j dated 'r r
authorizing a contract between City and FIC for
administration of a Deferred Compensation Plan, has
passed the Board /Council of the City of Downey,
California, a copy of which City Plan is attached
hereto and incorporated by reference as though fully
''-' set forth, and • .
B. FIC is engaged in the business of administering deferred
compensation plans. The functions of FIC under the Plan
are purely administrative. FIC is subject to the control
and supervision of the City, and has no active management
• functions under the plan. FIC is not an Investment •
Advisor, Investment Manager, or Investment Company. FIC
acts in the capacity of a Plan Administrator and provides
an unbiased presentation of the Plan articles, funding
options, settlement options, termination options, and
other pertinent details at no cost to the City. FIC does
not make recommendations concerning such funding and
options, but simply provides the facts in an unbiased
presentation so employees can make sound judgments. -.
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NOW THEREFORE, IN CONSIDERATION of the mutual convenants
herein after set forth, the parties agree as follows:
1. The City hereby appoints FIC as the Plan Administrator
for the City's Deferred Compensation Plan.
2. FIC agrees to perform the following services as Plan
Administrator:
a. Prepare a Plan Digest for distribution to.the
employees of City.
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Financial industriEs Corporation
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ADMINISTRATIVE AGREEMENT CON'T
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b. Communicate the plan and its provisions to the
employees of City. V
c. Assist Committee in selecting various investment options
to be made available to- employees participating in
the plan, which may consist of bank accounts,
fixed and /or variable annuities, life insurance,
and mutual funds.
d. Enroll into the plan employees who wish to
• participate by means of the approved Participation
• Agreement, a copy of which is attached hereto and
incorporated by references as though fully set
forth.
e. Cause the following administrative services to be
performed:
(1) A monthly statement to City showing the
�-- participants and the amounts being deferred .
by each.
(2) Make available centralized collection of
contributions from the City.
(3) Direct the disbursement of contributions to
the approved investment vehicles designated
by the participating employees.
(4) Report status of the account as a whole to
City periodically showing amount deferred
and present values.
(5) Report status of each participant's deferred
amount and present value at six month's
intervals.
3. City agrees to provide or cause to be provided the
following:
a. Information requested by the Plan Administrator
on a timely basis. City agrees to use its best
efforts to assure the accuracy and completeness
of all information provided.
b. Payroll reduction procedures and facilities.
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ADMINISTRATIVE AGREEMENT CON'T
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c. Assistance in setting up timetables for and
providing facilities for group meetings of employees
for distributing information about the plan.
d. Facilities to be used for counseling and enrollment
of employees.
e. Assistance in obtaining such other information
as may be needed from time to time for efficient
administration of the plan.
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4. FIC agrees to use its best efforts to assure the
accuracy of all work performed under this Agreement,
and will correct promptly all errors discovered from
time to time.
5. City agrees to defend and hold FIC harmless from any
• and all liabilities which FIC may suffer or incur by .
reason of City's failure to supply accurate data to •
• FIC. .
6. FIC's maximum monthly charge to each participant for
administration will be -five cents ($.75). The monthly
charge will be subject to downward adjustment depending
on number of participants and investment options
selected.
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7. (1) This Agreement will remain in force until
terminated by either FIC or City or
hereinafter provided. Either party may
• terminate the Agreement on December 31, 1976
or on any following December 31st by
giving written notice to the other 60 days in
advance of such date.
(2) Upon termination of this Agreement, the City
may request that FIC make applicable records
and reports available for subsequent
administration of the Plan and such records shall
be furnished to the City at no cost to the City or participants.
. 8. This Agreement constitutes the entire agreement between
the parties and shall be governed by the laws of the
State of California. Any terms or conditions within
this Agreement may only be modified in writing and
• signed by a duly authorized officer of each party.
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Financial Industries Corporation • •
ADMINISTRATIVE AGREEMENT CON'T
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9. All information supplied to, and all work processed or
Completed by FIC (including outside processing, if any)
will be held to be confidential and private and will not
be disclosed to anyone other than those - persons,
corporations, or governmental agencies who have a lawful
right to such information, and then only after permission
to release such information has been given by City through
its Office of Personnel.
10. All agreements with the Funding Media to furnish
promotional and educational materials, or to pay on
behalf of or reimburse FIC costs for such materials, and
defray other administrative costs, shall be approved by
the City (or its authorized committee) as to form before
enrollment and administration of the Plan will proceed.
CITY OF DOWNEY,•CALIFORNIA
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DATE A ril 14, 1975 BY
CITY`IF ►OWNEY, CALIFORNIA
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DATE BY ,,•..�-
+ FI"'N AL I DUSTRIES •RPO'A ON '
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