HomeMy WebLinkAboutResolution No. 6029 RESOLUTION NO. 6029
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF DOWNEY
AMENDING AND RESTATING THE CITY'S DEFERRED COMPENSATION PLAN IN
THE FORM OF THE IC IA RETIREMENT CORPORATION DEFERRED
COMPENSATION PLAN AND TRUST
WHEREAS, the City of Downey (the "City) has employees rendering valuable services; and
WHEREAS, the City of Downey has established a Deferred Compensation Plan for such employees that
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serves the interests of the City of Downey by enabling it to provide reasonable retirement security for its
employees, by providing increased flexibility' in its personnel management system; and by assisting assistin in the attraction
and retention of competent personnel; and
WHEREAS, the City of Downey has determined that the continuance of the Deferred Compensation pensation Pian
will serve these objectives; and
WHEREAS, amendments to the Internal Revenue Code have been enacted that require q e changes to the
structure of c nd allow enhancements of the benefits of the Deferred Compensation Plan:
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF DOWNEY DOES RESOLVE AS
FOLLOWS:
Section 1, That the City of Donne hereby amends and restates the �e Deferred Compensation Plan (The
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Plan) in the form of the ICMA Retirement Corporation Deferred Compensation Plan and Trust.
u st.
Se ction 2,, That the Assets of the Plan shall be held in trust, with the City of Downey e
y y s ruing as Trustee,
for the exclusive benefit of the Plan participants and their beneficiaries, and the assets shall not be diverted erred to any
other purpose. The Trustee beneficial ownership of Man assets held in the ICMA Retirement Trust shall
be held
for the further exclusive benefit of the Plan participants and their beneficiaries:
StCtiQfl 3, That the Plan will not permit loans.
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Section 4, That the City of Downey hereby agrees to serve as Trustee under the Plan.
APPROVED AND ADOPTED this25thiay of February, 1997.
61 0?.
J (0 C , L. LAWRENCE, Mayor
TTEST: .
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• CAI,
DITH E . MC DONNELL ,City Clerk
1 HEREBY CERTIFY that the foregoing Resolution was adopted by the City Council of '
P Y Y the City of Downey at a
regular meeting held on the 25 day of February, 1997, by the following vote, to wit:
AYES: 5 Council Members: McCaughan, Riley, Brazelton, McCarthy, Lawrence
NOES: 0 Council Members: None
ABSENT: 0 Council Members: None _ . �
• < f r i• L
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J ,DIE H E. MC DONNELL , City Clerk