CC RESOLUTION 3226RESOLUTION NO. 3226
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF EL SEGUNDO, CALIFORNIA, ADOPTING
A REVISED RETIREMENT PLAN FOR MANAGEMENT
EMPLOYEES, ADMINISTERED BY THE INTERNA-
TIONAL CITY MANAGEMENT ASSOCIATION
WHEREAS, the City of E1 Segundo, hereinafter referred
to as the Employer, maintains a deferred compensation plan for
its employees which is administered by the International City
Management Association Retirement Corporation (the "Administra-
tor") ; and
WHEREAS, the Administrator has recommended changes
in the plan document to comply with recent federal legislation
and Internal Revenue Service Regulations governing said plans;
and
WHEREAS, the Internal Revenue Service has issued a
private letter ruling approving said plan document as complying
with Section 457 of the Internal Revenue Code; and
WHEREAS, other public employers have joined together
to establish the ICMA Retirement Trust for the purpose of repre-
senting the interests of the participating employers with
respect to the collective investment of funds held under their
deferred compensation plans; and
WHEREAS, said Trust is a salutary development which
further advances the quality of administration for plans admin-
istered by the ICMA Retirement Corporation;
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF EL
SEGUNDO, CALIFORNIA, DOES RESOLVE AS FOLLOWS:
SECTION 1. That the Employer hereby adopts the deferred
compensation plan attached hereto as Appendix A, as an amendment
and restatement of its present deferred compensation plan
administered by the ICM.A Retirement Corporation, which shall
continue to act as Administrator of said plan;
SECTION 2. That the Employer hereby executes the ICMA
Retirement Trust, attached hereto as Appendix B;
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SECTION 3. That the Employer hereby adopts the trust
agreement with the ICMA Retirement Corporation, as appears at
Appendix C hereto, as an amendment and restatement of its
existing trust agreement with the ICMA Retirement Corporation,
and directs the ICMA Retirement Corporation, as Trustee, to
invest all funds held under the deferred compensation plan
through the ICMA Retirement Trust as soon as is practicable;
SECTION 4. That the City Manager shall be the coordina-
tor for this program and shall receive necessary reports, notices,
etc., from the ICMA Retirement Corporation as Administrator, and
shall cast, on behalf of the Employer, any required votes under
the program; administrative duties to carry out the plan may
be assigned to the appropriate departments.
SECTION 5. The City Clerk shall certify to the
passage and adoption of this resolution; shall enter the same
in the book of original resolutions of said city; and shall
make a minute of the passage and adoption thereof in the records
of the proceedings of the City Council of said city, in the
minutes of the meeting at which the same is passed and adopted.
PASSED, APPROVED and ADOPTED this 20th day of
September , 1983.
ATTEST:
Citv Clerk
(SEAL)
STATE OF CALIFORNIA )
COUNTY OF LOS ANGE LES )
CITY OF EL SEGUNDO )
I, VALERIE A. BURROWES
�X
City Clerk of the
City of El Segundo, California, DO HEREBY CERTIFY that the
whole number of members of the City Council of the said City is
five; that the foregoing resolution, being Resolution No. 3226
was duly passed and adopted by the said City Council, approved
and signed by the Mayor of said City, and attested by the City
C Lerk of said City, all at a regular meeting of the said Council
held on the 20th day of September ,19 83
and that the same was so passed and adopted by the following vote:
AYES: Councilmembers Armstrong, Johnson, Siadek,V_
Synadinos and Mayor Bue
NOES: Councilmembers None
ABSENT: Councilmembers None
WITNESS MY HAND AND THE OFFICIAL SEAL OF SAID
CITY this 23rd day of September 19 83
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City Clerk of the City of El Segundo,
California
( SEAL)
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