CC RESOLUTION 3749RESOLUTION NO. 3749
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF EL SEGUNDO, CALIFORNIA, RECOMMENDING ADOP-
TION OF THE UNITED STATES CONFERENCE OF MAYORS
DEFERRED COMPENSATION PROGRAM.
WHEREAS, the City has considered the establishment of an
additional Deferred Compensation Plan to be made available to all
eligible City employees and elected officials pursuant to Federal
Legislation permitting such plans; and
WHEREAS, certain substantial tax benefits could accrue to
employees and elected officals participating in said Deferred
Compensation Plans; and
WHEREAS, such benefits will act as incentives to City
employees to voluntarily set aside and invest portions of their
current income to meet their future financial requirements and
supplement their City retirement at no cost to the City; and
WHEREAS, 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 the program;
WHEREAS, the U.S. Conference of Mayors, as Plan Adminis-
trator, 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, THE CITY COUNCIL OF THE CITY OF EL SEGUNDO
DOES HEREBY FIND, DETERMINE AND RESOLVE AS FOLLOWS:
SECTION 1. That 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
E1 Segundo Deferred Compensation Plan for the voluntary partici-
pation of all eligible City employees and elected officials.
SECTION 2. That the Director of Human Resources is hereby
authorized to execute for the City, individual participation
agreements with each said employee requesting same, and to act as
the "Administrator" of the Program. It is implicitly understood
that other than the incidental expenses of collecting and dis-
bursing the employee's deferrals and other minor administrative
matters, that there is to be no cost to the City for the program.
Passed, approved and adopted this 3rd d)o(yAf Mach, 1992.
Signed:
Calif
City Clerk
0
LJ
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STATE OF CALIFORNIA ]
COUNTY OF LOS ANGELES ] SS
CITY OF EL SEGUNDO
I, Ronald L. Hart, 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.
3749 was duly passed and adopted by the said City Council, approved and
signed by the Mayor or said City, and attested by the City Clerk of said City,
all at a regular meeting of the said Council held on the 3rd day of March,
1992, and the same was so passed and adopted by the following vote:
AYES: Mayor Jacobson, Mayor ProTem Dannen
Councilmembers Cruikshank and Wise.
NOES: None
ABSENT: Councilmember West.
WITNESS MY HAND THE OFFICIAL SEAL OF SAID CITY this 23rd day
of March, 1992.
Ronald L. Hart
City Clerk of the
City of El Segundo, California
(SEAL)