CC RESOLUTION 4281RESOLUTION NO. 4281
A RESOLUTION ADOPTING THE NATIONWIDE RETIREMENT
SOLUTIONS GOVERNMENTAL DEFERRED COMPENSATION
MATCHING PLAN AND TRUST (PLAN).
BE IT RESOLVED by the Council of the City of El Segundo as follows:
SECTION 1: The City Council finds as follows:
A. The City of El Segundo is an "employer" for purposes of the Internal
Revenue Code;
B. The City adopted a Deferred Compensation Plan which is available to all
eligible employees pursuant to Internal Revenue Code ( "IRC ") § 457;
C. Certain tax benefits accrue to employees participating in said Deferred
Compensation Plan;
D. The City wishes to provide an additional incentive to its employees to
voluntarily set aside and invest portions of their current income to meet
their future financial requirements and supplement their existing
retirement programs(s);
E. Nationwide Retirement Solutions, Inc. (NRS) provided the City with a
specimen plan document (the NRS Governmental Deferred Compensation
Matching Plan and Trust);
F. It is in the public interest for the City to attract and retain employees of the
highest caliber in order to provide and maintain high standards of service.
SECTION 2: The Nationwide Retirement Solutions Governmental Deferred
Compensation Matching Plan and Trust ( "Plan") is adopted. The Plan will be maintained
for the exclusive benefit of eligible employees and their beneficiaries.
SECTION 3: The City Manager is authorized to execute all documents and make any
additional administrative decisions or determinations to implement the Plan. The City
Manager or Director of Administrative Services, or designee, are named trustees for the
Plan.
SECTION 4:. The City of El Segundo Deferred Compensation Matching Plan
( "Matching Plan ") is adopted. The City Manager or Director of Administrative Services
or designee is authorized to execute all documents and make any additional
administrative decisions or determinations to implement the Matching Plan.
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SECTION 5: The employer's contribution for the Plan and Matching Plan will match an
employee's annual contribution to the employee's 457 plan up to one percent (1 %) of the
annual total pay.
SECTION 6: Management /Confidential employees, eligible under the City's Deferred
Compensation Plan are also eligible for the Plan and Matching Plan.
SECTION 7: The City Clerk is directed to certify the adoption of this Resolution; record
this Resolution in the book of the City's original resolutions; and make a minute of the
adoption of the Resolution in the City Council's records and the minutes of this meeting.
SECTION 8: This Resolution will become effective immediately upon adoption and
remain effective unless repealed or superseded.
PASSED AND ADOPTED this6th day of ovember )2002.
Mike Gordon,
Mayor
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STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) SS
CITY OF EL SEGUNDO )
I, Cindy Mort:esen, City Clerk of the City of El Segundo, California, hereby certify that the
whole number of members of the City Council of the City is five; that the foregoing
Resolution No. 4281 was duly passed and adopted by said City Council, approved and
signed by the Mayor of said City, and attested to by the City Clerk of said City, all at a
regular meeting of said Council held on the 6th day of November , 2002, and
the same was so passed and adopted by the following roll call vote:
AYES: Gordon, Jacobs, McDowell, Wernick
NOES: None
ABSENT: Gaines
ABSTAIN: None
ATTEST:
Cindy�>en,
City Clerk
APPROVED AS T O
Mark D. Hensl it :° ` rn
By:
Karl H. Berger
Assistant City A
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