CC RESOLUTION 4514RESOLUTION NO. 4514
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.
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 four and one -half percent (4.5 %) 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.
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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.
PASSFD AND ADOPTF.i) this 17`h day of _hily_ 2007_
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) SS
CITY OF EL SEGUNDO
I, Cindy Mortesen, 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.
4514 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 17th day of July , 2007, and the same was so passed and adopted by the
following roll call vote:
AYES: McDowell, Busch, Boulgarides, Fisher, Jacobson
NOES: None
ABSENT: None
ABSTAIN: None
ATTEST:
CkNïż½Intwk9-01,
Cindy Mo sen,
City Clerk !'
APPROVED
Mark D. Hen
Ktirl If. Berger
Assistant City,
V,