CC RESOLUTION 4620RESOLUTION NO. 4620
A RESOLUTION ADOPTING THE NATIONWIDE
RETIREMENT SOLUTIONS GOVERNMENTAL DEFERRED
COMPENSATION MATCHING PLAN AND TRUST (PLAN).
The City Council of the City of El Segundo does resolve 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); and
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 Finance 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 Finance 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 five percent (5.0 %) 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 and adopted of this Resolution; record
this Resolution in the book of the City's original resolutions, and make a minute of this
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 this 15th day of September , 2009.
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CERTIFICATION
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) SS
CITY OF EL SEGUNDO )
I, Cindy Mortesen, City Clerk of the City of El Segundo, California, do hereby certify that
the whole number of members of the City Council of said City is five; that the foregoing
Resolution No. 4620 was duly passed and adopted by said City Council, approved and
signed by the Mayor, and attested to by the City Clerk, all at a regular meeting of said
Council held on the 15th day of September, 2009, and the same was so passed and adopted
by the following vote:
AYES: McDowell, Busch, Brann, Fisher, Jacobson
NOES: None
ABSENT: None
ABSTAIN: None
NOT PARTICIPATING: None
WITNESS MY HAND THE OFFICIAL SEAL OF SAID CITY this 15 day of
Sept. '2009.
Cindy MV rtesen, City Clerk
of the City of El Segundo,
California
(SEAL)
APPROVED S TO FORM -
Mark D. He sley, City Atto;�ey
t
Karl H. Berger
Assistant City Attorney
G
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