CC RES 1998-030 RESOLUTION NO. 98-30
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF RANCHO PALOS VERDES, TO AMEND AND
SUPERSEDE THE EXISTING SECTION 457 DEFERRED
COMPENSATION PLAN BY ADOPTING THE DEFERRED
COMPENSATION PLAN AND TRUST
WHEREAS, the City of Rancho Palos Verdes has employees rendering valuable
services; and
WHEREAS, the City of Rancho Palos Verdes has previously established a
deferred compensation plan for such employees that serves the interest of the City by
enabling it to provide reasonable retirement security for its employees, by providing
increased flexibility in its personnel management system, and by assisting in the
attraction and retention of competent personnel; and
WHEREAS, the City of Rancho Palos Verdes has determined that the
continuance of the deferred compensation plan will serve these objective; and
WHEREAS, amendments to the Internal Revenue Code have been enacted that
require changes to the structure of and allow enhancements of the benefits of the
deferred compensation plan:
NOW THEREFORE BE IT RESOLVED that the City of Rancho Palos Verdes
hereby amends its deferred compensation plan (the "457 Plan") by adopting the
"prototype" plan document provided by ICMA Retirement Corporation, the Deferred
Compensation Plan and Trust (attached to this Resolution), which replaces and
supersedes the existing plan document;
BE IT FURTHER RESOLVED that the title to the assets of the 457 Plan shall be
held in the Deferred Compensation Trust, with the City of Rancho Palos Verdes serving
as trustee, for the exclusive benefit of the 457 Plan participants and their beneficiaries,
and the assets shall not be diverted to any other purpose. The Trustee's beneficial
ownership of 457 Plan assets held in the ICMA Retirement Trust shall be held for the
further exclusive benefit of the 457 Plan participants and their beneficiaries;
NOW THEREFORE BE IT RESOLVED that the City of Rancho Palos Verdes
hereby affirms the Administrative Services Agreement, between the ICMA Retirement
Corporation and the City, dated October 1, 1993 and the duties delegated to ICMA
Retirement Corporation;
NOW THEREFORE BE IT RESOLVED that the City of Rancho Palos Verdes
hereby affirms the delegation to the ICMA Retirement Corporation the responsibilities
of Plan Administrator, as described in Article 3.02 of the Deferred Compensation Plan
and Trust of the City of Rancho Palos Verdes;
BE IT FURTHER RESOLVED that the 457 Plan will not permit loans;
BE IT FURTHER RESOLVED that the City of Rancho Palos Verdes hereby
agrees to serve as trustee under the 457 Plan.
PASSED, APPROVED, AND ADOPTED THE 21ST DAY OF APRIL, 1998.
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MAYOR
ATTEST
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LL�
CLERK
State of California )
County of Los Angeles )ss
City of Rancho Palos Verdes )
I, JO PURCELL, City Clerk of The City of Rancho Palos Verdes, hereby certify that the
above Resolution No. 98-30 was duly and regularly passed and adopted by the said
City Council at regular meeting thereof held on April 21, 1998.
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CITY C :RK
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