CC RES 1977-071 RESOLUTION NO. 77- 71
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
RANCHO PALOS VERDES AUTHORIZING AN AGREEMENT BETWEEN
THE CITY OF RANCHO PALOS VERDES AND FINANCIAL
INDUSTRIES SERVICE CORPORATION FOR THE PURPOSE OF
ADMINISTRATION OF A DEFERRED COMPENSATION PLAN.
WHEREAS, the City Council of the City of Rancho Palos Verdes has
approved the implementation of the City of Rancho Palos Verdes Deferred
Compensation Plan for designated employees, officers, and officials; and
WHEREAS, it is determined that the most effective means of
administering the City of Rancho Palos Verdes Deferred Compensation Plan
would be through appointment of an independent Plan Administrator.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF RANCHO PALOS VERDES
DOES HEREBY RESOLVE AS FOLLOWS:
Section 1. Financial Industries Service Corporation is hereby
appointed Plan Administrator for the City of Rancho Palos Verdes Deferred
Compensation Plan subject to the terms and conditions as set forth in the
agreement attached hereto as Exhibit "A".
Section 2. The Mayor of the City of Rancho Palos Verdes is
authorized to execute the attached agreement on behalf of the City Council.
PASSED, APPROVED AND ADOPTED this 20th day of September, 1977.
ATTEST:
YrR
Leonard G. Wood, City Clerk and
Ex Officio clerk of the council
/ / �! - 1 .i
c 4 CL /
I HEREBY CERTIFY that the foregoing is a true and correct copy of a
resolution passed and adopted by the City Council of the City of Rancho Palos
Verdes at a regular meeting thereof held on the 20th day of September, 1977.
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CI CLE'/
EXHIBIT "A"
DEFERRED COMPENSATION PLAN
ADMINISTRATION AGREEMENT
This Agreement is entered into in Palos Verdes, California by and between the
City of Rancho Palos Verdes, California (hereinafter called City) and
Financial Industries Service Corporation, a California corporation, duly
licensed (hereinafter called FISC) .
RECITALS:
• THIS AGREEMENT is based on the following facts and intentions of the
parties:
A. Resolution No. 77-.71 dated September 20, 19 7 7
authorizing a contract between City and FISC for
administration of a Deferred Compensation Plan, has
passed the Board/Council of the City of Rancho Palos Verdes,
California, a copy of which City Plan is attached
hereto and incorporated by reference as though fully
set forth, and
B. FISC is engaged in the business of administering
deferred compensation plans. The functions of FISC
under the Plan are purely administrative. FISC is
subject to the control and supervision of.the City,
and has no active management functions under the Plan.
FISC is not an Investment Advisor, Investment Manager,
or Investment Company. FISC acts in the capacity of
a Plan Administrator and provided an unbiased presenta-
tion of the Plan articles, funding options, settlement
options, termination options, and other pertinent details
at no cost .to the City. FISC does not make recommenda-
tions concerning such funding and options, but simply
provides the facts in an unbiased presentation so employees
can make sound judgments.
NOW THEREFORE, IN CONSIDERATION of the mutual covenants hereinafter set
forth,- the parties agree as follows:
1. The City hereby appoints FISC as the Plan Administrator
for the City's.-Deferred Compensation Plan.
2. FISC agrees to perform the following services as Plan
Administrator:
a. Prepare a Plan Digest for distribution to the em-
ployees of City.
b. Communicate the Plan and its provisions to the
employees of City.
c. Assist City in selecting various investment
options to be made available to employees partici-
pating in the plan, which shall consist of bank
accounts, fixed and/or variable annuities, life
insurance, and mutual funds.
d. Enroll into the Plan employees who wish to parti-
cipate by means of the approved Joinder Agreement,
. a copy of which is attached hereto and incorporated
by references as though fully set forth.
e. Cause the following administrative services to be
performed:
1. A monthly statement to City showing the
participants and the amounts being deferred
by each.
2. Make available collection of contributions from
the City by insured or bonded investment media.
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