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HomeMy WebLinkAbout5723 RESOLUTION NO. 5723 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ARCADIA ADOPTING A SECOND EMPLOYEES' DEFERRED COMPENSATION PLAN AND AUTHORIZING THE EXECUTION OF AGREEMENTS RELATED TO SAID PLAN BY THE PLAN ADMINISTRATOR WHEREAS, the City of Arcadia has in its employ employees who are and will be rendering valuable services to the City; and WHEREAS, said employees may desire to defer income until retirement for the purpose of deferring Federal and State Income Taxes on said income; and WHEREAS, the City Council by Resolution 4929 has established a Deferred Compensation Plan for said employees and believe that a second plan will enhance the efficiency and morale of the employees and will be in the best interest of the city; and WHEREAS, it is intended that said Plan shall be in accordance with Federal and State law and regulations; and WHEREAS, the city Council finds that it would be for the benefit and in the best interests of the City to approve the proposed second Deferred Compensation Plan this day submitted to the City Council. NOW, THEREFORE, THE City council of the city of Arcadia does hereby find, determine and resolve as follows: section 1. That the City Council establish said Second Deferred Compensation Plan for said employees of the City and that said Deferred Compensation Plan remain in effect until terminated by further resolution of the City Council. 1 5723 Section 2. That the Director of Finance, as Plan Administrator, may, on behalf of the City execute all Participation Agreements with said City employees and other eligible officials and officers, which are necessary for said person's participation in the Plan. Section 3. That the city Clerk shall certify to the adoption of this resolution. Passed, approved and adopted t~is 20th day of April 1993. Attest: " [\ AJI of Arcadia ci lerk -of - ' , .. " - / , ' '---.. ~,- ~ ~, 5723 STATE OF CALIFORNIA COUNTY OF LOS ANGELES SS: CITY OF ARCADIA I, JUNE D. ALFORD, City Clerk of the city of Arcadia, hereby certify that the foregoing Resolution No. 5723 was passed and adopted by the City Council of the city of Arcadia, signed by the Mayor and attested to by the City Clerk at a regular meeting of said City Council held on the 20th day of Aprilf 1993 and that said Resolution was adopted by the following vote, to wit: AYES: Councilmember Fasching, Harbicht, Lojeski, Margett and Ciraulo NOES: None ABSENT: None J lerk of f Arcadia 3 5723