HomeMy Public PortalAbout2011.187 (08-16-11) RESOLUTION NO. 2011.187
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LYNWOOD
DISCONTINUING AXA EQUITABLE AS A DEFERRED COMPENSATION PROVIDER
WHEREAS, the City has considered the establishment of various deferred
compensation plans which are available to all eligible City employees and elected
officials, pursuant to Federal legislation permitting such plans; and
WHEREAS, certain substantial tax benefits accrue to employees and elected
officials participating in deferred compensation plans; and
WHEREAS, such benefits will act as incentives to City employees to voluntarily
set aside and invest portions of their current income to meet their future financial
requirements and supplement their City retirement and Social Security (if applicable), at
no cost to the City; and
WHEREAS, the City has been using the services of AXA Equitable as a
deferred compensation provider for several years; and
WHEREAS, the services and benefits of participation in the AXA Equitable
deferred compensation program have changed over time, and
WHEREAS, the City has determined to discontinue the services of AXA
Equitable as a deferred compensation provider.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF LYNWOOD DOES
HEREBY FIND, DETERMINE, ORDER AND RESOLVE AS FOLLOWS:
Section 1. The City Council hereby elects to discontinue the City of Lynwood's
participation in the AXA Equitable Deferred Compensation Plan.
Section 2. The City Manager or his/her designee is hereby authorized to
terminate any contract between the City and AXA Equitable and notify existing
participants of the opportunity to transfer their deferred compensation funds to one of
the City's active deferred compensation providers.
PASSED, APPROVED and ADOPTED this 16 day of August, 2011.
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Aide Castro, Mayor
ATTEST:
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Maria Quinonez, City Clerk Roger L. aley, ' y Manager
APPROVED AS TO FORM: APPROVED AS TO CONTENT:
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Fred Galante, City Attorney Alfredo J. L , Director of
Human Resources
STATE OF CALIFORNIA )
) SS.
COUNTY OF LOS ANGELES )
I, the undersigned, City Clerk of the City of Lynwood, do hereby certify that the
foregoing Resolution was passed and adopted by the City Council of the City of
Lynwood at a regular meeting held on the 16 day of August, 2011.
AYES: COUNCIL MEMBERS FLORES, RODRIGUEZ, SANTILLAN, MORTON
AND CASTRO
NOES: NONE
ABSENT: NONE
ABSTAIN: NONE
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Maria Quinonez, City Clerk
STATE OF CALIFORNIA )
) SS.
COUNTY OF LOS ANGELES )
I, the undersigned City Clerk of the City of Lynwood, and the Clerk of the City
Council of said City, do hereby certify that the above foregoing is a full, true and correct
copy of Resolution No. 2011.187 on file in my office and that said Resolution was
adopted on the date and by the vote therein stated. Dated this 16 day of August,
2011.
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Maria Quinonez, i y Clerk