HomeMy Public PortalAbout2011.186 (08-16-11) RESOLUTION NO. 2011.186
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LYNWOOD
ESTABLISHING NATIONWIDE INVESTMENTS, THROUGH THE UNITED STATES
CONFERENCE OF MAYORS, AS A DEFERRED COMPENSATION PROVIDER
WHEREAS, the City has considered the establishment of the U.S. Conference
of Mayors/Nationwide Investments as a Deferred Compensation Provider to be made
available to all eligible City employees and elected officials, pursuant to Federal
legislation permitting such Plans; and
WHEREAS, certain substantial tax benefits could accrue to employees and
elected officials participating in a Deferred Compensation Plan; 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 U.S. Conference of Mayors contracts with Nationwide
Investments to offer an IRS 457 Deferred Compensation Program to its member cities,
permitting its member cities and their employees to enjoy the advantages of this
program; and
WHEREAS, Nationwide Investments acts as the administrator of the Program, is
a registered investment advisor with the Securities Exchange Commission, and is an
authorized provider of investment services for public entity deferred compensation
plans; and
WHEREAS, The U.S. Conference of Mayors, as Plan Administrator, agrees to
hold harmless and indemnify the City, its appointed and elected officers and
participating employees from any loss resulting from The U.S. Conference of Mayors or
its AgenYs failure to perForm its duties and services pursuant to The U.S. Conference of
Mayors Program.
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 adopts The U.S. Conference of Mayors
Deferred Compensation Program and its attendant investment options as a provider
under the City of Lynwood Deferred Compensation Plan for the voluntary participation
of all eligible city employees and elected officials.
Section 2. The City Manager or his/her designee is hereby authorized to
execute for the City, individual participation agreements with each said employee
requesting same, and to act as the "Administrator" of the Plan representing the City, and
to execute such agreements and contracts as are necessary to implement the Program.
It is implicitly understood that other than the incidentai expenses of collecting and
disbursing the employee's deferrals and other minor administrative matters, that there is
to be no cost to the City for the Program.
Section 3. This Resolution becomes effective immediately.
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, City Manager
APPROVED AS TO FORM: APPROVED AS TO CONTENT:
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Fred Galante, City Attorney Alfredo . opez III, 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, ity 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. 2011.186 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, City Clerk