HomeMy Public PortalAboutResolution 84-22721
RESOLUTION NO. 84 -2272,
A RESOLUTION OF THE CITY OF TEMPLE CITY ( "EMPLOYER ")
APPROVING AN EMPLOYEES DEFERRED COMPENSATION PLAN
AND AUTHORIZING ITS IMPLEMENTATION BY TRANSFER OF
ACCOUNTS BY TRANSFER OF ACCOUNTS
WHEREAS, the City desires to provide special inducements and
incentives in order to obtain and retain high quality employees and
to add to their benefits and increase morale; and
NOW, THEREFORE BE IT RESOLVED BY THE CITY COUNCIL AS FOLLOWS:
SECTION 1. The City of Temple City Deferred Compensation Plan
attached to Resolution 84 -2271 marked "Appendix A" and by such reference
incorporated herein, is adopted.
The City Treasurer is authorized to implement said plan and assumes the
obligations to be performed on its part as set forth in said plan.
SECTION 2. The plan and Depository Agreement (Attachment A) shall
be operative upon transfer of existing account and shall apply only when
an employee executes and delivers a written agreement to participate.
The City of Temple City consents to the participation of any employee
designated in the plan, such participation to be in accordance with the
participating employee's participation agreement.
APPROVED AND ADOPTED THIS 15th day of May 1984.
ATTEST:
.
Chief Depu ��,, -y City Cle
I hereby certify that the foregoing Resolution was duly adopted by
the City Council of the City of Temple City at a regular meeting
held on the 15th day of May 1984, by the following vote:
AYES: Councilmen- Atkins, Dennis, Gillanders, Tyrell, Swain
NOES: Councilmen -None
ABSENT: Councilmen -None
Chief Deput City Clerk
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CITY OF TEMPLE CITY
DEFERRED COMPENSATION PLAN
DEPOSITORY AGREEMENT .
Attachment A
THIS AGREEMENT is made and entered into the day of , 1984, by and
between CITY OF TEMPLE CITY, TEMPLE CITY, California, hereinafter referred to as "EMPLOYER" and
AMERICAN SAVINGS AND LOAN ASSOCIATION, Stockton, California, hereinafter referred to as "AMERICAN ".
WITNESSETH:
Whereas, EMPLOYER has established an Employee Deferred Compensation Plan ( "Plan "), a copy of which
is attached hereto marked Exhibit "A" and incorporated herein by such reference, and
Whereas, the Plan applies to any employee ( "Participant ") who executes and files with the
Treasurer an Employee Participation Agreement, a copy of which is attached hereto as Exhibit "B" and
incorporated herein by such reference, and
Whereas, AMERICAN is a California corporation operating as a state chartered savings and loan
association pursuant to Federal and California law and regulation, and
Whereas, EMPLOYER and AMERICAN by this agreement set forth the manner in which EMPLOYER will deposit
Plan funds with AMERICAN, who, in accordance with the requirements of applicable state and federal
laws and regulations, will accept funds for deposit and will account for such funds on a regular
basis.
NOW, THEREFORE, THE PARTIES HERETO DO MUTUALLY AGREE AS FOLLOWS:
1. DEPOSITS. AMERICAN agrees to accept for deposit funds deposited by EMPLOYER in accordance with
the Plan, and to establish and administer the accounts in accordance with the provisions of the
Plan and this agreement.
2. MANNER OF DEPOSIT. EMPLOYER shall make deposits to AMERICAN in the following manner:
(a) At least two weeks before the first deposit of funds by EMPLOYER, EMPLOYER shall deliver
to AMERICAN a list of Plan participants and the amount each participant is to be
allocated.
(b) AMERICAN shall establish one general account in the name of EMPLOYER and will maintain
sub-accounts in the name of each participant for purposes of allocation. The
establishment of any sub-account will be for accounting purposes only and the title to and
ownership of all funds deposited in accordance with this agreement shall be in the name of
EMPLOYER.
(c) At least three days before the first deposit, AMERICAN shall provide EMPLOYER with a list
of participants and allocations for comparison with EMPLOYER's records.
(d) EMPLOYER shall deliver a check representing the total amount of deferments to AMERICAN
approximately every , beginning . AMERICAN shall divide said
check in accordance with the allocation list and, for accounting purposes only, allocate
the appropriate sum to each sub - account.
(e) EMPLOYER shall provide AMERICAN with changes, additions and deletions to the participant
list in the month prior to each deposit day.
3. INTEREST RATE. The interest rate for all funds on deposit with AMERICAN in the master account
will earn the negotiated interest rate for the term of the deferred compensation contract.
4. WITHDRAWALS. No withdrawals will be permitted except upon termination or amendment of the
agreement, or upon withdrawal of a participant from the Plan, or upon the qualified retirement
of a Participant. Disbursement to Participants will be made only at the direction of the
Treasurer of EMPLOYER.
5. ACCOUNT STATEMENTS. Account statements shall be provided as follows:
(a) On a calendar monthly basis, AMERICAN shall prepare a statement which shall include each
sub-account and the total balances as of the end of that period. A copy will be sent to
EMPLOYER, to the attention of the Treasurer.
(b) On a calendar quarterly basis, AMERICAN shall prepare a statement of activity for each
sub-account. This statement will recap all activity during the period. AMERICAN shall
mail such statement to each Plan participant.
6. NEW EMPLOYEES. AMERICAN shall, if requested, conduct a group' meeting with all interested
employees during each enrollment period. Such meeting will be conducted upon premises provided
by EMPLOYER at no cost to AMERICAN; provided, however, AMERICAN shall pay for all other costs
of conducting such meetings.
7. COSTS. All services related to maintaining and accounting for the Plan account as outlined in
this agreement will be provided free of any charges, fees or assessments by AMERICAN, unless
specifically excepted.
8. TERMS OF AGREEMENT. This agreement shall give AMERICAN the .right to provide savings services
for the Deferred Compensation program of EMPLOYER as long as it remains in effect. This
agreement shall expire on , but shall be extendible on the same
terms for periods of at least six (6) months thereafter; provided that after expiration of the
original term each party to the agreement will be required to give thirty (30) days' notice to
the other party if it does not intend to extend the agreement at the end of any term, or if one
party proposes to change any term of the agreement, but otherwise extend the remaining terms.
CERTIFICATE DISCLOSURE
To facilitate the offering of its depository services and payment of the interest rate disclosed
herein, AMERICAN shall place all funds in a single renewable certificate of deposit account. For
purposes of this Plan, this Depository Agreement shall constitute the certificate relating to
EMPLOYER's account, and the account shall be governed according to the following terms:
(a) Rate of Earnings. The annual rate of interest earnings on this account shall be on a
fixed basis and shall be as more particularly set forth in the Addendum attached hereto
and incorporated herein by reference.
(1) Earnings shall be earned at maturity and on a quarterly basis, which distribution may
include crediting the account with the interest then due.
(b) Date account opened:
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(c) Initial (opening) balance: $
(d) Minimum term: 14 days, renewable on 14-day cycles, excluding holidays when term will be
the next working day. Account is mature for these cycles for deposit or withdrawal
'purposes.
(e) Additions to account: Additions may be made at maturity of original term or any renewal
term.
(f) Withdrawals: Withdrawals may be made, subject to the terms of this Depository Agreement,
only upon maturity of the original or any renewal term. A penalty for withdrawal prior to
a maturity date will be assessed in accordance with paragraph (g) herein.
(g) Penalty for early withdrawal: In the event any amount is withdrawn prior to a maturity
date, a penalty equal to all earnings on the master account from the date of deposit or
renewal to the date of withdrawal shall be charged.
(h) Minimum balance: The interest rate of this certificate shall be effective only in the
event that the account has a balance of at least $100,000.00. In the event for any
reason, the account balance should be less than $100,000.00, a thirty (30) day written
notice prior to the date of withdrawal will be sent to AMERICAN and the account will be
terminated in accordance with paragraph (f) herein.
(i) Account number:
NOTICE
Any written notice to be given by one party hereunder may be sent by first class mail to the address
indicated below:
EMPLOYER
AMERICAN
CITY OF TEMPLE CITY
5938 N. KAUFFMAN AVENUE
TEMPLE CITY, CA 91780
ATTENTION: Joan Downey
(213) 285 -2171
AMERICAN SAVINGS AND LOAN ASSOCIATION
P.O. DRAWER "D"
STOCKTON, CA 95201
ATTENTION: DONNA L. PAXSON
(209) 943 -3700
WITNESS our signature the day and year first above written.
See Addendum attached hereto.
CITY OF TEMPLE CITY AMERICAN SAVINGS AND LOAN ASSOCIATION
By X By
By By
Date Date
AUTHORIZED SIGNATURE(S) FOR WITHDRAWAL:
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FIRST ADDENDUM TO DEPOSITORY AGREEMENT
This Addendum is made with reference to the Depository Agreement entered into by and between CITY OF
TEMPLE CITY and AMERICAN SAVINGS AND LOAN ASSOCIATION, dated
The parties to the above-referenced Agreement desire to establish the rate to be paid on the funds
on deposit pursuant to the Agreement, and by this Addendum do agree as follows:
1. INTEREST RATE: The rate of interest to be paid on the funds on deposit pursuant to the
Agreement shall be payable on a fixed basis at the rate of 11.25% per annum. This rate shall
be in effect until , pursuant to the terms of the Agreement.
CITY OF TEMPLE CITY AMERICAN SAVINGS AND LOAN ASSOCIATION
By
By
By
By
Date Date