HomeMy Public PortalAboutResolution 91-31191
RESOLUTION NO 91 -3119
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF TEMPLE CITY, CALIFORNIA, APPROVING PAR-
TICIPATION IN THE GREAT WESTERN BANK PST
DEFERRED COMPENSATION PLAN.
WHEREAS, it is determined to be in the best interest of the
City of Temple City and its employees to provide a qualified
retirement system to all part -time employees, thereby meeting the
requirements of Section 11332 of the Social Security Act; and
WHEREAS, a deferred compensation plan (Section 457 of the
Internal Revenue Code) will qualify as a retirement plan in place
of Social Security; and
WHEREAS, Great Western Bank offers a qualified deferred
compensation plan, entitled PST Deferred Compensation Plan.
NOW, THEREFORE, The City Council of the City of Temple City,
California, does hereby resolve as follows:
SECTION 1. The Council hereby approves participation in
the Great Western Bank PST Deferred Compensation Plan effective
January 1, 1992 for all part -time employees; and
SECTION 2 The Assistant to the City Manager is hereby
appointed as the Plan Administrator; and
SECTION 3. The Plan Administrator is hereby authorized to
implement the Plan and take other necessary actions to maintain
the participation and compliance with Section 11332 of the Social
Security Act and the relevant regulations issued or as may be
issued.
PASSED, APPROVED AND ADOPTED ON DECEMBER 17, 1991
ATTEST:
gak
MAYOR
RESOLUTION NO. 91 -3119 Page 2
I hereby certify that the foregoing Resolution, Resolution
No. 91 -3119 was duly adopted by the City Council of the City of
Temple City at a Special Meeting held on the 17th day of Decem-
ber, 1991 by the following vote:
AYES: Councilmember- Breazeal,Froehle,McGowan,Wilson
NOES: Councilmember -None
ABSENT: Councilmember- Manning
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