HomeMy Public PortalAboutResolution 99-3728 Amendment to the ICMA Retirement Corporation Deferred Compensation Plan1
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RESOLUTION NO. 99 -3728
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF TEMPLE
CITY AMENDING THE ICMA RETIREMENT CORPORATION
DEFERRED COMPENSATION PLAN.
WHEREAS, the City of Temple City ( "the City ") has employees rendering valuable services; and
WHEREAS, the City has established a deferred compensation plan for such employees that serves
the interest of the City by enabling it to provide reasonable retirement security for its employees, by
providing increased flexibility in its personnel management system, and by assisting in the attraction and
retention of competent personnel; and
WHEREAS, the City has determined that the continuance of the deferred compensation plan will
serve these objectives; and
WHEREAS, amendments to the Internal Revenue Code have been enacted that require changes
to the structure of and allowed enhancements of the benefits of the deferred compensation plan:
NOW, THEREFORE, the City of Temple City does hereby resolve to amend and restate the
deferred compensation plan ( "the plan ") in the form of the ICMA Retirement Corporation Deferred
Compensation Plan and Trust.
SECTION 1. The City resolves that the assets of the Plan shall be held in trust, with the City
serving as the trustee, for the exclusive benefit of the Plan participants and their beneficiaries, and the
assets shall not be diverted to any other purpose. The Trustee's beneficial ownership of the Plan assets
held in the ICMA Retirement Trust shall be held for the further exclusive benefit of the Plan participants
and their beneficiaries.
SECTION 2. The City resolves that the Plan will not permit loans.
SECTION 3. The City agrees that the City serve as trustee under the Plan.
SECTION 4. The provisions herein which were implicitly adopted into the Plan on December 1,
1996, are hereby specifically amended into the Plan and effective prior to December 31, 1998.
APPROVED AND ADOPTED Nunc Pro Tunc on December 31, 1998, as of this 5th day of
January, 1999.
Al EST•
Q J
City 'Clerk
Resolution No. 99 -3728
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I, City Clerk of the City of Temple City, hereby certify that the foregoing resolution, Resolution
No. 99 -3728 was duly adopted Nunc Pro Tune on December 31, 1998, by the City Council of the City of
Temple City at a regular meeting held on the 5th day of January, 1999, by the following vote:
AYES: Councilman - Breazeal, Souder, Wilson, Brook, Gillanders
NOES: Councilman -None
ABSENT: Councilman -None
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IC ' CLERK
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