HomeMy WebLinkAbout78-14 - Resolutions RESOLUTION NO. 78-14
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RANCHO
CUCAMONGA, CALIFORNIA, ESTABLISHING A DEFERRED COMPEN-
SATION PLAN.
WHEREAS, the City of Rancho Cucamonga has in its employ certain
personnel; and,
WHEREAS, said employees are and will be rendering valuable services
to the City; and,
Whereas, the City has considered the establishment of a Deferred
Compensation Plan for the said employees made available to the
City and to said employees by the International City Management Association
Retirement Corporation; and,
WHEREAS, said employees often are unable to acquire retirement
security under other existing and available retirement plans due to the
contingencies of employment mobility; and,
WHEREAS, the City received benefits under said plans by being'
able to assure reasonable retirement security to said employees, by being
more able to attract competent personnel to its service, and by increasing
its flexibility in personnel management through elimination of the need
for continued employment for the sole purpose of allowing an employee to
qualify for retirement benefits;
NOW, THEREFORE, BE IT RESOLVED that the City establish said
Deferred Compensation Plan for said employees and hereby authorizes
its Mayor to execute the Deferred Compensation Plan with the International
City Management Association Retirement Corporation; and,
BE IT FURTHER RESOLVED that the City Manager may, on behalf of
the City, execute all Joinder Agreements with said employees and other
eligible officials and officers, which are necessary for said persons
participation in the plan.
PASSED, APPROVED, and ADOPTED this 15th day of March, 1978.
ATTEST:
City Clerk