HomeMy WebLinkAbout80-64 - Resolutions RESOLUTION NO. 80-64
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RANCHO
CUCAMONGA, CALIFORNIA, ADOPTING AN EMPLOYEES ' DEFERRED
COMPENSATION PLAN AND APPROVING AN AGREEMENT WITH GLENDALE
FEDERAL SAVINGS FOR COORDINATING THE RANCHO CUCAMONGA
CITY EMPLOYEES' DEFERRED COMPENSATION.
WHEREAS, the City of Rancho Cucamonga desires to provide an
Employee Deferred Compensation Plan,
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF RANCHO CUCAMONGA, CALIFORNIA, AS FOLLOWS:
Section 1. An Employee Deferred Compensation Plan is
hereby adopted. The City consents to a Plan and assumes the obligation
to be performed on its part as set forth in the Plan.
Section 2. The Plan shall be effective and shall apply to
compensation earned after the effective date. The City consents to the
participation of any employee, or officer, subject to participation to
be in accordance with the Participation Agreement.
Section 3. The City Clerk shall certify to the adoption
of the Resolution and shall cause this Resolution to be entered into
the records of the City Council of this City.
Section 4. The proposed Agreement with the firm Glendale
Federal Savings to serve as Plan Administrator/Coordinator of the above
Plan is hereby approved.
Section 5. The City Manager is hereby authorized to execute
said Agreement and all other documents and initiate all other procedures
to implement said Plan, and
Section 6. The City shall contribute three (3) percent of
annual salary for management/middle management employees authorized by
the City Manager, to the deferred compensation program in accordance
with the City of Rancho Cucamonga's Personnel Rules and Regulations and
the concurrence of the City Council.
Section 7. The date of implementation of the Deferred
Compensation Plan shall be July 1, 1980.
PASSED, APPROVED, and ADOPTED this 18th day of June, 1980.
AYES: Frost, Mikels, Palombo, Bridge, Schlosser
NOES: None
ABSENT: None
P~ilfi~. Schlosser, Mayor
ATTEST:
auren M. Wasserman, City Clerk