HomeMy WebLinkAbout84-234 - ResolutionsRESOLUTION NO. 84-234
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RANCHO
CUCAMONGA ADOPTING AN EMFLOYEES' DElVERED COMPENSATION PLAN
AND AUTHORIZING THE EXECUTION OF AGREEMENTS RELATED TO SAID
PLAN BY THE DEFERRED COMPENSATION ADMINISTRATOR
WHEREAS, the City of Eancho Cucamonga has in its employ employees who
are and will be rendering valuable services to the City; and
WHFaEAS, said employees may desire to defer income until retirement
for the purpose of deferring Federal and State income taxes on said income; and
WHFaEAS, the City Council of the City of Rancho Cucamonga has
considered the establishment of a Deferred Compensation Plan for the said
employees and believes that the adoption of said plan will enhance the
efficiency and morale of the employees and will be in the best interests of the
City; and
WHEREAS, it is intended that said Plan shall be in accordance with
Federal and State law and regulations; and
WHEREAS, the City Council finds that it would be for the benefit and
in the best interests of the City to approve the Deferred Compensation Plan
with Great Western Savings and Loan.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Rancho Cucamonga that the City Council establishes said Deferred Compensation
Plan for said employees of the City, and the same is hereby approved and
adopted, to be effective August 14, 1984.
BE IT FURTHER RESOLVED that Harry J. Empey is hereby appointed to
administer the Plan on behalf of the City and is authorized to execute
Participation Agreements with eligible officers, officials and employees, and
all other Documents and Agreements necessary to implement and administer the
Plan,
PASSED, APPROVED, and ADOPTED this 5th day of September, 1984.
AYES: Wright, Buquet, Mikels, Dahl, King
NOES: None
ABSENT: None
ATTEST:
Authelel:, City Clerk