HomeMy WebLinkAboutCC RES 84-095RESOLUTION NO. 84-95
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF TUSTIN, CALIFORNIA, ESTABLISHING
A DEFERRED COMPENSATION PROGRAM.
WHEREAS, the City has considered the establishment of a
Deferred Compensation Plan to be made available to all eligi-
ble City employees, elected officials, and independent
contractors pursuant to Federal legislation permitting such
Plans; and
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WHEREAS, certain substantial tax benefits
to empl'oyees, elected officials, and independent
participating in said Deferred Compensation Plans;
could accrue
contractors
and
WHEREAS, such benefits will act as incentives to City
employees to voluntarily set aside and invest portions of tho
current income to meet their future financial requirements and
supplement their City retirement and Social Security (if
applicable), at no cost to the City; and
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WHEREAS, the U. S. Conference of Mayors has established'
a master prOtotype deferred compensation program for cities
and political subdivisions permitting its member cities and
their employees to enjoy the advantages of this program;
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NOW, THEREFORE, THE CITY
DOES HEREBY RESOLVE AS FOLLOWS:
COUNCIL OF THE CITY OF TUSTIN
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The City Council hereby adopts the U. S. Conference of
Mayors Deferred Compensation Program and its attendant invest-
ment options and hereby establishes the City of Tustin De-
ferred Compensation Plan for the voluntary participation of
all eligible City employees, elected officials and independent
contractors.
The City Clerk, Mary E. Wynn, is hereby authorized to
execute for the City, individual participation agreements with
each said employee requesting same, and to act as the "Admin-
istrator" of the Plan representing the City, and to execute
such agreements and contracts as are necessary to implement
the Program. It is implicitly understood that other than the
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incidental expenses of collecting and disbursing the em-
ployee's deferrals and other minor administrative matters,
that there is to be no cost or contribution by the City to the
Program.
PASSED AND ADOPTED at a regular meeting of the City
Council o'f the City of Tustin, California, held on the 19th
day of November , 1984
....... MAYOR
ATTEST ·.
JGR:se :D: 11/7/84 (1)
STATE OF CALI FORNIA )
COUNTY OF. ORANGE ) §
CITY OF TUSTIN )
MARY E. WYNN, City Clerk and ex-officio Clerk of the City Council of the City of
Tustin, California, does hereby certify that the whole number of the members of
the City Council of the City of Tustin is five; that the above and foregoing
Resolution No. 84-95 was duly and regularly introduced, passed and adopted at a
regular meeting ~f the City Council held on the 19~h day of I~o~ember, 1984 by the
following vote' ----- - - '" '
AYES · COUNCILPERSONS. Edgar, Hoesterey, Kennedy, Saltarelli
NOES · COUNCILPERSONS. None
ABSENT- COUNCILPERSONS. Greinke
MARY E. WYNN,~ty' 'Clerk A. - '
City of Tustih~gCaliforniaLJ