CC - 1970 - 083 - Authorizing Execution of Group Annuity Contract No. AC 2529CITY OF ROSEMEAD
LOS ANGELES COUNTY, CALIFORNIA
RESOLUTION NO. 70-83
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF ROSEMEAD AUTHORIZING THE EXECUTION OF GROUP
ANNUITY CONTRACT NO. AC 2529, THE EQUITABLE
LIFE ASSURANCE SOCIETY OF THE UNITED STATES.
WHEREAS, the City Council of the City of Rosemead has
previously authorized and directed the City staff to determine
the feasibility of establishing a Group Annuity Contract for the
benefit of the employees of the City; and
WHEREAS, there has been presented to the City Council
as a result of such study a Group Annuity Contract No. AC 2529,
by The Equitable Life Assurance Society of the United States, a
duly admitted California insuror; and
WHEREAS, the City Council of the City of Rosemead finds
it to be in the best interest of the City and the employees of the
City of Rosemead to adopt such Group Annuity Contract.
NOW, THEREFORE, BE IT RESOLVED by the City Council of
the City of Rosemead as follows:
Section 1. Group Annuity Contract No. AC 2529, of The
Equitable Life Assurance Society of the United States, is hereby
approved as the official Group Annuity Contract for the employees
of,the City of Rosemead, the initial contract date to be effective
as of July 1, 1970, and the Mayor of the City of Rosemead is hereby
authorized and directed to execute such contract on behalf of the
City.
Section 2. That the City Council may, from time to time,
direct that all or a portion of any premiums or other charges under
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such Group Annuity Contract No. AC 2529, be paid from the general
funds of the City.
Section 3. That the City Manager and City Clerk shall
at all times keep copies of Group Annuity Contract No. AC 2529,
as the same may be revised from time to time, available for
inspection by any employee of the City of Rosemead so that such
employees may be kept informed of the terms and provisions of said
Group Annuity Contract No. AC 2529.
PASSED, APPROVED and ADOPTED this 22nd day of
September , 1970.
Li ayor o the G-ity osemea
ATTEST:
~ ty Clerk
City Clerk
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