CC - 1985-50 - Authorizing the Execution of Group Annuity Contrct No AC 2529A~ i
RESOLUTION NO. 85-50
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF ROSEMEAD AUTHORIZING THE EXECUTION OF GROUP
ANNUITY CONTRACT NO. AC 2529A THE EQUITABLE
LIFE ASSURANCE SOCIETY OF TIME UNITED STATES
WHEREAS, the City Council of the City of Rosemead has pre-
viously authorized and directed the City staff to determine the
feasibility of establishing a Group Annuity Contract for the bene-
fit of the employees of the City; and
WHEREAS, there as has been presented to the City Council as
a result of such study a Group Annuity Contract No. AC 2529A, 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 2529A, 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 January 1, 1985, 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 such Group Annuity Contract No. AC 2529A be paid from the
general funds of the City.
SECTION 3. That the City Manager and the City Clerk shall
at all times keep copies of Group Annuity Contract No. AC 2529A,
as the same may be revised from time to time, available for in-
spection by any employee of the City of Rosemead so that such
employees may be kep informed of the terms and provisions of
said Group Annuity Contract No. 2529A.
PASSED, APPROVED and ADOPTED this 22nd day of October ,
1985.
ATTEST: OR OF THE CITY OF 0 MEAD
Cit Clerk