CC - 1979-57 - Deferred Compensation PlanRESOLUTION NO. 79- 57
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ROSEMEAD
IN. THE 111ATTER OF ESTABLISHING A DEFERRED COMPENSATION PLAN
WHEREAS, the City of Rosemead has in its employ certain personnel,"and
WHEREAS, said employees are and will be rendering valuable services
to the City of Rosemead,
WHEREAS, the City Council has considered the establishment of a
Deferred Compensation Plan for the said employees made available to'the
City Council and tosaid employees by the International City Management Association
Retirement Corporation, and
WHEREAS, said employees often are unable to acquire retirement security
under other existing and available retirement plans due to the contingencies
of employment mobility, and
WHEREAS, tkie City of-rRosemead,receives-benefits under said plans by being
able to assure. reasonable retirement security-to said employees, by being more
able to attract competent personnel to its service, and by increasing its
flexibiltiy in personnel management` through elimination of the need for continued
employment for the sole purpose of allowing an~'employee to qualify for retirement
benefits.
NOW, THEREFORE,: BE IT RESOLVED that the City Council establish said
Deferred Compensation Plan for said employees and hereby authorizes its
Mayor to execute the Deferred Compensation Plan with the International City
Management Association Retirement Corporation,.attached hereto as Appendix A,.
and
IT IS FURTHER RESOLVED that the City Manager may, on behalf of the
City Council, execute all Joinder Agreements with said employees and other
eliUible officials and officers, which are necessary for said persons participation
in the Plan, an example of which appears at Appendix B, except that any Joinder
Agreement for said designated official shall be executed by the ,Mayor.
PASSED, APPROVED AND ADOPTED THIS -27th day of November , 1979.
MAYOR OFXTHE CITY OF ROS£MEAD
ATTEST:
CITY 6LERK
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