R 1499
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- 059
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RESOLUTION NO. 1499
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF ARROYO GRANDE AUTHORIZING THE CREATION OF
A DEFERRED COMPENSATION PLAN FOR ELI G I BLE
CITY EMPLOYEES
WHEREAS, the City Council of the City of Arroyo Grande desires
to provide certain ben~fits for its employees or independent contractors
as part of their compensation; and
WHEREAS, the City Council does hereby authorize and approve
[ entering into a Deferred Compensation Plan with those eligible to
participate as designated by the City of Arroyo Grande; and
WHEREAS,in order to accumulate the appropriate funds to meet
the Organization's obligation to pay benefits to Participants in accordance
with the Deferred Compensation Plan, the City Council does hereby authorize
and approve the purchase of insurance and/or annuity contracts as issued
by the Hartford Variable Annuity Life Insurance Company in such amounts as
may be appropriate to provide plan benefits. ,--
WHEREAS, it is the intention of the City Council that the payments
made by the City of Arroyo Grande for such insurance and/or annuity
contracts will not currently be considered as income paid to the employees
or independent contractors concerned. Thus the City of Arroyo Grande
will be the owner, beneficiary and have all rights under the said
insurance or annuity contracts and such contracts shall be held as a
general, unpledged, and unrestricted asset of the Organization.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF ARROYO GRANDE
does hereby resolve as follows:
That the City Council hereby authorizes the City Administrator
of the City of Arroyo Grande to act on its behalf in
respect to these insurance or annuity contracts and to
formulate rules and procedures for the purchase and
administration of them.
On motion of Council Member Millis, seconded by Council Member
Vandeveer, and on the following roll call vote, to wit:
AYES: Council Members Smith, Hogan, Millis, Vandeveer, Mayor Pope
NOES: None
ABSENT: None
the foregoing Resolution was passed and adopted this 8th day of September, 1981.
[ ATTEST: ~
DE UTY Y CLERK