R 3188
RESOLUTION NO. 31 88
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
ARROYO GRANDE AMENDING AND RESTATING THE
I CITY'S DEFERRED COMPENSATION PLAN
WHEREAS, the City of Arroyo Grande has employees rendering valuable services; and
WHEREAS, the City has established a deferred compensation plan for such employees
that serves the interest of the City by enabling it to provide reasonable retirement security .
for its employees, by providing increased flexibility in its personnel management system,
and by assisting in the attraction and retention of competent personnel; and
WHEREAS, the City has determined that the continuance of the deferred compensation
plan will serve these objectives; and
WHEREAS, amendments to the Internal Revenue Code have been enacted that require
changes to the structure of and allow enhancements of the benefits of the deferred
compensation plan:
NOW, THEREFORE, BE IT RESOLVED that the City hereby amends and restates the
ICMA Retirement Corporation Deferred Compensation Plan and Trust.
BE IT FURTHER RESOLVED that the assets of the ICMA Plan shall be held in trust, with
the City serving as trustee, for the exclusive benefit of the Plan participants and their
beneficiaries, and the assets shall not be diverted to any other purpose. The trustee's
beneficial ownership of Plan assets held in the ICMA Retirement Trust shall be held for
the further exclusive benefit of the Plan participants and their beneficiaries.
BE IT FURTHER RESOLVED that the Plan will not p~rmit loans.
BE IT FURTHER RESOLVED that the City hereby agrees to serve as trustee under the
Plan.
On motion of Council Member Fuller seconded by Council Member Lady ,
and on the following roll call vote to wit:
AYES: Council Members Fuller, Lady, Brandy, Souza, and Mayor Dougall
NOES: None
ABSENT: None
the foregoing Resolution was passed and adopted this 26th day of November, 1996.
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RESOLUTION NO. 3188
PAGE 2
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ATTEST: '11 ~ (l. ~
NANCY A. VIS, CITY CLERK
APPROVED AS TO FORM:
APPROVED AS TO CONTENT:
RlXf((TL . iicU:;:-
ROBERT L. HUNT, CITY MANAGER
I, NANCY A. DAVIS, CITY CLERK, City Clerk of the City of Arroyo Grande, County of
San Luis Obispo, State of California, do hereby certify under penalty of perjury that the
foregoing Resolution No. 3 1 8'8 is a true, full, and correct copy of said Resolution passed
and adopted at a regular meeting of said Council on the 26th day of November, 1996.
WITNESS my hand and the seal of the City of Arroyo Grande affixed this 4th day of
December, 1996.
~a.~
NANCY A. DA IS, CITY CLERK