0639RESOLUTION NO. 639
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ROLLING HILLS
ESTABLISHING AN EMPLOYEE DEFERRED COMPENSATION PLAN
WHEREAS, the City desires to establish a deferred compensation plan to be made
available to all eligible City employees pursuant to Federal legislation; and
WHEREAS, certain substantial tax benefits could accrue to employees who chose
to participate in the deferred compensation plan; and
WHEREAS, such benefits will act as incentive to City employees to voluntarily set
aside and invest portions of their current income toward their future financial requirements;
and
WHEREAS, the United States Conference of Mayors has established a Master
Prototype Deferred Compensation Program for its member cities and their employees to
benefit from the advantages of this program; and
WHEREAS, the United States Conference of Mayors, as plan administrator, agrees
to hold harmless and indemnify the City, its appointed and elected officials and participating
employees from any loss resulting from the United States Conference of Mayors or its
agents' failure to perform its duties and services pursuant to the United States Conference
of Mayors Program.
NOW, THEREFORE, the City Council of the City of Rolling Hills, California, does
hereby resolve as follows:
SECTION 1. The City Council hereby adopts the United States Conference of
Mayors Deferred Compensation Program and its attendant investment options and
establishes the City of Rolling Hills Deferred Compensation Plan for the voluntary
participation of eligible City employees.
SECTION 2. The City Manager is hereby authorized to execute for the City,
individual participation agreements with each qualified employee requesting same, and to
act as the "administrator" of the plan representing the City, and the execution of such
agreements and contracts as are necessary to implement the program.
SECTION 3. It is implicitly understood that there is to be no cost or contribution
by the City to the program. It is further understood that this is a voluntary program and
that the City only offers to administer said program for persons employed by the City.
SECTION 4. The Mayor is hereby directed to sign this Resolution, and the City
Clerk, or duly authorized Deputy is directed to attest thereto.
APPROVED AND ADOPTED this 26th day of August. 1991.
Resolution No. 639 —1—
ATTEST:
0a 0-W -A 9 r
CITY 1CLEKK _ EPUTY
The foregoing Resolution No. 639 entitled:
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ROLLING
HILLS ESTABLISHING AN EMPLOYEE DEFERRED COMPENSATION
PLAN
was approved and adopted at a regular meeting of the City Council at a meeting on August
26th, 1991 by the following roll call vote:
AYES: Councilmember Murdock, Mayor Pro Tem Swanson,
Mayor Pernell.
NOES: Councilmember Leeuwenburgh.
ABSENT: Councilmember Heinsheimer.
ABSTAIN: None.
Depu City Clerk
Resolution No. 639 �2_
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