HomeMy WebLinkAboutRESO 6429,. ORIGINAL
RESOLUTION NO. 6429
RESOLUTION OF THE COUNCIL OF THE CtTY OF PALO ALTO
ESTABLISHING THE INTERNATIONAL CITY MANAGEMENT
ASSOCIATION RETIREMENT ASSOCIATION DEFERRED
COMPENSATION PLAN FOR ALL CITY EMPLOYEES
WHEREAS, the City of Palo Alto (Employer) maintains a Deferred
Compensation Plan which is administered by ICMA Retirement Corporation
(Administrator} and which is presently available only to the City
Manager, City Attorney, and Director of Utilities1 and
WHEREAS, that Plan was amended by the Council on September 11,
1984, by Resolution No. 6307 to change the Plan document to comply with
federal legislation and Irternal Revenue Service regulations, and to
authorize establishment of the trust for the purpose of representing
participating employers with respect to the i.nvestment of funds held
under their deferred compensation plans1 and
WHEREAS, the City Council now desires to expand membership in the
Plan to include all City employees because the City receives benefits
under said Plan by being able to assure reasonable retirement security
to all City employees who are currently rendering valuable services to
the City:
NOW, THEREFORE, the Council of the City of Palo Alto does RESOLVE
as follows:
SECTION t. That the City establish said Deferred Compensation
Plan for all City employees and hereby authorizes its City Manager to
execute the Deferred Compensation Plan with the International City
Management Association Retirement Corporation. ---
SECTION 2. That the City Manager may, on behalf of the City,
execute all JOlnder agreements with City employees which are necessary
for them to participate in the Plan, an example of which appears ~s
Appendix A.
INTRODUCED AND PASSED: September 16, 1985
AYES: Bechtel, Cobb, Fletcher, Klein, Levy, Renzel, Sutorius, Woolley
NOES: None
ABSTENTIONS: None
ABSENT: Witherspoon
APPROVED:
c
APPROVE S TO~RM: ~Attorney ~ ,.4.dlel I 1
Owell mciPIOP"•'• bel(n) OAme~tot ..
JOl~R AQREDIENT
c:J New AQIMmtftl Foi. o.i.r1eo cCllT'IOeftUTIOf' p&al'li ao••u11111:t1ec bl' Aeur~; eorpo1a1on CJ ~ ol IJene'!Cliry "91Nmenl . '
O Futld Transtar
I ,,.rll)y eppry tor
Pit l11C ipetion WI 'a deterred compen5ahon
(prin1 name of ~r) plln as lollOWS
PART A. ESSE.NTIAL EMPLOYEE tNFORMATION
l -Ci MISS
Ful Name CJ Mrs
D Mr Firll MICldle Us!
OMJ
SexO M Cl F Date ol 8111h Mo 0.y ___ Year Soe11i1 Seeur11y No
Job Tiiie Otytime phOne number
Home or omce Aodress
No St1"1 Clly State ZIP
PART I. CONTfHIUTIOW AND INVE.sTllENT
AMOUNT Of 0£FERRED eot.t~NSATION AU .. OCATION TO INVESTMENT FUNDS
EHe::tive or. the payday $hcM'I"• below. I desi•e 10 tie palCl 1n tl"le I 1&~1 tha1 the 101a1 amount$ o! l1J!ure ciererred compensa11~f' be
torm o! "81erred compenu11(1rl as l!lllow$ atJP11ed 10 tl'le ava1:able •nvestment !uno!: 1n the loitOWH'lfi pe:ce'1tages .. ... rcll)O'~l""Q f~I ~·· -c.i.,_ ~1111110!' Co'-.lrOJIO"I ecn.-l_, ,....,. ...._i.p.
I'_,. °""' OM1 ....... ~-.... (1)~WeN0 .. .... ...
~~...., ...
Cl!l~· ... -· -S8Jl*'Cd) I I I
filacli """ ...
•Fo< Ooe<a· We1l>OCI S--~ ~ Ol INICfl --w.r.....or-....i ... Pa yda ¥ oo wtiic h plan 16 to begltl
Mo. Dey Yr. ....
My c1.1rren1 salary is S per pay perlOCI l-1 IOC ...
lampalClevery(2 ~. month.15dlys, lltc.)
Note H you are using the c.tct'l-Up prOVisict'I. please 8lbnl1 , ........., "' .....-e ~ O< lllCa1 -Tftl<ot:i ~ iaturc Ol _ __..lo< rnew uRetirement A.ge'" torm found in AC's bfocnure. "Tne C.tc~ ._ ti .,ri De-'\< ID 1Wl11c: !Pe~·. Cl'ICICe I: r.IC9C IMI-,,_, 11-e Pr~.·· ...
PAJIT C. DEllONATlON OF IENEFICIARY
-....., lw:fiolll.....,.Pw t Daot ...... 111181ationstllp to You
Ce .......... 1ctw ..... (Clll9 ... ..,.:
PART D. FUND TMNIFD
I r9QUIM1 "111.t UMIS in 11')1 clelerred ~tiOn ec:count with tne ldXMI ~, consssting Gt Pf~ contrlbul..O amounts plus earnings. be
~r.o trnOnG availlll* irwntmtnt ~ aptlOl'IS. as IOllows
T..,.,. from IO
----11~,i _ ...... --lulWl ,,.,....-llClf'1 ID It -" ..... , __ ....,
~-"1111:1 ,...,..,. !tOftl '° IMllllll ......
__ _,,,, __ .._...,
,.,.,.., """' Ill ___ ,, _,, ..... ---IUPPLlllENTAL ,~ I""" attlchld. ShMt --ming.,, tptCllll COMidtrlltions (iumS) sum tontr°"110n. ronover ffOl'l'I anotl'l4tr p!an,
... ol IN catch-UP ll'OWIO•).
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