HomeMy WebLinkAboutRESO7603RESOLUTION NO. 7603
RESOLUTION OF THE COUNCIL OF THE CITY OF PALO ALTO
AMENDING AND RESTATING THE CITY OF PALO ALTO
DEFERRED COMPENSATION PLAN AND ESTABLISHING IT AS
THE EXCLUSIVE PLAN FOR ALL ADMINISTRATORS
WHEREAS, on September 27, 1982, the City Council adopted
the "City of Palo Alto Deferred Compensation Plan" (the "Plan").
The Council amended the Plan on December 12, 1983; August 17, 1987;
and September 18, 1989. The Plan has been. utilized by Plan
Administrator, The Hartford; and
WHEREAS, by Resolution 6429, adopted September 16, 1985,
the City Council established a separate deferred compensation plan
known as the "International City Management Association Retirement
Association Deferred Compensation Plan" (the "ICMA Plan"); and
WHEREAS, it is desirable for the City to maintain a single
deferred compensation plan which can be used by all administrators.
NOW, THEREFORE, the Council of the City of Palo Alto does
RESOLVE as follows:
SECTION 1. The Council hereby approves the "City of Palo
Alto Deferred Compensation Plan" as amended June 24, 1996, and
establishes it as the exclusive deferred compensation plan for all
deferred compensation plan administrators for the City of Palo
Alto:
SECTION 2. The approval given in Section 1 acknowledges,
but does not alter, the existing contractual relationships between
and among the City of Palo Alto and its employees and the City's
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deferred compensation plan administrators, The Hartford and the
International City Management Association Retirement Corporation.
INTRODUCED AND PASSED: June 24, 1996
AYES: ANDERSEN, FAZZINO, HUBER, KNISS, MCCOWN, ROSENBAUM, SCHNEIDER, SIMITIAN,
WHEELER
NOES:
ABSENT:
ABSTENTIONS:
A'iTHST
APPROVED AS TO FORM:
nior Asst. City
Attorne
y
APPROVED:
eput City Man
As nistrative ervices
c t --
Dire or +,f Human Resources
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