Resolution No. 4955
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RESOLUTION NO. 4955
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
3 OF VERNON APPROVING THE EXECUTION OF AN
AGREEMENT WITH THE ICMA RETIREMENT CORPORA'l']ON
4 TO PROVIDE FOR A DEFERRED COMPENSATION
RETIREMENT PLAN IN ACCORDANCE WITH SAID
5 AGREEMENT
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7 WHEREAS, the International City Management Association
8 Retirement Corporation (hereinafter "ICMA-RC") is a De1awate
9 Corporation which has maintained and provided a deferred
10 compensation plan for several public agencies throughout the
11 country since 1972; and
12 \fflEREAS ,over 1,275 employers have approved this plan
13 for participation by their employees ; and
14 WHEREAS ~ the Master Deferred Compensation Plan of the
15 ICMA-RC was established to provide for retirement income and
16 other deferred benefits in accordance with Section 457 of the
17 Internal Revenue Code of 1954, as amended; and
18 WHEREAS, the City Administrator has recommended to
19 the Finance Committee that the. City of Vernon enter into an
20 agreem~ntwith the ICMA-RC to provide retirem~nt income and
21 other deferred benefits to its employees; and
22 WHEREAS, the Finance Committee has recommended to the
23 City Council that the City of Vernon enter into an ag:reement with
24 the ICMA-RC to prov:i.de retirement income and other defet;red
25 benefits for. th~ G:i.t:Y'El emploYees.
26 NOW, 'rREREFOlU:, BE I'l'RESOLVED $Y 'l'HE CITY COUNCIL OF
27 THE CIl'}rOFVERNON AS FOLLOWS :
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SECTION 1: That the City Council of the City of Vernon
1 does hereby find and determine that the recitals contained
2 hereinabove are true and correct.
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SECTION 2: That the City Council of the City of.Vernon
4 hereby approves the ICMA-RC Deferred Compensation Plan, a copy
5 of which has been presented to the City Council concurrently
6 with this Resolution, .and the City Council hereby orders said
7 Agreement to be received and filed by the City Clerk.
8 SECTION 3: That the City Council of the City of Vernon
9 hereby authorizes the Mayor to execute said Agreement for, and on
10 behalf of, the City Council of the City of Vernon.
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SECTION 4: The City Clerk of the City of Vernon is
hereby directed to certify to the passage of this Resolution and
thereupon and thereafter the same shall be in full force and
effect.
APPROVED AND ADOPTED this 16th day of Nove1.11her, 1982.
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'~ONIS C. MAL RG, Mayr>'
ATTEST;
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13RUC:E.V! MALKENHORST,.City Clerk
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1 STATE OF CALrFORNIA
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2 COUNTY. OF LOS ANGELES
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41 I, BRUCE V. MALKENlIORST, City Clerk of the CitYQf
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5 Vernon, do hereby certify that the foregoing ResolutiQn, being
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Resolution No. 4955
, was duly adopted by the City Council
7 of the City of Vernon, and was approved by the Mayor of said
8 City ata regular meeting of the City CounGil held on TuesQ.ay,
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15 (SEAL)
November 16
, 1982.
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B~~LRENII6RST ,C+ ty .Cl~t~i\
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