Resolution No. 5643
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RESOLUTION NO. 5643
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A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF VERNON AMENDING THE CITY OF VERNON
DEFERRED COMPENSATION PLAN
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WHEREAS, the City of Vernon (also referred to as
"Employer") maintains a deferred compensation plan for its
employees which has been administered by the ICMA Retirement
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Corporation; and
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WHEREAS, the Internal Revenue Service has issued a
private letter ruling approving said plan document as complying
with Section 457 of the Internal Revenue Code: and
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WHEREAS, the City of Vernon has entered into a contract
with Great-West Life and Annuity Insurance Company ("Great-
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14 West), which permits Great-West to provide and administer
15 alternative investment opportunities for participants in the
16 City'S deferred compensation plan; and
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WHEREAS, Great-West intends to sign an agreement
18 wherein it will agree to accept the terms and conditions of the
19 City'S deferred compensation plan; and
20 WHEREAS, the Employer receives benefits under said plan
21 by being able to assure reasonable retirement security to said
22 employees by being more able to attract competent personnel to
23 its service, and by increasing its flexibility in personnel
24 management.
25 NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF
26 THE CITY OF VERNON AS FOLLOWS:
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SECTION 1:
That the Employer hereby amends the
28 deferred compensation pIan by providing that the ICMA Retirement
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Corporation and Great-West are eligib1e investment programs for
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27 BRUCE V. MALKENHORST, City Clerk
the employees of the City of Vernon.
SECTION 2: That the execution by the City
Administrator of the Group Deferred Compensation Annuity
Contract with Great-West is hereby ratified.
SECTION 3: That the Mayor is hereby authorized to
execute the documents
on behalf of the Employer, copies of
said documents (Exhibits A and B) have been presented to the
City Council concurrently with this Resolution, and the City
Council hereby orders said documents to be received and filed by
the City Clerk.
SECTION 4:
That the City Administrator shall be the
coordinator for these programs and shall receive necessary
reports, notices, etc. from the ICMA Retirement Corporation and
Great-West
and shall cast, on behalf of the Employer, any
required votes under the programs.
Administrative duties to
carry out the plan may be assigned to the appropriate
departments.
SECTION 5: The City Clerk of the city of Vernon shall
certify to the passage of this resolution and thereupon and
thereafter the same shall be in full force and effect.
APPROVED AND ADOPTED this 8th day of August, 1989.
LEONIS C. MALBURG, Mayor
ATTEST:
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STATE OF CALIFORNIA )
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COUNTY OF LOS ANGELES)
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I, BRUCE V. MALKENHORST, City Clerk of the City of
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Vernon, do hereby certify that the foregoing Resolution, being
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Resolution No. 5643, was duly adopted by the City Council of the
City of Vernon, and was approved by the Mayor of said City at an
adjourned regular meeting of the City Council held on Tuesday,
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Auqust 8. 1989.
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12 (SEAL)
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BRUCE V. MALKENHORST, City Clerk
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CONTRACT
3 THIS AGREEMENT is made and entered into and executed in
4 duplicate originals, either copy of which may be considered and
5 used as the original hereof for all purposes, and to be
6 performed in Vernon, California as of the_____day of
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, 1989,
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BY AND BETWEEN
GREAT-WEST LIFE AND
ANNUITY INSURANCE COMPANY
(hereinafter "Great-West Life")
3699 Wilshire Blvd., #660
Los Angeles, CA 90010
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AND
CITY OF VERNON
A Municipal Corporation
(hereinafter "city")
4305 Santa Fe Avenue
Vernon, CA 90058
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RECITALS
WHEREAS, Great-West life has issued to the City Group
17 Deferred Compensation Annuity Contract No. 98270 GP dated
18 December 1, 1988: and
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WHEREAS, the City desires to provide an alternative
20 investment program for its employees participating in the City's
21 deferred compensation program.
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NOW, THEREFORE, IN CONSIDERATION OF THE MUTUAL
23 COVENANTS, PROMISES AND CONDITIONS HEREINAFTER SET FORTH, THE
24 PARTIES HERETO AGREE AS FOLLOWS:
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The Great-West Life Group Deferred Compensation
26 Annuity Contract No. 98270 GP is attached hereto and
27 incorporated herein by this reference as though fully set forth
28 at length and provides the terms and conditions of the
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investment program offered to the employees of the City by
Great-West Life dated December 1, 1988.
IN WITNESS WHEREOF, the parties hereto have
caused
this Contract to be subscribed to on
the day, month, and year
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first above written.
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GREAT-WEST LIFE AND ANNUITY
ANNUITY INSURANCE COMPANY
By
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CITY OF VERNON
A MUNICIPAL CORPORATION
By
Leonis C. Malburg, Mayor
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ATTEST:
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BRUCE V. MALKENHORST
City Clerk
APPROVED AS TO FORM:
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DAVID B. BREARLEY
City Attorney
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Resolution No. 5643
Exhibit A
Adopted August 8, 1989
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