Resolution No. 8856
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RESOLUTION NO. 8856
yJM
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
VERNON APPROVING AND AUTHORIZING THE TERMINATION OF
THE CITY OF VERNON SUPPLEMENTAL EXECUTIVE
RETIREMENT PLAN AND THE CITY OF VERNON TRUST UNDER
THE SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN APPROVED
BY RESOLUTION 7753 AND RESCINDING RESOLUTION NO.
8838
8 WHEREAS, on September 19, 2000, the City Council of the City
9 of Vernon adopted Resolution No. 7635, as amended by Resolution No.
10 7753 on May 2, 2001, approving the City of Vernon Supplemental
11 Executive Retirement Plan and the City of Vernon Trust Under
12 Supplemental Executive Retirement Plan (collectively, the "Plan"), in
13 order to retain key employees by providing them additional funds for
14 retirement; and
15 WHEREAS, on September 7, 2005, the City Council of the City
16 of Vernon adopted Resolution No. 8838 which mistakenly directed that
17 the funds under the Plan be distributed to Plan Participants; and
18 WHEREAS, Section 10.1 of the Plan states that the City may
19 terminate the Plan at any time ~nd that upon termination each
20 Participant shall become immediately vested in the Plan accounts and
21 said accounts will be immediately distributable to the Participant; and
22 WHEREAS, the City desires to terminate the Plan and rescind
23 Resolution No. 8838.
24 NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
25 CITY OF VERNON AS FOLLOWS:
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SECTION 1:
The City Council of the City of Vernon hereby
27 finds and determines that the recitals contained hereinabove are true
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SECTION 2:
The City Council of the City of Vernon hereby
2 rescinds Resolution No. 8838.
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SECTION 3:
The City Council of the City of Vernon does
4 hereby approve the termination of the Plan and authorizes Wells Fargo
5 Bank, N.A., the Trustee of the Plan, to distribute the Plan account
6 (Account No. 11417000) directly to the Plan Participant.
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SECTION 4:
The City Council of the City of Vernon does
8 hereby authorize the Acting City Clerk, or his designee, to .execute
9 any and all documents necessary for the purpose of terminating the
10 Plan and distributing the Plan account.
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SECTION 5:
The City Council of the City of Vernon hereby
12 directs the Acting City Clerk, or his designee, to send a certified
13 copy o~ this Resolution to:
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Wells Fargo Bank, N.A.
Attn. Indra D. Sharma
ITS-Los Angeles
MAC E2828-101
707 Wilshire Blvd., 10th Floor
Los Angeles, CA 90017
SECTION 6:
The Acting 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 12th day of October, 2005.
~~o"r
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JR., Acting City Clerk
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1 STATE OF CALIFORNIA
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COUNTY OF LOS ANGELES
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4 I, BRUCE V. MALKENHORST, JR., Acting City Clerk of the City of
5 Vernon, do hereby certify that the foregoing Resolution, being
6 Resolution No. 8856, was duly adopted by the City Council of the City
7 of Vernon at an adjourned regular meeting of the City Council duly held
8 on Wednesday, October 12, 2005, and thereafter was duly signed by the
9 Mayor of the City of Vernon.
. MALKENHORST, JR.
City Clerk
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