Res 88-144RESOLUTION NO. 88~_144
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF POWAY. CALIFORNIA,
AUTHORIZING CITY EMPLOYEES TO
PARTICIPATE IN A DEFERRED COMPENSATION PLAN
PROVIDED BY THE UNITED STATES CONFERENCE OF MAYORS
WHEREAS, the City of Poway has in its employ personnel who are and will be
handling valuable services to the City; and
WHEREAS, the City has considered the establishment of a Deferred Compen-
sation Plan to be made available to all eligible City employees; and
WHEREAS, certain substantial tax benefits could accrue to employees
participating in said Deferred Compensation Plan; and
WHEREAS, such benefits will act as incentives to City employees to
voluntarily set aside and invest portions of the current income to meet their
future financial requirements and supplement their City retirement, at no cost
to the City; and
WHEREAS, the U.S. Conference of Mayors, as Plan Administrator, agrees to
hold harmless and indemnify the City, its appointed and elected officers and
participating employees from any loss resulting from the U.S. Conference of
Mayors or its Agent's failure to perform its duties and services pursuant to
the U.S. Conference of Mayors Program;
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF POWAY DOES HEREBY RESOLVE
AS FOLLOWS:
1. That the City Council hereby adopts said Deferred Compensation Program
and its attendant investment options and hereby authorizes voluntary partici-
pation of all eligible City employees, and
2. That its Mayor be authorized to execute the Deferred Compensation Plan
with the United State Conference of Mayors, attached hereto as Appendix A.
IT IS FURTHER RESOLVED that the City Manager is hereby authorized to execute
for the City, individual participation agreements with said employees and other
eligible officials and officers, and act as the Administrator of the Plan
representing the City, and to execute such agreements and contracts as are
necessary to implement the Program.
Resolu[ion No. 88-144
Page 2
PASSED, ADOPTED AND APPROVED, by the Ci
California, at a regular meeting thereof this
uncll of the City of Poway,
day of December, 1988.
Carl R. Kruse, Mayor
ATTEST:
Marj/orie/~K.'~Fahl~teil; Ci~ C~rk
STATE OF CALIFORNIA )
) ss.
COUNTY OF SAN DIEGO )
I, Marjorie K. Wahlsten, City Clerk of the City of Poway, do hereby certify
under penalty of perjury that the foregoing Resolution No. 88-144 was duly
adopted by the City Council at a meeting of said City Council held on the 13th
day of December, 1988, and that it was so adopted by the following vote:
AYES: BRANNON, EMERY, GOLDSMITH, HIGGINSON, KRUSE
NOES: NONE
ABSTAIN~ONE
ABSENT: NONE
Mar~qfrie~ q~ahl~ten~, C'it~/Cl~:Yk
City of Poway
6/R/DEF-COMP