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RESOLUTION NO. 95-5745
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF HERMOSA BEACH,
CALIFORNIA, ESTABLISHING AN ADDITIONAL DEFERRED COMPENSATION
PLAN
WHEREAS, the City has established two Deferred Compensation Plans which are
available to all eligible city employees, elected officials, and independent contractors pursuant to
Federal legislation permitting such Plan; and
WHEREAS, certain substantial tax benefits accrue to employees, elected officials, and
independent contractors participating in said Deferred Compensation Plans, 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 establishment of an additional Deferred Compensation Plan will serve
the interests of the City by enabling it to provide an additional opportunity for employees, elected
officials and independent contractors to enjoy the advantages of participating in such Deferred
Compensation Plans;
WHEREAS, The U.S. Conference of Mayors has established a master prototype
deferred compensation program for cities and political subdivisions permitting its member cities
and their employees to enjoy the advantages of this program;
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 HERMOSA
BEACH, CALIFORNIA DOES RESOLVE AS FOLLOWS:
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SECTION 1. That the City Council does hereby approve and adopt the U.S. Mayors
Deferred Compensation Program and its attendant investment options and hereby establishes the
City of Hermosa Beach Deferred Compensation Plan, attached hereto as "Exhibit A" for the
voluntary participation of all eligible city employees, elected officials, and independent
contractors.
SECTION 2. That the City appoints PEBSCO Deferred Compensation Plan
Administrators to serve as Administrator thereunder;
SECTION 3. That the Finance Director is hereby authorized to execute for the City,
individual participation agreements with each said employee requesting same, and to act as the
"Administrator" of the Plan representing the City, and to execute such agreements and contracts
as are necessary to implement the Program. It is implicitly understood that other than the
incidental expenses of collecting and disbursing the employee's deferrals and other minor
administrative matters, that there is to be no cost to the City for the Program.
SECTION 4. 1 at this resolution shall be in effect upon adoption.
PASSED, PR D,)and ADOPTE this 7th day of June, 1995.
ATTEST:
IDENT OF THE CITY COUNCIL, AND MAYOR OF TIS
OF ]HERMOSA BEACH, CALIFORNIA
CITY CLERK
APPROVED AS TO FORM:
CITY ATTORNEY
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STATE OF CALIFORNIA
COUNTY OF LOS ANGELES
CITY OF HERMOSA BEACH
I, Naoma Valdes, Deputy City Clerk of the City Council of the
City of Hermosa Beach, California, do hereby certify that the foregoing
Resolution No. 95-5745 was duly and regularly passed, approved and adopted
by the City Council of the City of Hermosa Beach at a Regular Meeting of
said Council at the regular place thereof on June 27, 1995.
sftmol The vote was as follows:
AYES:
Edgerton, Oakes, Reviczky, Mayor Bowler
NOES:
None
ABSTAIN:
None
ABSENT:
Benz
DATED: June 29, 1995
Deputy City Clerk