HomeMy WebLinkAboutCity Council Resolution 04-006
RESOLUTION NO. 04 -006
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SARATOGA TO
AMEND THE RETIREMENT CORPORATION
DEFERRED COMPENSATION PLAN AND TRUST
WHEREAS, the City of Saratoga has employees rendering valuable services; and
WHEREAS, the City of Saratoga has established a deferred compensation plan
for such employees that serves the interest of the Employer by enabling it to provide
reasonable retirement security for its employees, by providing increased flexibility in its
personnel management system, and by assisting in the attraction and retention of
competent personnel; and
WHEREAS, the City of Saratoga has determined that the continuance of the
deferred compensation plan will serve these objectives; and
WHEREAS, amendments to the Internal Revenue Code have been enacted that
require changes to the structure of the deferred compensation plan; and
WHEREAS, amendments to the Internal Revenue Code have been enacted that
allow enhancements of the benefits;
NOW THEREFORE BE IT RESOLVED that the City of Saratoga hereby amends and
restates the deferred compensation plan (the "Plan") to be administered by ICMA and
Benefits Corp in the form of:
The ICMA Retirement Corporation Deferred Compensation Plan and Trust
BE IT FURTHER RESOLVED that the assets of the Plan shall be held in trust, with
the Employer serving as trustee ("Trustee"), for the exclusive benefit of Plan participants
and their beneficiaries, and the assets shall not be diverted to any other purpose. Indicia
of the Trustee's beneficial ownership of Plan assets held in Trust further shall be held for
the exclusive benefit of the Plan participants and their beneficiaries;
BE IT FURTHER RESOLVED that the City of Saratoga hereby agrees to serve as
Trustee under the Plan.
The above and foregoing resolution was passed and adopted by the City Council of the
City of Saratoga on the 21 st day of January, 2004, by the following vote:
AYES:
Councilmembers Norman Kline, Nick Streit,
Vice Mayor Kathleen King, Mayor Ann Waltonsmith
NOES:
None
ABSENT
Councilmember Stan Bogosian
ABSTAIN:
c affi~#
Ann Waltonsmith, Mayor