HomeMy WebLinkAboutReso. 1976-010 - Authorizing and approving the International City Management Association Retirement Corporation deferred compensation plan for participating employeesRESOLUTION NO. -71, /r
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDDING
AUTHORIZING AND APPROVING THE INTERNATIONAL CITY
MANAGEMENT ASSOCIATION RETIREMENT CORPORATION DEFERRED
COMPENSATION PLAN FOR PARTICIPATING EMPLOYEES.
WHEREAS, the City Council of the City of Redding desires
to provide retirement benefits for certain of its employees as
portions of their compensation, in consideration of the present
and future valuable services which such employees are rendering
to the. -City, and
WHEREAS, one or more of such plans requires the purchase
of retirement annuity contracts which qualify under the provisions
of Government Code Sections 53212, 53213, 53214, and 53609, and
WHEREAS, it is the intention of the City Council that
the premiums paid by the City of Redding for such annuity contracts
will not currently be considered as income paid to the employees
concerned, and
WHEREAS, among the companies qualifying for such pro-
grams is the International City Management Association Retirement
Corporation, and
WHEREAS, the City of Redding receives benefits under
said plans by being able to insure reasonable retirement security
to said employees, by being more able to attract competent per-
sonnel to its service, and by increasing its flexibility in per-
sonnel management through elimination of the need for continued
employment for the sole purpose of allowing an employee to qualify
for retirement benefits,
NOW, THEREFORE, BE IT RESOLVED that the City Council of
the City of Redding does approve the deferred compensation plan
provided by the International City Management Association Retire-
ment Corporation, as heretofore submitted to the City, and does
hereby authorize and approve the purchase of such retirement annuity
contracts in such amounts as may be appropriate to provide planned
benefits.
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BE IT FURTHER RESOLVED that it is the intention of the
City Council that the premiums paid by the City of Redding for
such annuity contracts will not currently be considered as income
paid to the employees concerned, but that the City of Redding will
own and have rights under said annuity contracts, and such con-
tracts will not be held in any way as collateral security for the
fulfilling of the obligations of the City of Redding, but shall
be held as a general, unpledged and unrestricted asset.
BE IT FURTHER RESOLVED that the City Manager be, and he
is hereby, delegated the power to formulate and establish, with
the assistance of staff, rules and procedures for the purchase
and administration of such retirement annuity contracts and deferred
compensation plans, and to execute same for and in behalf of the
City where appropriate all Joinder Agreements with said employees
and other eligible officials and officers, which are necessary for
said persons' participation in the plan, except that any Joinder
Agreement for said City Manager shall be executed by the Mayor.
I HEREBY CERTIFY that the foregoing Resolution was
introduced and read at a regular meeting of the City Council of
the City of Redding on the 19th day of January, 1976, and was duly
adopted at said meeting by the following vote:
AYES: COUNCILMEN: Anderson, Demsher, Pugh, and Fulton
NOES: COUNCILMEN: None
ABSENT: COUNCILMEN: Denny
ATTEST:
MILDRED L.'BRAYTON, City Clerk
FO APPROVED:
EARL D. MURPHY, C ty Attorney
LEE„D..;.FULTON; M_,D.'
Vice -Mayor of''the' C ty 'of 'Redding
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