CC Resolution 1996-100 ICMA 457^#M RESOLUTION NO.96-100
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
LA QUINTA, CALIFORNIA APPROVING THE AMENDED
ICMA DEFERRED COMPENSATION PLAN EMPLOYER
PLAN NUMBER 302425
WHEREAS, the City of La Quinta Employer") has employees rendering valuable
services; and
WHEREAS, the Employer has established a deferred compensation plan for such
employees that services 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 Employer 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 and allow enhancements of the benefits of the
deferred compensation plan:
NOW THEREFORE BE IT RESOLVED by the City Council of the City of La Quinta
to adopt the amended deferred compensation plan the Plan") in the form of: Select
one)
The ICMA Retirement Corporation Deferred Compensation Plan and Trust
0 The Plan and Trust provided by the Employer executed copy attached
hereto).
BE IT FURTHER RESOLVED that the assets of the Plan shall be held in trust,
with the Employer serving as trustee, for the exclusive benefit of the Plan participants
and their beneficiaries, and the assets shall not be diverted to any other purpose. The
Trustee's beneficial ownership of Plan assets held in the ICMA Retirement Trust shall
be held for the further exclusive benefit of the Plan participants and their beneficiaries;
BE IT FURTHER RESOLVED that the Plan: Select one)
Will permit loans
0 Will not permit loans
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^#MResolution No.96-100
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BE IT FURTHER RESOLVED that the Employer hereby agrees to serve as trustee
under the Plan.
PASSED, APPROVED and ADOPTED at a regular meeting of the La Quinta City
Council, held on this 1 71h day of December, 1 996 by the following vote, to wit:
AYES: Council Members Adolph, Henderson, Perkins, Sniff, Mayor Holt
NAYS: None
ABSTAIN: None
ABSENT: None
GLENDA L. HOLT, Mayor
City of La Quinta, California
City of La Quinta, California
APPROVED AS TO FORM:
DAWN C.
City of La Quinta, California
BIB]
09-01-1998-U01
11:40:14AM-U01
ADMIN-U01
CCRES-U02
96-U02
100-U02