HomeMy WebLinkAbout3000_CCv0001.pdf RESOTNTION NO. 3000
A RESOLUTION OF THE CITY COU CIL OF THE CITY OF
REDLA'`DS AUTHORIZING ND APPROVING A PLAN OF DEFERRED
COMPENSATION``sTION FOR ELIGIBLE a FF MEMBERS BY PURCHASE OF
RETIREMENT ANNUITY CONTR CTS
WHPREA0, the City Council of the City of Redlands desires
to provide retirement benefits for pertain of its staff members
as portions of their compensations , said Council does hereby
authorize and approve the said Council to enter into a plan of
deferred compensation with eligible staff members, and
WHEREAS , in order to accumulate the appropriate funds
to pay participating staff members benefits in accordance with
the deferred compensation plan, the Council hereby, authorizes
and approves the purchase of retirement annuity contracts as
issued by Aetna Variable Annuity wife insurance Company in such
amounts as may be appropriate to provide plan benefits, and
WBE:REA , the Council of the City of Redlands will own and
have all rights under the said annuity contracts and such contracts
will not be held in any way as collateral security for the ful-
filling of the obligations of the City Council of the City of
Redlands ; but shall, be held as a general, unpledged and unrestricted
asset,
110q, KIEREFORE, BE IT RESOLVED by the City `council of
the City of Redlands that the City Manager of the City of Redlands
is authorized to act or its behalf in respect to these annuity
contracts and to formulate rules and procedures for the purchase
and administration of them:.
ADOPTED, SIGNED AND APPROVED, this _ 21st day of November
1972 . - '
ATTEST:
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Cl ; r f
SKY
_� ,;or of the Citi' of Redlands
PPR DIED OR FORM:
City Atto :ne'�