HomeMy WebLinkAbout5773_CCv0001.pdf RESOLUTION NO. 5773
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDLANDS ADOPTING
A DEFERRED COMPENSATION AMENDED AND RESTATED PLAN AND
TRUST/CUSTODIAL DOCUMENT
WHEREAS, the City of Redlands (hereinafter "Employer") has employees currently participating in a
Section 457 Deferred Compensation Retirement Savings flan administered by Washington
Mutual Bank/FundSelect Advisers, Inc. and the Lincoln National Life Insurance Co.; and
WHEREAS, the Employer wishes to adopt the Amended and Restated Plan and Trust/Custodial
Document which includes those statutory revisions made to Internal Revenue Code section
457 by the Small Business Job Protection Act of 1996 and the Taxpayer Relief Act of 1997;
and
WHEREAS, Washington Mutual Bank/FundSelect Advisers,Inc.and Lincoln National Life Insurance Co.
are able to administer the deferred compensation plan for Employer in accordance with the
terms of their respective agreements.
NOW,THEREFORE,BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF REDLANDS AS
FOLLOWS:
Section 1. The Employer hereby adopts the Amended and Restated Plan and Trust/Custodial
Document.
Section 2. The assets of the Plan shall be held in a Trust/Custodial Fund,with the Employer and its
designated officer,the current elected City Treasurer,appointed as and serving as Trustee/Custodian,for the
exclusive benefit of the Plan participants and their beneficiaries, and the assets shall not be diverted for any
other purpose. The Employer's beneficial ownership of Plan assets held in Washington Mutual Bank and/or
the Lincoln National Life Insurance Company shall be held for the further exclusive benefit of the Plan
participants and the beneficiaries.
Section 3. The Employer and its designated officer, the City Treasurer, are hereby authorized to
execute all necessary agreements with Washington Mutual Bank/FundSelect Advisers, Inc. and and/or the
Lincoln National Life Insurance Company incidental to the administration of the Plan,and shall do all things
necessary and proper to implement this Resolution. The Amended and Restated Plan and Trust/Custodial
Document adopted by Employer hereby supersedes and replaces any prior plan and is hereby approved.
ADOPTED, SIGNED AND APPROVED this 20th day of June, 2000.
Mayor of the City of Redlands
ATTEST:
Lo le Poyzer, 6tWerk