HomeMy WebLinkAboutResolution No. 97-C089RESOLUTION NO.
97—C89
E
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF AZUSA
AUTHORIZING THE AMENDMENTS TO THE GREAT WESTERN BANK
AND LINCOLN NATIONAL LIFE INSURANCE COMPANY DEFERRED
COMPENSATION PLAN DOCUMENTS AND APPOINTING THE CITY
COUNCIL AS "TRUSTEE/CUSTODIAN"
WHEREAS, the Great Western Bank recently appointed FundSelect Advisers, Inc.
as administrators of its plan with the City; and
WHEREAS, FundSelect Advisers, Inc. have submitted an Amendment to the Plan
Document with Great Western Bank; and
WHEREAS, Lincoln National Life Insurance Company have submitted a sample of
the amended Plan Document; and
WHEREAS, these amendments to the Plan include (a) Trust/Custodial language to
protect the assets of the plan from claims of the employer's general creditors; (b) the revised
"De minimis" distribution provisions, permitting a one-time in service distribution for
accounts of $3,500 or less, if there has been no "activity" in the account for at least two (2)
years; (c) a one-time change to the previously irrevocable Benefit Commencement Date to
a later date; and (d) indexation of the $7,500 deferral limit, based upon Consumer Price
Index (CPI) adjustment; and
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF AZUSA
DOES HEREBY RESOLVE AS FOLLOWS:
That the Amendment to the Great Western Bank Deferred Compensation Plan
Document be approved.
2. That the Amendment to the Lincoln National Life Insurance Company Plan Document
be approved.
That the Mayor be authorized to sign the Amendment.
That the City Council be appointed as Trustee/Custodian of the Plans with statutory
authority to operate the plans.
PASSED, APPROVED AND ADOPTED this 8th day of July, 1997.
I HEREBY CERTIFY that the foregoing resolution was duly adopted by the City
Council of the City of Azusa at a regular meeting thereof on the 8th day of July, 1997,
by the following vote of Council Members:
AYES COUNCILMEMBERS: Hardison, Stanford,Rocha,Beebe, Madrid
NOES COUNCIL MEMBERSNone
ABSENT COUNCIL MEMBERSN6ne