HomeMy WebLinkAboutResolution No. 97-C135• RESOLUTION 97-C135•
A RESOLUTION APPROVING ADOPTION
OF THE CALIFORNIA PUBLIC EMPLOYEES'
DEFERRED COMPENSATION PLAN
WHEREAS, The City of Azusa desires to establish an additional deferred compensation
for the benefit of its employees; and
WHEREAS, the Board of Administration (the "Board") of the California Public Employees'
Retirement System ("PERS") has established the California Public Employees Deferred
Compensation Plan (the "PERS" Plan) which may be adopted by a governmental employer the
employees of which are members of PERS, and
WHEREAS, The City of Azusa believes that the PERS Plan and the investment options
available thereunder will provide valuable benefits to its employees; and
WHEREAS, the Board has appointed State Street Bank and Trust Company and State
Street Bank and Trust Company of California, N.A. (collectively, "State Street") to perform
administrative services under the PERS Plan and to act as the Board's agent in all matters relating
to the administration of the PERS Plan;
NOW, THEREFORE, BE IT RESOLVED that the City of Azusa adopts the attached
California Public Employees' Deferred Compensation Plan (Exhibit A) for the benefit of its
employees and authorizes and directs the Mayor to execute the attached adoption agreement on
behalf of the City of Azusa to provide State Street with the specific terms and conditions of the City
of Azusa's participation in the PERS Plan, and to provide State Street with such information and
cooperation as may be needed on an ongoing basis in the administration of the PERS Plan. A copy
of this resolution, the agreement, and any attachments thereto shall be on file in the office of the City
Clerk's Office.
Day of September, 1997.
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 15" Day of September, 1997, by the
following vote of the Council:
AYES: COUNCIL MEMBERS: HARDISON, STANFORD, ROCHA, BEEBE, MADRID
NOES: COUNCIL MEMBERS: NONE
ABSENT: COUNCIL MEMBERS: NONE
I CLERK