HomeMy WebLinkAboutResolution 95-074 03/20/1995 2
Resolution No. s5-74 N.C.S.
of the Citv of Petaluma, California
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PETALUMA CEASING
PARTICIPATION IN THE HARTFORD INSURANCE COMPANY PST DEFERRED
COMPENSATION PLAN FOR NON PERS ELIGB3LE EMPLOYEES
WHEREAS, the City of Petaluma participates in the Hartford Insurance Company
PST Deferred Compensation Plan ("Plan"), a plan which meets the requirements of
Section 457 of the Internal Revenue Code, for the benefit of eligible employees; and ,
WHEREAS, the City of Petaluma has determined that it is in the best interests of
these employees; there beneficiaries and the City of Petaluma the City cease participation
in the Plan effective March 27, 1995; and
WHEREAS, the City of Petaluma has determined that an irrevocable grantor trust
shall be established to hold assets to provide the benefits such employees shall be entitled
to based on the provisions of the Plan for service prior to March 27, 1995;
NOW BE IT THEREFORE RESOLVED THAT:
1. Assets equal to the amount required to pay the benefits earned by
employees based upon their participation in the Plan for service priorto March 27, 1995
shall be transferred to anon-qualified grantor trust to be established, such trust to be
known as the PARS Benefit Trust FBO City of Petaluma Non-Qualified Alternative
Retirement Plan for Service Prior to March 27, 1995 ("Trust") and,
2. The city Manager or the designee of the City Manager is hereby appointed
Plan Administrator for the Trust; and
3. The Plan Administrator is hereby authorized to execute the Trust.
document; and
4. The Ptan Administrator is authorized to take whatever additional actions
are necessary to effectuate the intent of the resolution.
Under the power and authority conferred upon this Council by the Charter of said City.
REFERENCE: I hereby certffy the foregoing Resolution was introduced and. adopted by the Approved as to
Council of the City of Petaluma at a (Regular) Q~btttltdt~XQ@fi~~3rpl meeting , ~ form
on the ..20.t17 day oP-.......MaCCh.......-....................___.., 19.9.5.., by the-_ ~ ' -
\ \
following vote:
Ci Attorney
AYES: Shea, Maguire, Barlas, Stompe, Mayor Hilligoss
NOES: None
ABSENT: Hamilto e or Read
Y
ATTEST: - ~ - -
City Clerk Mayor
Council File
ca io.as ass. n~__...95.-74.._.... mcs.