R-8335
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City Council Meeting 12-17-91
Santa Monica, California
RESOLUTION NO.
8333
(CCS)
CITY COUNCIL SERIES
A RESOLUTION OF THE CITY COUNCIL OF
THE CITY OF SANTA MONICA ADOPTING
"THE CITY OF SANTA MONICA AS NEEDED
RETIREMENT PLAN" (EFFECTIVE JANUARY 1, 1992)
WHEREAS, the City is desirous of establishing a Retirement
Plan for the benefit of certain employees who are not members of
another qualified retirement system as defined in Internal
Revenue Code section 3121(b) (7) (F) and regulations thereunder:
WHEREAS, the Retirement Plan will be established to comply
wi th Treasury Regulations
31.3121(b) (7)-2
as a qualified
retlrement system;
WHEREAS, the Retirement Plan shall provide an annual normal
retirement benefit to eligible employees of the City equal to 2%
of their total W-2 earnings with the city for covered service up
to 30 years (or the lump sum actuarial equivalents upon
termination of employment);
NOW THEREFORE, THE CITY COUNCIL OF THE CITY OF SANTA MONICA
DOES RESOLVE AS FOLLOWS:
SECTION 1.
"The City of Santa Monica As Needed Employees
Retirement Plan" (the "Plan") shall be adopted, to become
effective as of January 1, 1992.
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SECTION 2. The appropriate officers of the city are hereby
authorized and dlrected to execute such documents and to perform
such acts (including adoption of amendments required by the
Internal Revenue Servlce as a precondition to the issuance of a
favorable Private Letter Ruling with respect to the Plan), as
they,
in their judgment,
deem necessary or desirable to
effectuate the intent of this resolution, the implementation of
the Plan, and to secure from the Internal Revenue Service a
Private Letter Ruling to the effect that lithe Plan" constitutes
an eligible deferred compensation plan under section 457 of the
Internal Revenue Code of 1986, as amended.
SECTION 3.
The Cl ty Clerk shall certify the adoption of
this Resolution an thenceforth and thereafter the same shall be
in full force and effect.
APPROVED AS TO FORM:
ROBERT M. MYERS
City Attorney
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Adopted and approved this 17th day of December, 1991.
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I hereby certify that the foregoing Resolution No. 8335(CCS)
was duly adopted by the Clty Council of the city of Santa Monica
at a meeting thereof held on December 17, 1991 by the following
council vote:
Ayes: Council:members: Abdo, Holbrook, Katz, Olsen,
Vazques, Zane, Genser
Noes: Councilmembers: None
Abstain: Councilmembers: None
Absent: Counc1.1members: None
ATI'EST:
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