R-9281
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Resolut1on # 9281 (ees)
(CITY COUNCIL SERIES)
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA MONICA
AUTHORIZING THE CITY OF SANTA MONICA TO ADOPT AND IMPLEMENT A
DEFINED CONTRIBUTION PENSION PLAN PURSUANT TO SECTION 401 (a) OF
THE INTERNAL REVENUE CODE OF 1986
WHEREAS, the City of Santa MOnica has employees rendenng valuable servIces,
and
WHEREAS, the CIty of Santa MonIca desIres to establish a pensIon plan pursuant
to the provIsIons of Section 401 (a) of the Internal Revenue Code of 1986, as amended,
and
WHEREAS, the City of Santa MOnica Intends to proVide reasonable retirement
secunty for Its employees, and
WHEREAS, the Public Employees Benefit Services Corporation (PEBSCO) has
been selected to proVide record keeping and administratIve services for the pension plan,
NOW, THEREFORE, BE IT RESOLVED that the City of Santa MOnica appoints
Public Employees Benefit Services Corporation (PEBSCO) to proVide record keeping,
employee education and other technical and administrative servIces relating to the plan,
and
BE IT FURTHER RESOLVED that the City of Santa MOnica hereby authorizes and
directs the City Manager to perform all acts and sign all documents necessary to put said
plan Into operation, and
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BE IT FURTHER RESOLVED that the DIrector of Personnel and Director of Fmance
are hereby apPointed as Trustee(s) and upon acceptance, by executing the Adoption
Agreement of said plan, shall receive the necessary reports, notices, etc from Public
Employees Benefit Services Corporation (PEBSCO) and Nationwide life Insurance
Company
APPROVED AS TO FORM
fkJ~ilILl0
MARSHA J~ES MOUTRfE
City Attorney
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Adopted and approved thIs 23rd of June, 1998
4~
Robert Holbrook, Mayor
I. Mana M Stewart, CIty Clerk of the City of Santa MOnica, do hereby certify that
the foregOing Resolution 9281 (CCS) was duly adopted at a meeting of the Santa
MOnica City Council held on the 23rd of June, 1998 by the follOWing vote
Ayes Councllmembers
Ebner, Feinstein, Genser, Greenberg, Holbrook,
O'Connor, Rosenstein
Noes Councllmembers
None
Abstain Councllmembers
None
Absent Councllmembers
None
ATTEST
/5LZtJ/~
I /' V
Beth Sanchez, ASSistant City Clerk