HomeMy WebLinkAboutResolution 27-81 ' RESOLUTION NO. 27-81
RESOLUTION AUTHORIZING ENTERING INTO A
DEFERRED COMPENSATION PLAN ISSUED BY
HARTFORD VARIABLE ANNUITY LIFE INSURANCE COMPANY
WHEREAS, the Atascadero City Council desires to provide certain
benefits for its employees or independent contractors as part of their
' compensation, said Council does hereby authorize and approve entering
into a Deferred Compensation Plan with those eligible to participate
as designated by the City of Atascadero; and
WHEREAS, In order to accumulate the appropriate funds to meet the
City's obligation to pay benefits to Participants in accordance with
the Deferred Compensation Plan , the Council does hereby authorize and
approve the purchase of insurance and/or annuity contracts as issued
by the Hartford Variable Annuity Life Insurance Company in such
amounts as may be appropriate to provide plan benefits.
NOW, THEREFORE , BE IT RESOLVED that it is the intention of the
said Council that the payments made by the City of Atascadero for such
' insurance and/or annuity contracts will not currently be considered as
income paid to the employees concerned; and
BE IT FURTHER RESOLVED that the City of Atascaderowillbe the
owner , beneficiary and have all rights under the said insurance or
annuity contract and such contract shall be held as a general, un-
pledged, and unrestricted asset of the City; and
1 BE IT FURTHER RESOLVED that the Council hereby authorizes the City
Manager of the City of Atascadero to act on its behalf in respect to
' these insurance or annuity contracts and to formulate rules and proce-
dures for the purchase and administration of them.
On motion by Councilman Mackey and seconded by Councilman
' Nelson , the foregoing resolution is hereby adopted - in its
entirety on the following roll call vote:
' AYES: Councilmen Highland, Mackey, Nelson, Stover and Mayor
Wilkins
NOES: None
' ABSENT: None
ADOPTED: September 28, 1981
ROB RT J. WILK NS , JR . , M yor
' ATTEST: APPROVED AS TO FORM:
Nug AY L WARDEN, City Clerk ALLEN GRIMES, City Attorney