HomeMy WebLinkAboutRES 2019-30RESOLUTION NO. 2019- 30
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF DIAMOND BAR
ADOPTING A SECTION 457 PART—TIME, TEMPORARY, AND SEASONAL
(PTS) DEFERRED COMPENSATION PLAN
WHEREAS, City of Diamond Bar part-time, temporary, and seasonal
(PTS) employees render valuable services; and
WHEREAS, the establishment of a PTS deferred compensation plan for
such employees serves the interests of the Employer by enabling it to provide
reasonable retirement security for its employees, by providing increased flexibility
in its personnel management system, and by assisting in the attraction and
retention of competent personnel; and
WHEREAS, the Employer has previously executed the Declaration of
Trust of VantageTrust, intending this execution to be operative with respect to
any retirement or deferred compensation plan subsequently established, if the
assets of the plan are to be invested in the VantageTrust;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Diamond Bar as follows:
Section 1. the City Council of the City of Diamond Bar, does hereby
adopt the 457 Part -Time, Temporary, and Seasonal. (PTS) Deferred
Compensation Plan in the form of the Administrative Services Agreement Between
ICMA Retirement Corporation and City of Diamond Bar attached hereto as Exhibit
«A"
Section 2. the City Manager is authorized to execute the Administrative
Services Agreement Between ICMA Retirement Corporation and City of Diamond
Bar and all associated plan implementation documents.
PASSED, APPROVED AND ADOPTED this 16th day of July, 2019.
6"11(/1
Carol Herrera, Mayor
2019-30
I, Tommye Cribbins, City Clerk of the City of Diamond Bar, do hereby
certify that the foregoing Resolution was passed, approved and adopted at a
regular meeting of the City Council of the City of Diamond Bar held on the 16th
day of July, 2019, by the following vote:
AYES: COUNCIL MEMBERS: Chou, Low, Lyons, MPT/Tye,
M/Herrera
NOES: COUNCIL MEMBERS: None
ABSENT: COUNCIL MEMBERS: None
ABSTAINED: COUNCIL MEMBERS: None
2
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Tommy
Cribbins, City Clerk
2019--30