Resolution 1998-62
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RESOLUTION NO. 98-62
RESOLUTION OF THE COUNCIL OF THE CITY OF GILROY
ADOPTING A DEFERRED COMPENSATION PLAN AND
TRUST/CUSTODIAL DOCUMENT
WHEREAS, the City of Gilroy (hereinafter "Employer") has employees currently
participating in a 457 deferred compensation retirement savings plan administered by Washington
Mutual Bank FA, California Public Employees' Retirement System 457 Plan, International City
Managers Association 457 Plan and Franklin/Templeton Mutual Funds Business Retirement Plan;
and
WHEREAS, the Employer wishes to adopt this Plan and Trust/Custodial Document which
includes those statutory revisions made to IRC Section 457 by the Small Business Job Protection
Act of 1996; and
WHEREAS, Washington Mutual Bank FA, PERS 457 Plan, ICMA 457 Plan and Franklin/
Templeton Mutual Funds Business Retirement Plan are able to administer the deferred
compensation plan for the City of Gilroy in accordance with the terms of their respective
agreements.
NOW, THEREFORE, BE IT RESOLVED that
1. The Employer hereby establishes the deferred compensation plan and adopts the 457
Plan and Trust/Custodial Document.
2. The assets ofthe Plan shall be held in a Trust/Custodial Fund, with the Employer or its
designated officer appointed as and serving as trust/custodian, for the exclusive benefit
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RESOLUTION NO. 98-62
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of the Plan participants and their beneficiaries, and the assets shall not be diverted for any other
purpose. The Employer's beneficial ownership of Plan assets held in Washington Mutual Bank
F A shall be held for the further exclusive benefit of the Plan participants and the beneficiaries.
3. The Employer or its designated officer is hereby authorized to execute all necessary
agreements with the various Plans incidental to the administration of the Plan, and shall do all
things necessary and proper to implement this Resolution,
This Amended and Restated Plan and Trust/Custodial Document adopted by Employer
hereby supersedes and replaces any prior Plan and is hereby approved by Resolution of the City
Council.
PASSED AND ADOPTED this 16th day of November, 1998 by the following vote:
AYES:
COUNCILMEMBERS: ARELLANO, GIFFORD, MORALES,
ROWLISON, SPRINGER, SUDOL, GILROY
NOES:
COUNCILMEMBERS: NONE
ABSENT:
COUNCILMEMBERS: NONE
ATTEST:
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Rhonda Pellin, City Clerk
K. A. Mike Gilroy, Mayor
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RESOLUTION NO. 98-62
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I, RHONDA PELLIN, City Clerk of the City of Gilroy, do hereby certify that the attached
Resolution No. 98-62 is an original resolution, duly adopted by the Council of the City of Gilroy
at a regular meeting of said Council held on the 16th day of November, 1998, at which meeting a
quorum was present.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the Official Seal of
the City of Gilroy this 24th day of November, 1998.
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City Clerk of the City of Gilroy
(Seal)