Resolution 09672CITY OF ALAMEDA RESOLUTION NO. 9672
AUTHORIZING A DEFERRED COMPENSATION PROGRAM FOR
CERTAIN UNREPRESENTED CITY EMPLOYEES
WHEREAS, the Council of the City of Alameda desires to
provide certain benefits for its employees as part of their com-
persation;
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY
OF ALAMEDA that said Council does hereby authorize and approve
entering into a Deferred Compensation Plan with those eligible
to participate as designated by the Council of the City of Alameda;
and,
BE IT FURTHER RESOLVED that 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,
said Council does hereby authorize and approve the purchase of
insurance and/or annuity contracts as issued by the Hartford Vari-
able Annuity Life Insurance Company in such amounts as may be
appropriate to provide plan benefits; and
BE IT FURTHER RESOLVED that it is the intention of said
Council that the payments made by the City 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 Alameda will be
the owner, beneficiary and have all rights under said insurance
or annuity contracts and such contracts shall be held as a general,
unpledged and unrestricted asset of the City; and
BE IT FURTHER RESOLVED that said Council hereby authorizes
the Assistant City Manager of the City of Alameda to act on its
behalf in respect to these insurance or annuity contracts and
to formulate rules and procedures for the purchase and administra-
tion of them.
the undersigned, hereby certify that the foregoing
Resolution was duly and regularly adopted and passed by the
Council of the City of Alameda in regular meeting assembled
on the 19th of January, 1982, by the following vote, to wit:
AYES: Councilmen Diament, Gorman, Sherratt, Stone, and
President Corica - 5.
NOES: None.
ABSENT: None.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed
the official seal of said City this 20th day of January, 1982.