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Resolution 13073CITY OF ALAMEDA RESOLUTION NO. 13073 ADOPTING A DEFERRED COMPENSATION PLAN AND TRUST /CUSTODIAL DOCUMENT ADMINISTERED BY ITT HARTFORD MANAGEMENT SERVICES FOR ENHANCEMENT OF BENEFITS TO CITY EMPLOYEES WHEREAS, Resolution No. 12015, adopted September 18, 1990 established a Deferred Compensation Plan for the City of Alameda; and WHEREAS, the City of Alameda (hereinafter "Employer ") has employees currently participating in a 457 deferred compensation retirement savings plan administered by I'F1' Hartford Asset Management Services; and WHEREAS, the Employer wishes to adopt the ITT Hartford Management Services Deferred Compensation Plan which includes those statutory revisions made to IRC Section 457 by the Small Business Job Protection Act of 1996; and WHEREAS, ITT Hartford Management Services Advisers are able to administer the deferred compensation plan for Employer in accordance with the terms in their respective agreements. NOW, THEREFORE, BE 11 RESOLVED by the City Council of the City of Alameda as follows: Section 1. The Employer hereby establishes the deferred compensation plan and adopts the 457 Plan and Trust/Custodial Document. Section 2. The assets of the 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 of the Plan participants and their beneficiaries, and the assets shall not be diverted for any other purpose. The Employer's beneficial ownership of the Plan assets held in Hartford Life Asset Management Services and shall be held for the further exclusive benefit of the Plan participants and the beneficiaries. Section 3. The Employer or its designated officer is hereby authorized to execute all necessary agreements with Hartford Life Asset Management Services incidental to the administration of the Plan, and shall do all things necessary and proper to implement this Resolution. BE IT FURTHER RESOLVED that this Amended and Restated Plan and Trust/Custodial Document adopted by the City of Alameda hereby supersedes and replaces any prior plan. I, 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 15th day of December , 1998, by the following vote to wit: AYES: Councilmembers Daysog, DeWitt, Johnson, Kerr and President Appezzato - 5. NOES: None. ABSENT: None. ABSTENTIONS: None.. IN WITNESS, WHEREOF, I have hereunto set my hand and affixed the official seal of said City this 16th day of December , 1998. Diane Felsch, City Clerk City of Alameda