HomeMy WebLinkAboutReso 2004-372
RESOLUTION NO. 2004-372
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CHULA VISTA APPROVING AN AMENDMENT TO THE
DEFERRED COMPENSATION PLAN AGREEMENT WITH
ICMA RETIREMENT CORPORATION
WHEREAS, in 1986 ICMA Retirement Corporation was added as a second plan
administrator for maximum flexibility for employees; and
WHEREAS, the contract with ICMA Retirement Corporation was established with an
initial term of five-years with an automatic renewal for each succeeding year unless there is a
60-day written notice provided by either party; and
WHEREAS, this proposed amendment would establish a five-year fixed term agreement
with automatic renewals to two succeeding years. In exchange, the Plan Administration Fee
would be reduced to 0%; and
WHEREAS, the City has been satisfied with ICMA Retirement Corporation's
performance in the past, staff is comfortable with establishing another five-year fixed term
agreement.
NOW, THEREFORE, BE IT RESOLVED the City Council of the City of Chula Vista
does hereby approve the amendment to the Deferred Compensation Plan Agreement with ICMA
Retirement Corporation.
BE IT FURTHER RESOLVED that Director of Finance of the City of Chula Vista is
hereby authorized and directed to execute said agreement on behalf of the City.
Presented by
Approved as to form by
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Arm Moore '
City Attorney
Resolution 2004-372
Page 2
PASSED, APPROVED, and ADOPTED by the City Council of the City ofChula Vista,
California, this 23rd day of November, 2004, by the following vote:
AYES:
Councilmembers:
Davis, Rindone, Salas and Padilla
NAYS:
Councilmembers:
None
ABSENT:
Councilmembers:
McCann
ATTEST:
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Susan Bigelow, MMC, City ClerK
STATE OF CALIFORNIA )
COUNTY OF SAN DIEGO )
CITY OF CHULA VISTA)
I, Susan Bigelow, City Clerk of Chula Vista, California, do hereby certify that the foregoing
Resolution No. 2004-372 was duly passed, approved, and adopted by the City Council at a
regular meeting of the Chula Vista City Council held on the 23rd day of November, 2004.
Executed this 23rd day of November, 2004.
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Susan Bigelow, MMC, City Cle
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