Res 05-466
RESO LUTION NO. D 5 . J./4, (,
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF FEDERAL WAY,
WASHINGTON AUTHORIZING THE ESTABLISHMENT OF A STATE OF
WASHINGTON EMPLOYEE'S DEFERRED COMPENSATION PLAN.
WHEREAS, the City of Federal Way was fanned in accordance with RCW 35.02
on February 28, 1990; and
WHEREAS, the Department of Retirement Systems Deferred Compensation
Program, in accordance with RCW 4150 770, administers the deferred compensation
plan for the employees of the State of Washington as outlined in WAC Chapter 415-501; ,
and
WHEREAS, RCW 41.50.770 penuits Counties, Municipalities and other political
subdivisions to participate in the State of Washington Employee's Deferred
Compensation Plan; and
WHEREAS, the City of Federal Way has reviewed the State plan and agrees to
accept all terms and conditions of the State plan as established and hereafter amended;
and
WHEREAS, the City of Federal Way understands and agrees that all monies
defen-ed by its employees are held in trust by the Washington State Investment Board for
the exclusive benefit of program participants and eligible beneficiaries;
NOW THEREFORE, THE CITY OF FEDERAL WAY HEREBY RESOL YES
AS FOLLOWS:
Section 1. Request to Participate. The City of Federal Way requests
approval by the Department of Retirement Systems, Deferred Compensation Program to
participate in the aforementioned deferred compensation plan for the employees of the
Res. #~, Page 1
City of Federal Way, subject to the fequifements ofRCW 41.50.770 and WAC Chapter
415-501.
Section 2. Sevefability. If any section, sentence, clause Of phrase of this
resolution should be held to be invalid or uneonstitutiona1 by a court of competent
jurisdiction, such invalidity or unconstitutionality shall not affect the validity Of
constitutionality of any other section, sentence, clause or phrase ofthis resolution.
Section 3. Ratification. Any act consistent with the authority and prior to
the effective date of the resolution is hefeby ratified and affirmed.
Section 4. Effective Date. This resolution shall be effective immediately
upon passage by the Federal Way City Council.
RESOL VED BY THE CITY COUNCIL OF THE CITY OF FEDERAL
WAY, WASHINGTON, thisJ01~.dayof IJu.fl~ ,20~
-
HAWAY,CMC
APPROVED AS TO FORM:
'/~. tP, ?:c4~~_~
CITY ATTORNEY, PATRICIAA. RICHARDSON
~-
Filed
Passed D
Resolutio # 0,) -tll.,k
K: resolution/deferred camp
Res. # ~_, Page 2