Res 97-241
RESOLUTION NO.
97-241
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
FEDERAL WAY, WASHINGTON, AMENDING THE CITY'S
DEFERRED COMPENSATION PLAN (AMENDS NO.90-28) .
NAME OF EMPLOYER: CITY OF FEDERAL WAY, WASHINGTON
EMPLOYER PLAN NUMBER: 3350
WHEREAS, the City of Federal Way (~City") has employees
rendering valuable services; and
WHEREAS,
the City Council has established a deferred
compensation plan for such employees pursuant to Resolution No. 90-
28 that serves the interest of the City by enabling it to provide
reasonable retirement security for its employees, by providing
increased flexibility in its personnel management system, and by
assisting in the attraction and retention of competent personnel;
and
WHEREAS, the City has determined that the continuance of
the deferred compensation plan will serve these objectives; and
WHEREAS, amendments to the Internal Revenue Code have
been enacted that require changes to the structure of and allow
enhancements of the benefits of the deferred compensation plan;
NOW THEREFORE, THE CITY COUNCIL OF THE CITY OF FEDERAL
WAY HEREBY RESOLVES AS FOLLOWS:
Res. # 97-241, Page 1
Section 1
Plan Form.
The City hereby amends and
restates the deferred compensation plan (the "Plan") in the form of
the ICMA Retirement Corporation Deferred Compensation Plan and
Trust, a copy of which is attached hereto and incorporated herein
by this reference.
Section 2.
Plan Assets.
The assets of the Plan shall be
held in trust, with the City serving as trustee, for the exclusive
benefit of the Plan participants and their beneficiaries, and the
assets shall not be diverted to any other purpose.
The Trustee's
beneficial ownership of Plan assets held in the ICMA Retirement
Trust shall be held for the further exclusive benefit of the Plan
participants and their beneficiaries.
Section 3
Plan Loans.
The Plan will not permit loans.
Section 4
Plan Trustee.
The City hereby agrees to
serve as Trustee under the Plan.
Section 5.
Severability.
If any section,
sentence,
clause or phrase of this resolution should be held to be invalid or
unconstitutional
by
a
court
of
competent
jurisdiction,
such
invalidity or unconstitutionality shall not affect the validity or
constitutionality of any other section, sentence, clause or phrase
of this resolution.
Section 6.
Ratification.
Any act consistent with the
authority and prior to the effective date of the resolution is
hereby ratified and affirmed.
Res. # 97-241. Page 2
Section 7.
Effective Date.
This resolution shall be
effective immediately upon passage by the Federal Way City Council.
RESOLVED BY THE CITY COUNCIL OF THE CITY OF FEDERAL WAY,
WASHINGTON, this
4th
day of
February
, 1997.
CITY OF FEDERAL WAY
. /~~~C;~
~OR, MARLON S. PRIEST
,,;ATTEST'
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. .. . ~<-("~,---f\ý:jU--<--¡ ---------
C TY CLERK, N. CHRISTINE GREEN, CMC
APPROVED AS TO FORM:
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j ¡y-- C ITY'li¡iM,,!' Y , LaND I K . LINDELL
FILED WITH THE CITY CLERK: 01-28-97
PASSED BY THE CITY COUNCIL: 02-04-97
RESOLUTION NO. 97-241
K, \RESO\DEFERREO. eMP
1/14/97
Res. #~, Page 3