HomeMy WebLinkAboutReso 153-1998 RESOLUTION NO. 153-98
CITY COUNCIL, CITY OF SOUTH SAN FRANCISCO, STATE OF CALIFORNIA
A RESOLUTION APPROVING THE DEFERRED COMPENSATION
PLAN DOCUMENT
WHEREAS, the Deferred Compensation Plan Document includes all of the City of South San
Francisco's 457 deferred compensation plans; and
WHEREAS, the Plan Document requires, as outlined in the law, that all assets be held in trust for
the exclusive benefit of participants and their beneficiaries; and
WHEREAS, legislation specifically requires the City to establish a trust to sequester the
employees' 457 assets which could previously be used to pay creditors, thereby protecting the money
contributed by employees.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of South San Francisco
that it hereby approves the Deferred Compensation Plan Document.
I hereby certify that the foregoing Resolution was regularly introduced and adopted by the City
Council of the City of South San Francisco at a
Dec., 1998 by the following vote:
AYES: Councilmembers Joseph A.
Mullin, John R. Penna and
NOES: None
ABSTAIN: Non~
ABSENT: None
ATTEST:
regul ar meeting held on the 9th day of__
Fernekes, Karyl Matsumoto, Eugene R.
Mayor James L. Datzman
C:\My Documents\RESO\deferredcomp.res.doc