HomeMy WebLinkAboutReso 95-2010RESOLUTION NO. 95-2010
CITY COUNCIL, CITY OF SOUTH SAN FRANCISCO, STATE OF CALIFORNIA
A RESOLUTION APPROVING THE ADDITION OF THE
VALIC RETIREMENT SERVICES COMPANY TO THE
CITY'S 457 DEFERRED COMPENSATION PLAN EFFECTIVE
AUGUST 1, 2010 AND AUTHORIZING THE HUMAN
RESOURCES DIlZECTOR OR HIS/HER DELEGATES TO ACT
ON BEHALF OF THE PLAN
WHEREAS, the City of South San Francisco established City of South San Francisco
Deferred Compensation Plan & Trust for the benefit of its employees and their beneficiaries; and
WHEREAS, the City is establishing or has establi:>hed a Custodial account to hold,
administer, and distribute amounts pursuant to the terms o:f the City of South San Francisco
Deferred Compensation Plan & Trust for which AIG Federal Savings Bank serves as Custodian;
and
WHEREAS, the City desires to authorize individuals holding certain positions with the
City to act on behalf of the Plan; and
NOW, THEREFORE, BE IT RESOLVED, that the fullest authority has been invested in
any individual (each an "Incumbent") holding a position iden~.ified below according to the title of
the position (each a "Designated Position") for the duration of the period (the "Incumbency
Period") in which such Incumbent holds the Designated Position; that each Incumbent is
empowered during his/her Incumbency Period to execute any documents that AIG Federal
Savings Bank requires relevant to the opening or maintaining of an account for the Plan; and that
each incumbent is empowered during his or her Incumbency Period to take any and all action
deemed by any Incumbent to be proper in connection with said account, including, but not
limited to, being empowered to give written or oral instructions to AIG Federal Savings Bank
with respect to account transactions.
BE IT FURTHER RESOLVED that the responsibility and authority to take whatever
actions and to execute whatever instruments that may be necessary or convenient for the day-to-
day transactions and plan operations is granted to the Hurnan Resources Director and his/her
delegates.
I hereby certify that the foregoing Resolution was regularly introduced and ado~ted by
the City Council of the City of South San Francisco at a regular meeting held on the 27t day of
October, 2010 by the following vote:
AYES: Councilmembers Pedro Gonzalez, Richard A. Garbarino, and Karyl Matsumoto,
Vice Mayor Kevin Mullin and Mayor Mark .Addie~o
NOES: None
ABSTAIN: None
ABSENT:
ATTEST: ~=
,~ it Clerk
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