City Council Resolution 1985-04,. ~ -
RESOLUTION 1985 #4
RESOLUTION ESTABLISHING A SECOND DEFERRED COMPENSATION PLAN
WHEREAS, the City of Monticello has employees rendering
valuable services, and
WHEREAS, the establishment of a deferred compensation plan
for such employees will serve the interests 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 establishment
of two deferred compensation plans would provide the opportunity
for the employees to make alternate selections, and
WHEREAS, pursuant to City Resolution 1985 #3, the City
has established one deferred compensation plan to be administered
by the ICMA Retirement Corporation, and
WHEREAS, the City has determined that the establishment
of a second deferred compensation plan as offered by Safeco
Life Insurance Company will also serve the above objectives,
and
WHEREAS, the City desires that the investment of funds
held under its deferred compensation plan be administered by
Safeco Life Insurance Company for the purpose of representing
the interests of the City and its employees with respect to
the collective investment of funds held under their deferred
compensation plans:
NOW, THEREFORE, BE IT RESOLVED THAT THE CITY OF MONTICELLO
adopts the deferred compensation plan, attached hereto as Appendix A,
and appoints Safeco Life Insurance Company to serve as the investor
of funds; and
BE IT FURTHER RESOLVED THAT the City Administrator shall
be the coordinator for this program and shall receive necessary
reports, notices, etc., from the Safeco Life Insurance Company,
and shall submit all necessary and required forms as required
under appropriate law. Administrative duties to carry out the
execution of the plan may be assigned to appropriate departments.
Resolution 1985 #4
Page 2
Adopted this 11th day of March, 1985.
~- ~_~---
Arve A. Grimsmo, Mayor
~~
Thomas A. Eidem
City Administrator
® SAFECO LIFE INSURANCE COMPANY
SAFECO PLAZA
SEATTLE, WASHINGTON 98185
SAFECO ~ ~ q~~;~^
QUALIFIED PENSION ANNUITY -SERIES III
Deposit Administration Group Annuity
APPLICATION is made to SAFECO Life Insurance Company, Seattle, Washington for a qualified Pension Annuity contract
providing annuities for the emp~,lo~ylees of I I f
I T~_ O ~ \' _I_o /l ~F-~I C~e t h
Address
Employers IRS Identification Number
City
State ZIP Code
Deposit of S is herewith made as first deposit under this contract.
(minimum S500)
is this a Tax Sheltered Annuity Plan under Section 403(b- of Internal Revenue Code of 1954, as amended? ^Yes ^No
Is this an Eligible Deferred Compensation plan under Section 457 of the Internal Revenue Code of 1954, as amended? ~ Yes ^ No
Acceptance of the contract by the Contractholder when it is issued shall constitute approval of the provisions of said
contract as being in accord with this application.
Signed at
Print Producer's Name
Agent/Producer Signature
Agency Stat. No.
this
day of
19
.-~ _ ' _~_- ~__ ~1
-T- -
Applicant
Billings directed to:
Name
Address, if different than above
Telephone number
LPC 27 5/a0 SERIES III