HomeMy WebLinkAboutReg 2003-03-03 Item 5B - Resolution - Hartford Deferred Compensation Plan (DCP)I CAS Number: 03-023 1 Agenda Item Title:
Original Sponsor:
Timeline:
Sponsor's Summary:
Recommendations:
Sponsor:
Committee:
Administration:
Cost Impact (if mown):
Fund Source Of known):
3 oa3
Meeting Date
2/24/03 n; ern coo
approval.
Meeting Date Prepared by
2/24/03 ARD
e'/3 /o3
COUNCIL AGENDA SYNOPSIS
Original Agenda Date: 2/24/03
Resolution adopting Hartford Deferred Compensation Plan documents.
Council Admin. X
Approve at March 3, 2003 Regular Meeting
Update of all Plan document changes. See attached Staff Report.
Approve as submitted
Finance Safety Move forward January 18, 2003 Meeting.
Same as Sponsor
N/A
N/A
Action
at row! forwarded to 3/3/03 Req. Mtg. for final
Meeting Date 1
2/24/03 I Proposed Resolution
2/24/03 I Staff Report dated February 12, 2003
2/24/03 I Finance Safety February 18 1003 minutes
Initials
1 Mayor's review 1 Council review
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ten
I I
1
Attachments
It I
2/24/03 I NOTE: Copies of the Plan documents are under separate cover.
ITEM NO.
Stb
3/3/03 'Resolution in final form (copies of Plan distributed at 2/24/03 nitg)
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF TUKWILA,
WASHINGTON, TO ADOPT THE AMENDED PLAN DOCUMENT FOR
THE CITY OF TUKWILA DEFERRED COMPENSATION PLAN; AND
ACKNOWLEDGING THE AMENDED GROUP ANNUITY CONTRACT
AND THE SIGNING OF A NEW ADMINISTRATIVE AGREEMENT WITH
THE HARTFORD LIFE INSURANCE COMPANY.
WHEREAS, the City established the City of Tukwila Deferred Compensation Plan
(hereinafter "Plan") per Resolution 569 on March 7, 1977; and
WHEREAS, the City is authorized to sign a new contract with Hartford Life
Insurance Company per Resolution 1412 signed on December 7,1998; and
WHEREAS, the City desires to amend the Plan and related documents to conform
with changes in the federal law brought about by the Economic and Tax Relief
Reconciliation Act of 2001 "EGTRRA and to conform with the technical corrections
to EGTRRA contained in the Job Creation and Worker Assistance Act of 2002; and
WHEREAS, the City desires to amend the Plan to conform with the final and
temporary Treasury regulations ender s401(a)(9) of the Internal Revenue Code as
published in the Federal Register on April 17, 2002, 74 FR 18987; and
WHEREAS, the City received an amended Group Annuity Contract from Hartford
Life Insurance Company containing enhancements and lower fees;
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF TUKWILA,
WASHINGTON, HEREBY RESOLVES AS FOLLOWS:
Section 1. The attached amended City of Tukwila Deferred Compensation Plan is
hereby adopted, effective as indicated within the Plan Document.
Section 2. The City accepts the amended Group Annuity Contract issued by
Hartford Life Insurance Company, which offers more fund options, enhanced features,
reduced fees, and is in compliance with EGTRRA requirements.
Section 3. The City of Tukwila has signed a new Administrative Services Agreement
with Hartford Life Insurance Company as required by EGTRRA and authorized by
Resolution 1412.
PASSED BY THE CI1Y COUNCIL OF THE CITY OF TUKWILA, WASHINGTON,
at a Regular Meeting thereof this day of 2003.
ATTEST AUTHENTICATED:
Jane E. Cantu, CMC, City Clerk
APPROVED AS TO FORM BY:
Office of the City Attorney
City of Tukwila
Washington
Resolution No.
Filed with the City Clerk
Passed by the City Council:
Resolution Number.
Pam Carter, Council President