HomeMy WebLinkAboutRes 1412 - Amend (DCP) Deferred Compensation Plan with Hartford Life Insurance ILA, 1,
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City of Tulcwila
Washington
Resolution No. q1
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
TUKWILA, WASHINGTON, AMENDING THE DEFERRED
COMPENSATION CONTRACT WITH THE HARTFORD
LIFE INSURANCE COMPANY; AND REPEALING
RESOLUTION NO. 1026 WHICH CREATED THE 631
FUND TO COMPLY WITH INTERNAL REVENUE SERVICE
DEFERRED COMPENSATION RULE CHANGES.
WHEREAS, the Tukwila City Council finds it necessary to have a deferred compensation
plan which meets all Internal Revenue Service requirements; and
WHEREAS, the Deferred Compensation Plan must be such that "All assets and income are
held in trust for the exclusive benefit of participants and their beneficiaries;" and
WHEREAS, several additional options are available to participants;
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF TUKWILA,
WASHINGTON, HEREBY RESOLVES AS FOLLOWS:
Section 1. The City is authorized to sign a new contract with The Hartford Life Insurance
Company which reflects the most current Internal Revenue Service rules and guidelines.
Section 2. Resolution No. 1026 is hereby repealed. The Finance Director is authorized to
eliminate the Deferred Compensation Fund No. 631 which is no longer applicable.
PASSED BY THE CITY CDU CIL OF T CITY OF TUKWILA, WASHINGTON, at a
Regular Meeting thereof this I day of ,4i4J 1998.
•—Zt
Pamela Linder, Council President
ATTEST /AUTHENTICATED:
4 z-L.
J. re E. Cantu, City Clerk
APPROVED AS FORM:
By: r /".19;#L-. _,y_
Office of the City A y
Filed with the City Clerk: /02 /;3
Passed by the City Council: /4 /W/ 9'
Resolution Number /'/2
DEFCMP99.DOC 12/3/1998