HomeMy WebLinkAboutRes 0569 - Deferred Compensation Plan (DCP)ATTEST:
CITY OF
WHEREAS, the City Council of the City of Tukwila desires to permit the
employees of the City to participate in a deferred compensation program, and;
WHEREAS, the City Council desires to permit the employees to defer a
portion of their income to a Deferred Compensation Plan as offered by the
Hartford Variable Annuity Life Insurance Company with those eligible to
participate,
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF TUKWILA, WASHINGTON,
DO RESOLVE AS FOLLOWS:
Section 1. It is the intention of the City Council that income deferred
under such a compensation program shall continue to be included as regular
compensation for the purposes of computing retirement and pension benefits
earned by the participating employee, but said sum so deducted shall not be
included in computation of any taxes withheld on behalf of the employee, and;
Section 2. The Mayor of the City of Tukwila is hereby authorized to act
on its behalf in respect to the formulation of rules and procedures of
participation and the coordination and administration of the plan with the
Hartford Variable Annuity Life Insurance Company.
PASSED BY THE CITY COUNCIL OF THE CITY OF TUKWILA, WASHINGTON, at a
regular meeting thereof this 7th day of March 1977.
City Clerk
WASHINGTON
Resolution No 569
A RESOLUTION AUTHORIZING THE MAYOR TO EXECUTE
A DEFERRED COMPENSATION PLAN FOR THE EMPLOYEES
OF THE CITY OF TUKWILA.
Edgar D. Bauch Mayor
Maxine Anderson City Clerk