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CITY COUNCIL OF THE CITY OF PLEASANTON <br /> <br /> ALAMEDA COUNTY, CALIFORNIA <br /> <br /> RESOLUTION NO. 98-157 <br /> <br /> RESOLUTION OF CONSENT TO REVISIONS MADE TO <br /> EMPLOYEE DEFERRED COMPENSATION PLAN <br /> DOCUMENTS TO CONFORM TO NEW FEDERAL AND <br /> STATE REQUIREMENTS THAT PLAN ASSETS BE HELD <br /> IN TRUST <br /> <br />WHEREAS, the City offers an optional Deferred Compensation Program under Internal <br /> Revenue Code Section 457 to its employees through the International City <br /> Management Association (ICMA) Retirement Corporation and the Public <br /> Employees Retirement System (PERS); and <br /> <br />WHEREAS, the Small Business Job Protection Act of 1996 (SBJPA) contained changes to <br /> Section 457 requiring that trusts be established to ensure plan assets are protected <br /> and used exclusively for plan participants (employees) and their beneficiaries; and <br /> <br />WHEREAS, ICMA has amended its plan document as of November 1996 to conform to the <br /> SBJPA, establishing the City as the trustee and ICMA as the administrator; and <br /> <br />WHEREAS, the Public Employees Retirement System (PERS) has amended its plan document <br /> as of January 1998 to conform to the SBJPA, with PERS acting as the trustee. <br /> <br />NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF PLEASANTON RESOLVES <br />AS FOLLOWS: <br /> <br />Section 1: That the City consents to revisions made to the ICMA 457 Plan and Trust <br /> Document as of November 1996. <br /> <br />Section 2: That the City consents to revisions made to the PERS 457 Program Plan Document <br /> as of January 1, 1998. <br /> <br />Section 3: This resolution shall become effective immediately upon its passage and adoption. <br /> <br /> <br />