Resolution 03-019 Establishing Deferred Compensation Program CITY OF SPOKANE VALLEY •
SPOKANE COUNTY, WASHTNGTON •
RESOLUTION NO. 0 3-D 1 9
•
- A RESOLUTION OF THE CITY OF SPOKANE VALLEY, SPOKANE COUNTY,
WASIMAIGTON, ESTABLISHING A DEFERRED COMPENSATION PROGRAM:FOR THE
CITY. •
•
WHEREAS, the City of Spokane Valley has employees and officials who render valuable
services; and
WHEREAS, the establishment of a Deferred Compensation Plan pursuant to Section 457
of the Internal Revenue Code will benefit employees and officials by providing funds for
• retirement and funds for their beneficiaries in the event of death; and
WHEREAS, the City finds that the International City/County Management Association
Retirement Corporation(ICMA-RC) offers an ideal deferred compensation program for cities such as
Spokane Valley;
•
NOW THEREFORE, be it resolved by the City Council of the City of Spokane Valley, Spokane
County, Washington, as follows:
Section 1.. Deferred Compensation Proturam -Participation. The City Council hereby authorizes
• participation in the ICMA-RC 457 deferred compensation plan, said plan to be effective upon
incorporation. The plan shall be funded solely by employee contributions through payroll deductions
from those employees and officials desiring to participate in the program.
Section 2. Authorization to Implement the Deferred Compensation Plan. The City Council •
hereby authorizes the City Manager to execute the necessary agreement with ICMA-RC and to ensure
that employees who desire to participate are enrolled in tlae'plan in a timely manner.
Section 3. Effective Date. This Resolution will take effect on the official date of incorporation.
- Adopted this tdo t�. day ofrn , 2003. •
City of Spokane Valley
Mayor Michael DeVlemint.
ATTEST:
C4tiltd)TtAt.th■J
Interim City Clerk, Ruth Muller • •
Approved as to Form:
•
I eriI ' ity A• • icy Stanley Schwartz
•
•
•
•