2603_00001RESOLUTION NO.2603
A RESOLUTION AUTHORIZINGTHE CITYOF MOSES LAKETO PARTICIPATE INTHEWASHINGTONSTATEDEPARTMENTOFRETIREMENTSYSTEMS,DE-FERRED COMPENSATION PROGRAM
RECITALS:
1.The Cityof Moses Lake was formed in accordance withRCW 35.27 onSeptember 19,1938.
O 2.The Department of Retirement Systems,Deferred Compensation Program in accordance with RCW
41.50.770,administers the deferred compensation plan for the employees of theState ofWashington asoutlinedinWACChapter415-501.
3.RCW41.50.770 permits counties,municipalities,and other political subdivisions toparticipate intheState
of Washington Employee's Deferred Compensation Plan.
4.The CityofMoses Lake has reviewed the state plan and agrees toaccept all terms and conditions ofthestateplanasestablishedandashereafteramended.
5.The City of Moses Lake understands and agrees that all monies deferred by its employees are held intrustbytheWashingtonStateInvestmentBoardfortheexclusivebenefitofprogramparticipantsandeligiblebeneficiaries.
RESOLVED:
1.That the City of Moses Lake requests approval by the Department of Retirement Systems,DeferredCompensationProgramtoparticipateintheaforementioneddeferredcompensationplanfortheemployeesoftheCityofMosesLake,subject tothe requirements of RCW 41.50.770 and WAC Chapter415-501.
Adopted by the CityCouncil on April 13,2004.
ATTEST:Mayor
O IVnanceDirector
O