2793-AAdopted by the City Council on September 26, 2006.
ATTEST:Ronald C. Covey, Or
•RESOLUTION NO. 2793 A
A RESOLUTION TERMINATING THE CITY OF MOSES LAKE'S DEFERRED
COMPENSATION PLAN WITH THE HARTFORD LIFE INSURANCE COMPANY
EFFECTIVE JULY 2, 2013, AND TERMINATING NEW PARTICIPATION
RECITALS:
1.The City of Moses Lake currently sponsors three employee contributed deferred compensation
plans, the Hartford Life Insurance Co., ICMA RC, and the State of Washington.
2.The cost of participation in the Hartford plan for the payment of administrative fees is much more
expensive than the administrative fees paid to participate in the ICMA RC plan or the State of
Washington plan.
3.Sponsoring the ICMA RC plan and the State of Washington plan provides employees sufficient
options.
4.There is a deferred sales charge that must be paid to the Hartford for the first seven (7) years of
participation if the money is withdrawn or transferred to another plan. It is in the best interests of the
employees of the City of Moses Lake if the city withdraws its sponsorship of the Hartford Life
Insurance Co. deferred compensation plan for new participation and terminates the sponsorship of
the Hartford Life Insurance Co. deferred compensation plan in the future but at a time which does
not penalize employees for the termination by being required to pay a deferred sales charge.
RESOLVED:
1.The City of Moses Lake withdraws its sponsorship of the Hartford Life Insurance Co. deferred
compensation plan to new participation effective immediately.
2.The City of Moses Lake terminates its sponsorship of the Hartford Life Insurance Co. deferred
compensation plan entirely, no later than July 2, 2013.
Ronald R. Cone, Finance Director