1070_
.
RESOLUTION 1070
A RESOLUTION ESTABLISHING A DEFERRED COMPENSATION PLAN FOR
EMPLOYEES AND/OR INDEPENDENT CONTRACTORS OF THE CITY OF
MOSES LAKE
WHEREAS the City Council of the City of Moses Lake,Washington,a municipal corpor
ation,desires to provide certain benefits for its employees and/or independent
contractors as part of their compensation,said City Council does hereby authorize
and approve entering into a deferred compensation plan with those eligible to
participate as designated by the City of Moses Lake,and
WHEREAS,in order to accumulate the appropriate funds to meet the City of Moses
Lake's obligation to pay benefits to participants in accordance with the deferred
compensation plan,the City Council does hereby authorize and approve the purchase
of insurance and/or annuity contracts as issued by the Hartford Variable Annuity
Life Insurance Company in such amounts as may be appropriate to provide plan bene
fits and
WHEREAS,it is the intention of the said City Council that the payments made by the
City of Moses Lake for such insurance and/or annuity contracts will not currently
be considered as income paid to the employees and/or independent contractors con
cerned,
THEREFORE,BE IT RESOLVED that the City Council of the City of Moses Lake does
hereby authorize and approve entering into a deferred compensation plan with those
employees and/or independent contractors eligible to participate in the plan.
BE IT FURTHER resolved that the City of Moses Lake will be the owner,beneficiary,
and have all the rights under the said insurance or annuity contracts and such
contracts shall be held as a general,unpledged,and unrestricted asset of the City
of Moses Lake.
BE IT FURTHER RESOLVED that the City Council hereby authorizes the City Manager of
the City of Moses Lake to act on its behalf with respect to these insurance or
annuity contracts and to formulate rules and procedures for the purchase and admin
istration of them.
PASSED by the City Council of the City of Moses Lake,Washington,and APPROVED by
its Mayor this 23rd day of June ,1981.
ATTEST:
X^sdiKlLu vrx
City Clerk