1191-ARecitals:
RESOLUTION NO.1191-A
A RESOLUTION ESTABLISHING DEFERRED COMPENSATION PLANS FOR
EMPLOYEES AND/OR INDEPENDENTCONTRACTORS OF THE CITY OF MOSES
LAKE
1.The City Council of the City of Moses Lake,Washington,a municipal cor
poration,desiring to provide certain benefits for its employees and/or
independent contractors as part of their compensation,does hereby au
thorize and approve entering into deferred compensation plans with those
eligible to participate as designated by the City of Moses Lake.
2.In order to accumlate 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 and/or other
mechanisms as issued by The Hartford Variable Annuity Life Insurance Com
pany and Great-West Life and Annuity Insurance Company or other organiza
tions who may offer deferred compensation plans in such amounts as may be
appropriate to provide plan benefits.
3.It is the intention of the City Council that the contracts 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 indepen
dent contractors concerned.
Resolved:
1.The City Council of the City of Moses Lake does hereby authorize and ap
prove entry into deferred compensation plan with those employees and/or
independent contractors eligible to participate in the plan.
2.The City of Moses Lake will be the owner,beneficiary,and have all the
rights under said insurance or annuity contracts or other mechanisms and
such contract shall be held as a general,unpledged,and unrestricted
asset of the City of Moses Lake.
3.The City Council hereby authorizes the City Manager of the City of Moses
Lake to act on its behalf with respect to the insurance or annuity con
tracts or other mechanisms and to formulate rules and procedures for the
purchase and administration of them.
Adopted by the City Council on July 24,1984.
ATTEST:
s/Walter Fry-
City Clerk
s/Norman Johnson
Mayor