Resolution No. 3926RESOLUTION NO. 3926
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CYPRESS, AND ACTING AS EX -OFFICIO BOARD OF DIRECTORS OF THE CYPRESS
RECREATION AND PARK DISTRICT, ESTABLISHING A DEFERRED
COMPENSATION PLAN KNOWN AS U.S. CONFERENCE OF MAYORS DEFERRED
COMPENSATION PROGRAM FOR ITS EMPLOYEES.
WHEREAS, the City of Cypress has considered the establishment of a Deferred
Compensation Plan to be made available to all eligible employees pursuant to Federal
legislation permitting such Plans; and
WHEREAS, certain substantial tax benefits could accrue to employees participating in
said Deferred Compensation Plans; and
WHEREAS, such benefits will act as incentives to City employees to voluntarily set
aside and invest portions of the current income to meet their future financial
requirements and supplement their City/District retirement at no cost to the City and
WHEREAS, the U.S. Conference of Mayors has established a master prototype
deferred compensation program for cities and political subdivisions permitting its member
cities and their employees to enjoy the advantages of this program; and
WHEREAS, the U.S. Conference of Mayors, as Plan Administrator, agrees to hold
harmless and indemnify the City and participating employees from any loss resulting
from the U.S. Conference of Mayors or its Agent's failure to perform its duties and
services pursuant to the U.S. Conference of Mayors Program.
NOW THEREFORE, BE IT RESOLVED, by the City Council of the City of Cypress,
and acting as ex -officio Board of Directors of the Cypress Recreation and Park District,
as follows:
The City Council hereby adopts the U.S. Conference of Mayors Deferred
Compensation Program and its attendant investment options and hereby establishes the
City of Cypress' Deferred Compensation Plan for the voluntary participation of all
eligible City/District employees.
The Finance Director is hereby authorized to execute for the City, individual
participation agreements with each said employee requesting same; to act as the
Administrator" of the Plan representing the City and to execute such agreements and
contracts as are necessary to implement the Program. It is implicitly understood that
other than the incidental expenses of collecting and disbursing the employee's deferrals
and other minor administrative matters, that there is to be no cost to the City for the
Program.
PASSED AND ADOPTED by the City Council of the City of Cypress, and acting
as ex -officio Board of Directors of the Cypress Recreation and Park District, at a regular
meeting held on the 22nd day of April, 1991.
MAYOR OF THE CIT OF CYPRESS
ATTEST 71 fj6J
CITY CLERK OF HE CI'L F CYPRESS
STATE OF CALIFORNIA)
SS
COUNTY OF ORANGE )
I, DARRELL ESSEX, City Clerk of the City of Cypress, DO HEREBY CERTIFY
that the foregoing Resolution was duly adopted at a regular meeting of said City Council
held on the 22nd day of April, 1991, by the following roll call vote:
AYES:
NOES:
ABSENT
5 COUNCIL MEMBERS: Age, Kerry Nicholson, Partin and Bowman
0 COUNCIL MEMBERS: None
0 COUNCIL MEMBERS: None
CITY CLERK O�FjTi-E£ CITY/OFYPRESS
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