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2 <br />3 <br />4 <br />5 <br />6 <br />7 <br />8 <br />9 <br />10 <br />11 <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />19 <br />20 <br />21I <br />22 <br />23 <br />24 <br />25 <br />26 <br />27 <br />28 <br />RESOLUTION NO. R-118-96 <br />RESOLUTION APPROVING ADOPTION OF CALIFORNIA <br />PUBLIC EMPLOYEES' DEFERRED COMPENSATION PLAN <br />WHEREAS, the City of Colton desires to establish an additional deferred compensation <br />for the benefit of its employees; and <br />WHEREAS, the Board of Administration (the "Board") of the California Public <br />Employees' Retirement System ("PERS") has established the California Public Employees <br />Deferred Compensation Plan (the "PERS Plan") which may be adopted by a governmental <br />employer the employees of which are members of PERS; and <br />WHEREAS, the City of Colton believes that the PERS Plan and the investment options <br />available thereunder will provide valuable benefits to its employees; and <br />WHEREAS, the Board has appointed State Street Bank and Trust Company and State <br />Street Bank and Trust Company of California, N.A. (collectively, "State Street") to perform <br />administrative services under the PERS Plan and to act as the Board's agent in all matters <br />relating to the administration of the PERS Plan; <br />NOW, THEREFORE, BE IT RESOLVED that the City of Colton adopts the PERS <br />Plan for the benefit of its employees and authorizes and directs the City Manager to execute the <br />attached adoption agreement on behalf of the City of Colton, to provide State Street with the <br />specific terms and conditions of the City of Colton's participation in the PERS Plan, and to <br />provide State Street with such information and cooperation as may be needed on an ongoing <br />basis in the administration of the PERS Plan. A copy of this resolution, the agreement, and any <br />attachments thereto shall be on file in the office of the Personnel Department. <br />PASSED, APPROVED AND ADOPTED this I't day of October, 1996. <br />ATTEST: <br />//���l t � <br />Teresa S. Delgado, Int m City Clerk <br />\wdata\Reso\457PER— 1.DOC <br />v. <br />George V. Fulp, Mayor <br />