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CITY OF COLTON <br />AGENDA REPORT <br />FOR CITY COUNCIL MEETING APRIL 20,1999 <br />TO: Honorable Mayor and City011115 <br />APPROVAL: Henry Garcia, City Manager <br />%---,, <br />FROM: Dennis Morris, Human Resource Director` <br />SUBJECT: Approval of Resolution Establishing a "401(A)" Deferred <br />Compensation Plan <br />DATE: April 13,1999 <br />BACKGROUND: <br />The City of Colton recently approved a new employment agreement with the City Manager with <br />certain salary and benefit provisions. <br />DISCUSSION/ANALYSIS: <br />The employment agreement recently approved for the City Manager to be provided with a benefits <br />enhancement that could be used in a variety of ways, at the City Manager's discretion. The City <br />Manager has opted to put a portion of his benefit contribution into a 401(A) Deferred <br />Compensation Plan (one of the benefit options specified in his agreement). Since the City presently <br />does not have a 401(A) Deferred Compensation Plan, the attached resolution establishes a 401(A) <br />Deferred Compensation Plan. <br />FINANCIAL IMPACT: <br />None <br />RECOMMENDATION: <br />Staff recommends that City Council approve the attached resolution establishing a 401(A) Deferred <br />Compensation Plan. <br />PREPARED BY: Vicki Porter <br />Attachment: Resolution <br />Item # 5 <br />