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I RESOLUTION NO. R-33-99 <br />2 RESOLUTION OF THE CITY COUNCIL OF THE <br />CITY OF COLTON TO CONSIDER A 401(A) DEFERRED <br />3 COMPENSATION PLAN <br />4 <br />5 WHEREAS, it is the desire of the City of Colton to establish a <br />6 401(A) Deferred Compensation Plan for the City Manager and such other <br />7 employees as may be designated from time to time by the City Council; <br />8 and <br />9 WHEREAS, it is deemed that employer and/or employee <br />10 contributions (whichever is applicable) to all Defined Contribution <br />11 plans may not exceed $30,000 or 250 of gross earnings for any one <br />12 <br />plan year; and <br />13 <br />14 <br />15 WHEREAS, it is recommended that the City of Colton should <br />16 appoint Lincoln Financial Advisors Corporation to handle the <br />17 administration of the City of Colton's 401(A) Money Purchase Pension <br />18 Plan as presented at this meeting, effective as of this date. <br />19 <br />20 NOW, THEREFORE, BE IT RESOLVED that the appropriate officers of <br />21 the City of Colton are hereby authorized and directed on behalf of <br />22 the City of Colton to execute and deliver the Retainer Agreement and <br />23 to do all other things which they may consider necessary or <br />24 appropriate to establish and maintain the Plan, including, but not <br />25 <br />limited to, filing the necessary documentation with the Internal <br />26 <br />Revenue Service, amending the Plan, making contributions from the <br />27 <br />funds of the City in accordance with the Retainer Agreement for the <br />28 <br />04/12/99 <br />Resolutio- Pension 401 a <br />