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1 <br />2 RESOLUTION NO. R-97-04 <br />3 <br />4 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF <br />COLTON ADOPTING AMENDMENTS TO THE CITY OF COLTON <br />5 LINCOLN RETIREMENT 457(b) GOVERNMENTAL DEFERRED <br />6 COMPENSATION PLAN AND AUTHORIZING THE CITY MANAGER <br />7 TO EXECUTE SAID AMENDMENTS <br />8 <br />WHEREAS, the City of Colton ("City') desires to implement new provisions and <br />9 <br />changes to the City of Colton Lincoln Retirement 457(b) Governmental Deferred Compensation Plan <br />10 <br />(the "Plan") required under final regulations issued by the Internal Revenue Service under Section <br />11 <br />457 of the Internal Revenue Code (the "Regulations"); and <br />12 <br />13 <br />WHEREAS, the City Council has been advised by the City Attorney that it will be <br />14 <br />necessary to formally amend the Plan to adopt such provisions; and <br />15 <br />16 <br />WHEREAS, to amend the Plan, the proposed form of the Plan document dated <br />17 <br />September 1, 2003 and the 2004 Amendment to the Plan prepared by Lincoln National Life <br />18 <br />Insurance Company, which incorporate the changes required under the Regulations, have been <br />19 <br />submitted to the City Council for consideration and action and; <br />20 <br />21 <br />WHEREAS, the City Council desires to authorize the City Manager or his designee to <br />22 <br />execute the proposed form of the Plan document dated September 1, 2003 and the 2004 <br />23 <br />Amendment to the Plan on behalf of the City, along with any future amendments to the Plan that <br />24 <br />contain only non -substantive and/or administrative changes to the Plan. <br />25 <br />26 <br />BE IT NOW THEREFORE RESOLVED AS FOLLOWS: <br />27 <br />28 <br />1 <br />