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1 <br />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 />21 <br />22 <br />23 <br />24 <br />25 <br />26 <br />27 <br />28 <br />RESOLUTION NO. R-13-07 <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF COLTON AMENDING <br />A DEFERRED COMPENSATION PLAN <br />WHEREAS, the City of Colton rendering valuable services; and <br />WHEREAS, the City has established a deferred compensation plan for such <br />employees that serves the interest of the City by enabling it to provide reasonable retirement <br />security for its employees, by providing increased flexibility in its personnel management <br />system, and by assisting in the attraction and retention of competent personnel; and <br />WHEREAS, the City has determined that the continuance of the deferred <br />compensation plan will serve these objectives; and <br />NOW, THEREFORE BE IT RESOLVED that the City hereby amends and restates the <br />deferred compensation plan (the "Plan") in the form of: <br />The ICMA Retirement Corporation Deferred Compensation Plan and Trust as shown <br />on the attached Exhibit "A": <br />BE IT FUTHER RESOLVED that the assets of the Plan shall be held in trust, with the <br />City serving as trustee ("Trustee"), for the exclusive benefit of Plan participants and their <br />beneficiaries, and the assets shall not be delivered to any other purpose. The Trustee's <br />beneficial ownership of Plan assets held in VantageTrust shall be held for the further <br />exclusive benefit of the Plan participant and their beneficiaries; <br />PASSED, APPROVED and ADOPTED this 6th day of February, 2007. <br />KELLY J. C ASTAIN, Mayor <br />ATTEST: <br />( ! Jl 1k`. i 4k \ l <br />CAROLINA P. PADILLA, CMC <br />City Clerk <br />