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�5e3- <br />CITY OF COLTON <br />r P <br />too, <br />-V <br />AGENDA REPORT 1887 <br />if <br />For Council Meeting of October <br />TO: HONORABLE MAYOR AND CITY COUNCIL DATE: September 8, 1992 <br />FROM: GORDON R. JOHNSON <br />Personnel Director P I <br />SUBJECT: EXTENSION OF RETIREMENT PLAN FOR PART-TIME CITY EMPLOYEES <br />BACKGROUND <br />On December 17, 199 1, the City Council adopted resolution no. R- 119-91 establishing a retirement plan for - <br />part-time City employees in accordance with the requirements of the Omnibus Reconciliation Act of 1990. <br />That plan expires on December 31, 1992. <br />Staff is satisfied with the plan and desires to extend it. The attached agreement is the same as the current plan <br />with two exceptions. First, it lists a lower current rate and yield of funds invested in the plan as follows: <br />RATE YIELD <br />1991 5.43% 5.65% <br />1992 3.84% 3.96% <br />Second, the contract term is eliminated. Therefore, if both parties remain satisfied with the plan, it will <br />continue indefinitely without further action by the City Council or city staff. However, language remains in <br />the agreement permitting either party to terminate it with or without "Cause" following 90 days written notice <br />to the other party. <br />RECOMMENDATION <br />Staff recommends that the City Treasurer and Finance Director be authorized to execute the attached agreement <br />which will go into effect January , 1993. <br />Concur <br />City Manager <br />C:GWPTPLAN <br />K10A <br />