CC Resolution No. 9898RESOLUTION NO. 9898
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CUPERTINO
APPROVING ADOPTION OF CALIFORNIA PUBLIC EMPLOYEES'
DEFERRED COMPENSATION PLAN
WHEREAS, City of Cupertino, desires to establish an additional deferred
compensation plan for the benefit of its employees; and
WHEREAS, the Board of Administration (the "Board") of the California 'Public
Employees' Retirement System ("PERS") has established the California Public
Employees Deferred Compensation Plan (the "PERS Plan") which may be adopted by a
governmental employer the employees of which are members of PERS; and
WHEREAS, City of Cupertino, believes that the PERS Plan and the investment
options available thereunder will provide valuable benefits to its employees; and'
WHEREAS, the Board has appointed State Street Bank and Trust Company and
State Street Bank and Trust Company of California, N.A. (collectively, "State Street") to
perfOrm administrative services under the PERS Plan and to act as the Board's agent in
all matters relating to the administration of the PERS Plan;
NOW, THEREFORE, BE IT RESOLVED that City of Cupertino adopts the PERS
Plan for the benefit of its employees and authorizes and directs the City Manager to
execute the attached adoption agreement on behalf of City of Cupertino, to provide
State Street with the specific terms and conditions of City of Cupertino participation in
the PERS Plan, and to provide State Street with such information and cooperation as
may be needed on an ongoing basis in the administration of the PERS Plan. A copy of
this resolution, the agreement, and any attachments thereto shall be on file in the office
of the City Clerk.
PASSED AND ADOPTED at a regular meeting of the City Council of the City of
Cupertino this 7th day of July, 1997 by the following vote:
.Vote
Members of the City Council
AYES: Burnett, Chang, Dean,
NOES: None
ABSENT: None
ABSTAIN: None
ATTEST: '
Sorensen, Mayor Bautista
City of Cupertino
PER5 457 Pn,o'am
EMPLOYER ADOPTION AGREEMENT
By executing this Agreement, the employer identified below (the "Employer") adopts the Californm Public Employees'
Deferred Compensation Plan (the "Plan")for the benefit of its employees. The Employer further a~rees and represents
as fi~llows:
I. The Employer is a political subdivision of the State of California elig~ible to adopt the Plan for thc benefit of its
employees.
2. The Employer has duly adopted a resolution (copy attached) or taken such other official action as required fi~r its
lawful adoption and implementation of this Plan and has authorized the undersigned to execute this agreement on
behalf of the Employer.
3. The Employer has been furnished with and reviewed a copy of the Plan document which explains thc rights and
obligations of the Employer under the Plan, as well as the rights and options available to the Empkwer's employees
under the Plan; the Employer agrees to follow the terms of the Plan document, which arc incorporated herein by
reference.
4. The Employer understands and agrees that all amounts deferred'under the Plan are to be invested in the Public
Employees' Deferred Compensation Fund (the "Fund"), an investment entity established to hold amounts deferred
under the Plan, and that the Employer shall have no right to sell, redeem, or otherwise liquidate its investments in the
Fund, except as provided in Article 9 of the Plan.
5. The Employer understands that, except for certain responsibilities delegated to the Employer under the Plan, the
administration of the Plan and Fund is subject to the exclusive control of the Board of Administration of the Public
Employees' Retirement System (the "Board'.'). The Employer further understands that the Board has appointed State
Street Bank and Trust Company and State Street Bank and Trust Company of California, N.A. (collectively, "State
Street") to perform administrative services under the Plan and to act as the Board's agent in all matters relating to the
administration of the Plan; the Employer agrees to deal directly with State Street (or any successor agent duly appointed
by the Board) on all matters relating to its participation in the Plan and to cooperate with State Street in the dissemi-
nation of Plan information to the Employer's employees.
6. The information set forth on the attached specifications page is complete and accurate and may be relied upon by
the Board and State Street in the administration of the Plan on behalf of the Employer and its employees, unless and
until the Employer has provided State Street with a written modification of such specifications.
7. The Employer has been furnished with a copy of a manual that describes the procedures to be followed by the
Employer in the administration of the Plan for its employees, and the Employer agrees to adhere to the pnx:edures set
forth in that manual, and in any revisions thereof or procedural notices that are hereafter furnished, to the Employer.
8. The Employer agrees to make the Plan available to its employees and otherwise to abide by this Agreement for a
minimum period of three (3) years commencing on the effective date shown on the attached specifications page; this
Agreement shall remain in full force and effect after such three-year period unless terminated by the Employer or the
Board upon sixty (60) days prior written notice.
(Name of Employer)
By:
(Title)
Date:
Accepted by State Street Bank and Trust Company on behalf of the Board of Administration of the Public Employees'
Retirement System
By:
Date: Witness: