CC Resolution No. 11-188 Nationwide Retirement Solutions 457 Deferred Compensation Roth Accounts RESOLUTION 11-188
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CUPERTINO
AUTHORIZING NATIONWIDE RETIREMENT SOLUTIONS 457 DEFERRED
COMPENSATION ROTH ACCOUNTS
WHEREAS, the City of Cupertino has established and offers 457 deferred compensation
plans for its employees that serves the interest of the City by enabling it to provide reasonable
retirement security for its employees, by providing increased flexibility in its personnel
management system, and by assisting in the attraction and retention of competent personnel; and
WHEREAS, the City of Cupertino has determined that the continuance of the deferred
compensation plan will serve these objectives.
NOW THEREFORE, BE IT RESOLVED that the City of Cupertino hereby amends and
restates the deferred compensation plan offered by Nationwide, in the form of the Nationwide
Retirement Solutions 457 Governmental Deferred Compensation Plan & Trust (the Plan), to
include the associated Roth amendment.
BE IT FURTHER RESOLVED that the assets of the amended Plan shall be held in trust,
with the City of Cupertino serving as trustee, for the exclusive benefit of Plan participants and
their beneficiaries, and the assets shall not be diverted to any other purpose. The Trustee's
beneficial ownership of Plan assets shall be held for the further exclusive benefit of the Plan
participants and their beneficiaries;
BE IT FURTHER RESOLVED that the City hereby agrees to serve as Trustee under the
amended Plan.
PASSED AND ADOPTED at a regular meeting of the City Council of the City of Cupertino
this 15th day of November, 2011 by the following vote:
Vote Members of the City Council
AYES: Wong, Santoro, Chang, Mahoney, Wang
NOES: None
ABSENT: None
ABSTAIN: None
ATTEST: APPROVED:
/f/-2A/thir
�r I '
Kimberly Smit , ity Clerk Gilbert Wong, Mayor, City of Cu rtino