CC Resolution No. 01-255RESOLUTION NO. 01-255
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CUPERTINO
AUTHORIZING THE IMPLEMENTATION OF ENHANCED 457 DEFERRED
COMPENSATION PLANS AND RELATED TRUST DOCUMENTS.
WHEREAS the City of Cupertino provides a 457 deferred compensation program to
assist employees with their financial and retirement planning; and
WHEREAS, the City of Cupertino's 457 program provides employees with a variety of
deferred compensation investment options through three plan administrators (National Deferred
Compensation, ICMA Retirement Corporation, and PERS); and
WHEREAS, recent amendments to the Internal Revenue Code allow for significant
enhancements to the City's 457 deferred compensation plans.
NOW, THEREFORE BE IT RESOLVED that the City of Cupertino hereby authorizes
the implementation of new 457 deferred compensation plans and trust documents from National
Deferred Compensation/Nationwide Retirement Solutions; ICMA Retirement Corporation/
VantageTrust; and PERS/Citistreet.
PASSED AND ADOPTED at a regular meeting of the City Council of the City of
Cupertino this 17~ day of December, 2001 by the following vote:
Vote
Members of the City Council
AYES:
NOES:
ABSENT:
ABSTAIN:
Lowenthal, Chang, James, Kwok, Sandoval
None
None
None
ATTEST:
City Clerk
APPROVED:
Mayor, City of Cupertino