HomeMy WebLinkAboutR-1244 - Authorizing participation in a deferred compensation plan established and administered by Hartford variabl annuity life insurance company-,
CIT Y 0 F MAR Y S V ILL E
Marysville,Washington
RESOLUTION NO.!Z J.f4
A RESOLUTION OF THE CITY OF MARYSVILLE AUTHORIZING
PARTICIPATION IN A DEFERRED COMPENSATION PLAN
ESTABLISHED AND ADMINISTERED BY HARTFORD VARIABLE
ANNUITY LIFE INSURANCE COMPANY.
WHEREAS,
Compensation Plan
may be eligible to
the City of Marysville desires to provide a Deferred
for its employees or independent contractors who
participate in the same;and
WHEREAS,in order to accumulate the necessary funds to meet
the City's obligation to pay deferred compensation to the participants
in said plan,the City desires to purchase annuity and equity contracts
issued by Hartford Variable Annunity Life Insurance Company;and
WHEREAS,it is the intention of the City that payments made
by the City for such annuity or equity contracts will not currently
be considered as income paid to the participants in the plan;and
WHEREAS,the City shall be the owner,beneficiary and shall
have all rights under said annuity and equity contracts,and the same
shall be held as a general,unpledged and unrestricted asset of the
City until distribution to the participants in the paIn;NOW,THEREFORE,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF MARYSVILLE,
WASHINGTON,AS FOLLOWS:
The City of Marysville hereby authorizes participation in
a Deferred Compensation PI an by all employees and independent contrac-
tors who are deemed by the City to be eligible for said plan.The City
authorizes Hartford Variable Annuity Life Insurance Company to act
on its behalf in the acquisition of annuity and equity contracts relat-
ing to said plan,and to formulate rules and procedures for the admini-
stration of said plan.
Resolution - 1
.,.....
ADOPTED by the Ci ty
day of ,TAN4{d12,j
7
Council and APPROVED by the Mayor this
,1987.
THE CITY OF MARYSVILLE
ATTEST:
APPROVED AS TO FORM:
~~au.~.~YATTORNEY •
Resolution - 2
M