Loading...
HomeMy WebLinkAboutCC Resolution 8621 (Compensation Services)RESOLUTION NO. 8621 A RESOLUTION AUTHORIZING THE SIGNING OF A CONTRACT, LEASE OR AGREEMENT THE CITY COUNCIL OF THE CITY OF SAN RAFAEL RESOLVES as follows: The MAYOR and CITY CLERK are authorized to execute, on behalf of the City of San Rafael, a contract, lease or agreement with Great Western Bank for deferred compensation services (Amendment No. 1) a copy of which is hereby attached and by this reference made a part hereof. I, JEANNE M. LEONCINI, Clerk of the City of San Rafael, hereby certify that the foregoing resolution was duly and regularly intro- duced and adopted at a Regular meeting of the City Council of said City held on Monday the 2nd day of Alarch 1992 by the following vote, to wit: AYES: COUNCILMETBERS: Breiner, Cohen, Shippey, Thayer & Mayor Boro NOES: COUNCILMEABERS: None ABSENT: COUNCILMEhBERS: None J M. LEONCINI, City Clerk N A I //,f �'z' / AMENDMENT NO. 1 ADDENDUM TO DEFERRED COMPENSATION PLAN AGREEMENT BETWEEN THE CITY OF SAN RAPHAEL 0 GREAT WESTERN BANK DATED FEBRUARY 1, 1992 Pursuant to Section 20 of the above -referenced Agreement, the Agreement between the parties shall be modified and amended as follows: 1. Section 1, "Term" shall be amended to read as follows: TERM: This Agreement shall remain in effect until such time as it may be terminated by the parties. In the event the Agreement is terminated for "Cause" (which shall mean the failure of either party to perform any or all of its obligations as defined herein), the non -defaulting party shall give the defaulting party written notice, specifying the particulars of the default. If such default is not cured within sixty (60) days from the end of the month in which notice of default is given, the non -defaulting party may terminate the Agreement effective thirty (30) days after the end of the sixty (60) day period. For purposes of this Agreement, "Contract Year" shall mean the period of time between the effective date of the Contract, and the same day of the month in each succeeding year; the first Contract Year, however, shall be extended, if necessary in order to ensure that every Contract Year will end on the last day of a calendar month. Notwithstanding the above, this Agreement may be terminated by either party, with or without "Cause" as that term may be defined herein, upon the giving of ninety (90) days written notice to the other party. 2. Section 7, 'Investment Vehicles" shall be amended to read as follows: B. Great Western Bank Certificate of Deposit (GWBCD) Great Western will also make available one, two, three, four and five year certificates of deposit (CD) whose yields are indexed to representative, effective annual yields on one, two, three, four and five year United States Government Treasury Notes. For example, a one year CD will have a yield indexed to the one year Treasury Note; a two year CD will have a yield indexed to the two year Treasury Note, etc. In each case, the effective annualized yields for the one, two, three, four and five year Treasury Notes will be determined by reference to representative yields reported in the Wall Street Journal on the last business day of the calendar quarter. This yield will become the effective annualized yield of the GWBCD for the following Quarter. Interest will accrue daily, using the 365/360 day method, will be credited monthly, on the last day of the month, and will be automatically reinvested to allow for monthly compounding. Other guidelines are as follows: 1. One Year CD: $1,000 minimum deposit, 90 day (simple) interest penalty for early liquidation (separation from service, hardship, or individual plan -to -plan transfers excluded). 2. Two - Five Year CD: $1,000 minimum deposit, 180 day (simple) interest penalty for early liquidation (separation from service, hardship, or individual plan -to -plan transfers excluded). 3. Lump sum transfers only. 4. Participants may invest in no more than four (4) CDs per year. S. Principal and interest must remain on deposit for the entire compounding period to achieve the stated yield. 6. Plan -to -plan transfer in this context shall mean separation from service by a participant, and re-employment with another eligible agency. 7. Interest penalties shall not be assessed in the event Agency shall terminate this Agreement for "Cause", nor shall they be assessed in the event Great Western shall terminate this Agreement for any reason. Section 13, "Transfers" shall be amended as follows: C. From Great Western to Other Investment Providers GREAT WESTERN will allow the transfer of funds in participant sub -accounts to other investment providers. Such transfers will be allowed only upon express written agreement between AGENCY and GREAT WESTERN and will be allowed throughout the term of this Agreement. Transfers will be processed in accordance with the provisions of section 12., paragraph 2. (Fees and Expenses), and are also subject to any applicable interest penalties. In Witness Whereof, the parties have executed this amendment effective on the date first above written. AGENCY — CITY OF SAN RAFAEL BY: ALBERT jr.' i MAYOR BY: FINANCE DIRECTOR Ransom E. Coleman DATE SIGNED: March 2, 1992 Al'TEST: BY: *-d�. .Fea i le M. Leoncini, City Clerk GREAT WESTERN BY: Vice 'dent DATE SIGNED: ' "j. . `V