CC Resolution 10114
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RESOLUTION NO. 10114
BEING A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CAMPBELL
AUTHORIZING AN OPTIONAL CONTRIBUTION TO THE CITY'S DEFERRED
COMPENSATION PROGRAM ON BEHALF OF COUNCIL MEMBERS
WHEREAS, the City of Campbell participates in a Section 457 deferred compensation
program and all permanent City employees participate as part of their employee benefit
programs; and
WHEREAS, the City Council wishes to provide Council Members the option of joining
the Public Employees Retirement System (PERS) or receiving a City contribution to a Section
457 account; and
WHEREAS, the City Council wishes to provide the optional deferred compensation
benefit effective December 19, 2002.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Campbell
does hereby approve an optional Council Member deferred compensation benefit program as
outlined on attached Exhibit A.
PASSED AND ADOPTED this 19th day of November, 2002, by the following roll call
vote:
AYES: Councilmembers:
Burr, Kennedy, Furtado, Watson
NOES: Councilmembers:
None
ABSENT: Councilmembers:
Dean
APPROVED:
~ (,/..6-
JeaneKe Watson, Mayor
ATTEST:
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Anne Bybee, City Clerk
,
,
City of Campbell
EXHIBIT A
COUNCIL MEMBER OPTIONAL
DEFERRED COMPENSATION CONTRIBUTION
Council Member option: upon taking office, may choose one of the
following:
. Membership in PERS
. Receive a City Contribution to Section 457 Deferred
Compensation account (the deferred compensation Plan in
which the City participates).
City Contribution to Council Member Deferred Compensation account
is equal to the PERS Miscellaneous Employer rate percentage of
Miscellaneous payroll used in each fiscal year's budget. City
contribution rate will change as Employer rate changes.