HomeMy WebLinkAboutCC RES 97-087(�j- ���
RESOLUTION 97-87
A RESULUTION OF THE CITY COUNCll. FOR THE CITY OF P.4LM DESERT, CALIFORNIA,
ESTABLISHING A CUSTODIAL ACCOUNT AND LIFE INSURANCE TRANSFER AUTAORIZATION
MTH THE PUBLIC EMPLOYEES BENEFIT SERVICES CORPORATION (PEBSCO)
WEIEREAS, the City is the owner of one or more life insurance policies issued to it by Commonwealth
Life Insurance Company, Kentucky Commonwealth Life Insurance Company, Peoples Security Life Insurance
Company, or Providian Life and Health Insurance Company (the "Policies") in connection with the deferred
compcnsation plan it maintains for its employees (the "Plan") pursuant to Scction 457 of the Intemal Revenuc Code
of 1986, as amended (the "Code"); and
WHEREAS, as a result of an amendment to the Code, all assets and income of the Plan must be held in a
trust, custodial account or annuity contract; and
WHEREAS, the Plan has been amended to reflect the changes required by the amendment to the Code; and
WHEREAS, the Employer desires to adopt the Code Custodial Account (the "Custodial Account") to hold
assets, other than annuity contracts, which will provide benefits for the participants and beneficiaries; and
WHEREAS, as a result of the amenciment to the Code, the Employer desires to transfer ownership of the
Policies to Bank One Trust Company, N.A. (the "Custodian") for ihe exclusive benefit of the Plan's participanu
and beneficiaries; and
NOW 'I'HEREFORE BE IT RESOLVED, The City of Palm Desert City Council hereby accepts the Code
Custodial Account Agreement, adopts the Custodial Account, authorizes uansfer of ownership to the Policies to the
Custodian, and designates the Custodian as the beneficiary to the Policies.
YASSED, APPROVED AND ADOP'I'ED, by the City Council of the City of Palm Desert on this 9th day
of October, 1997, by the following vote, to wit:
AYES:
NOES
BENSON, CRITES, SNYDER, SP�GEL, KELLY
hONE
ABSENT: NONE
AI3STAIV FI�: 1VONF.
ATTEST:
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SIIEILA R. GIIZIGAN,