HomeMy WebLinkAbout2541ORDINANCE NO.���
AN ORDINANCE of the City of Kent,
Washington, relating to deferred compensation
^\ plans, adding provisions allowing the Deferred
UCompensation Plan Committee to authorize
investment companies to release monies in
deferred compensation accounts.
33 �� THE CITY COUNCIL OF THE CITY OF KENT, WASHINGTON, DOES
THEREBY AMEND AS FOLLOWS:
Section 1. Section 4 of Ordinance 2361 is hereby amended
to include the following:
There is hereby established a 'Deferred Compensation
Plan Committee' which shall consist of three persons
appointed by the City Administrator, which Committee
members shall serve for such periods as shall be
determined by the City Administrator and shall be
subject to removal and replacement as shown in
Article VI of the Plan document. Said Committee
shall administer the Deferred Compensation Plan, and
the Deferred Compensation Plan Investments hereafter
created, and shall have the duties as defined in
said Plan The members of the Deferred
Compensation Plan Committee shall have the authority
to sell, assign, and transfer units held under
annuity contracts in the name of the City of Kent
Deferred Compensation 457 Plan and to deliver any
and all written instruments necessary or proper to
effectuate such transactions.
Section 2. Effective Date. This ordinance shall take
effect and be in force five (5) days from and after its passage,
approval and publication as provided by law.
ISA EL HOGAN, MAYOR
ATTEST:
MARIE JE08%N, CITYk CLERK
(APPROVED AS TO FORM
STEPHEN DiJULIO, TY ATTORNEY
PASSED the _day of
APPROVED the day of
PUBLISHED the day of�Y
1985.
1985.
1985.
I hereby certify that this is a true copy of Ordinance
No. as i1 , passed by the City Council of the City of Kent,
Washington, and approved by the Mayor of the City of Kent as hereo
indicated.
02430-110
( SEAL )
MARIE J N N, CITY CLERK
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