HomeMy WebLinkAbout21-05 • •
RESOLUTION No. 21-05
A RESOLUTION OF
THE CITY COUNCIL OF THE TOWN OF LOS ALTOS HILLS
ADOPTING A TOWN-SPONSORED RETIREMENT SYSTEM
FOR ELECTED OFFICIALS
WHEREAS, the Town desires to establish a retirement system for its elected officials,
NOW THEREFORE BE IT RESOLVED that the Town adopts the retirement system
described in Exhibit A to this resolution and will contribute $1 per pay period on behalf
of City Councilmembers and Town employees participating in Town-sponsored deferred
compensation plans.
REGULARLY PASSED AND ADOPTED this 17TH day of March, 2005.
BY: (
Mayor
ATTEST.
City Clerk
•
EXHIBIT A
TOWN OF LOS ALTOS HILLS
TOWN-SPONSORED RETIREMENT SYSTEM FOR ELECTED OFFICIALS
Adopted March 17, 2005
n herebyestablishes a Town-sponsored retirement plan (the
The Town of Los Altos Hills ("Town') p
"Plan") for its elected officials. City Councilmember participation in the Plan is optional. The
Plan will be administered in conjunction with and in compliance with the terms and conditions of
the Town's current deferred compensation plan with the International City Managers'
Association (ICMA). The Town will contribute $1 per pay period on behalf of participating
members.
City Councilmembers will be vested in the Plan with respect to employer-paid contributions
upon 1.) reaching age sixty-two (62) and 2.) serving a minimum combined total of twelve (12)
years as an elected City Councilmember. City Councilmembers will immediately be vested with
respect to their own employee contributions.