HomeMy WebLinkAboutReso - CC - 024-2001RESOLUTION NO. 24-2001
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF BURLINGAME
CONSENTING TO THE INCLUSION OF VANTAGE BROKER PROGRAM AS PART OF
THE ICMA RETIREMENT CORPORATION DEFERRED COMPENSATION PLAN
RESOLVED, by the City Council of the City of Burlingame:
WHEREAS, the City of Burlingame has established a Deferred Compensation program for
its employees; and
WHEREAS, by Resolution 6-1999, the City contracted with ICMA Retirement Corporation
(ICMA) to provide administrator services for the program for those City employees and retirees
interested in the.ICMA offerings; and
WHEREAS, the City's Deferred Compensation Committee has recommended to the City
Council that the City consent to City employees' participation in the ICMA Vantage Broker
program as part of the deferred compensation funds and programs available to eligible employees
and retirees; and
WHEREAS, the Vantage Broker program places all of the burden of investment decision-
making on the individual employee or retiree and places at risk both principal and earnings in highly
volatile environment, but nevertheless, this change has been requested by City employees and
ICMA has assured the City that it will fully disclose these risks and burdens to employees and
retirees,
NOW, THEREFORE, IT IS RESOLVED AND ORDERED:
1. The City Council consents to the inclusion of the Vantage Broker program in the ICMA
Retirement Corporation Deferred Compensation Plan.
o -C
YOR
I, ANN T. MUSSO, City Clerk of the City of Burlingame, do hereby certify that the
foregoing resolution was introduced at a regular meeting of the City Council held on the i 9TH day of
MARCH 1 1 2001, and was adopted thereafter by the following vote:
AYES: COUNCILMEMBERS: COFFEY, GALLIGAN, JANNEY, O'MAHONY, SPINELLI
NOES: COUNCILMEMBERS: NONE
ABSENT: COUNCILMEMBERS: NONE
CITY CLERK
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