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RESOLUTION NO. 04-064
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PORT TOWNSEND,
WASHINGTON, TO PARTICIPATE IN A DEFERRED COMPENSATION PROGRAM
WITH THE WASHINGTON STATE DEPARTMENT OF RETIREMENT SYSTEMS
WHEREAS, the City of Port Townsend was fonned in accordance with RCW
41.50.770 on January 16, 1860; and
WHEREAS, the Department of Retirement Systems, Deferred Compensation
Program, in accordance with RCW 41.50.770, administers the deferred compensation
plan for the employees ofthe State of Washington as outlined in WAC Chapter 415-501;
and,
WHEREAS, RCW 41.50.770 pennits counties, municipalities, and other political
subdivisions to participate in the State of Washington Employee's deferred Compensation
Plan; and
WHEREAS, the City of Port Townsend has reviewed the State plan and agrees to
accept all terms and conditions of the State plan as established and as hereafter amended;
and
WHEREAS, the City of Port Townsend understands and agrees that all monies
deferred by its employees are held in trust by the Washington State Investment Board for
the exclusive benefit of program participants and eligible beneficiaries.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Port Townsend to request approval by the Department of Retirement Systems, Deferred
Compensation Program to participate in the aforementioned deferred compensation plan
for the employees ofthe City of Port Townsend, subject to the requirements ofRCW
41.50.770 and WAC Chapter 415-501.
ADOPTED by the City Council ofthe City of Port Townsend at a special
business meeting thereof, held this thirteenth day of December 2004.
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Catharine Robinson, Mayor
Attest:
Approved as to form:
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City Clerk
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John~. Watts
City Attorney
Resolution 04-064