Resolution No. 94-54 CPtY OF TIGARD, OREGON
r RESOLUTION NO. 94- -7-T
APPROVE AETNA INVESTMENT SERVICES, INC. AS ADDITIONAL DEFERRED
COMPENSATION PLAN PROVIDER FOR CITY EMPLOYEES.
WHEREAS, the Oregon Revised Statutes allow public employers to place
funds accumulated for its employees under eligible deerred compensation
plans in a trust established for the commingled investment of amounts
held; and
WHEREAS, the City of Tigard currently maintains one deferred
compensa:.ion plan with International City Managers Association (ICMA)
for its employees 1—irsuant to Section 457 of the Internal Revenue
Service Code of 1986; and
WHEREAS, T--CMA has a limited number of investment options for deferred
compensation plan funds, and City of Tigard employees have expressed
their desire to bavc more flexibility through a wider range of
investment options, and
WHEREAS, Aetna Investment Services, Inc. (Aetna) has been established
for the commingled investment of funds held under deferred compensation
plans for employees of Oregon public employers; and
WHEREAS, City of Tigard believes it is in the best interests of its
deferred compensation plan participants and beneficiaries to have a
wider selection of investment options for employees.
NOW, THEREFORE, BE IT RESOLVED by the Tigard City Council that:
Section 1: City of Tigard is authorized to add Aetna Investment
Services, Inc. as a financial carrier, in addition to
ICM.A, for those funds accumulated in the deferred
compensation plans it maintains for the benefit of its
employees as plan participants.
Section 2: The City will allow participants to invest with Aetna,
futu_e funds to be contributed to its deferred
compensation plans, as well as transfer those funds
formerly accumulated with ICMA, at no cost, at the
employee's request. Employees will also be able to
contribute to the current plan with ICMA.
Section 3: City of Tigard is authorized, at the employee's request,
to take all action and sign all documents necessary to
allow the transfer of funds previously accumulated ;with
1CMA to Aetna; as well as those future contributions to
its eligible deferred compensation plans.
RESOLUTION NO. 94-54
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• Section 4: City of Tigard shall become a party to a contract with
Aetna Investment Services, Inc. and shall be bound by all
of the terms and conditions as set forth in the contract.
PASSED: This alq 6–t' day of 1994.
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r - City of Tigard Ir
ATTEST:
City Recorder - City of Ti rd
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RESOLUTION NO. 94--1—
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