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o R I G I N A L 10/27 97 <br /> <br /> RESOLUTION NO. 13223 <br /> <br /> RESOLUTION APPROVING ADOPTION OF CALIFORNIA <br /> PUBLIC EMPLOYEES' DEFERRED COMPENSATION PLAN <br /> AND APPROVING AND AUTHORIZING EXECUTION OF <br /> EMPLOYER ADOPTION AGREEMENT <br /> <br /> WHEREAS, the City of Redwood City desires to establish an additional <br />deferred compensation plan for the benefit of its employees; and <br /> <br /> WHEREAS, the Board of Administration (the "Board") of the California <br />Public Employees Retirement System ("PERS") has established the California <br />Public Employees Deferred Compensation Plan (the "PERS Plan") which may be <br />adopted by a governmental employer for its employees that are members of <br />PERS; and <br /> <br /> WHEREAS, the City of Redwood City believes that the PERS Plan and <br />the investment options available thereunder will provide valuable benefits to its <br />employees; and <br /> <br /> WHEREAS, the Board has appointed State Street Bank and Trust <br />Company and State Street Bank and Trust Company of California, N.A. <br />(collectively, "State Street")to perform administration services under the PERS <br />Plan and to act as the Board's agent in all matters relating to the administration <br />of the PERS Plan; <br /> <br /> NOW, THEREFORE; <br /> <br /> BE IT RESOLVED BY THE COUNCIL OF THE CITY OF REDWOOD <br /> CITY, AS FOLLOWS: <br /> <br /> Reso-308 1 <br /> G:~shared\redwood\council <br /> DES:djk <br /> 09129197 <br /> <br /> <br />