1996-08-28 - CC Packet - Laserfiche WebLink

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THE UNITED STATES CONFERENCE OF MAYORS (USCM) DEFERRED COMPENSATION PROGRAM SAMPLE RESOLUTION OF THE COUNCIL OF THE CITY OF In the Matter of: ESTABLISHING A DEFERRED COMPENSATION PLAN FOR THE CITY OF: No, I, City Clerk of the City of State of do hereby certify that the following resolution, proposed by Councilmember , seconded by Councilmember was duly passed and adopted by the Council of the City of at a regular meeting thereof assembled this day of 19 , by the following vote, to wit: AYES: COUNCILMEMBERS: NOES: ABSENT: CLERK CITY OF WHEREAS, the City has considered the establishment of a Deferred Compensation Plan to be made available to all eligible city employees, elected officials, and independent contractors pursuant to Federal legislation permitting such Plans; and WHEREAS, certain substantial tax benefits could accrue to employees, elected officials, and independent contractors participating in said Deferred Compensation Plans; and WHEREAS, such benefits will act as incentives to City employees to voluntarily set aside and invest portions of the current income to meet their future financial requirements and supplement their City retirement + and Social Security (if appliable), at no cost to the City; and WHEREAS, The U.S. Conference of Mayors has established a master prototype deferred compensation program for cities and political subdivisions permitting its member cities and their employees to enjoy the advantages of this program; WHEREAS, The U.S. Conference of Mayors, as Plan Administrator, agrees to hold harmless and indemnify the City, its appointed and elected officers and participating employees from any loss resulting from The U.S. Conference of Mayors or its Agent's failure to perform its duties and services pursuant to The U.S. Conference of Mayors Program; NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF DOES HEREBY RESOLVE AS FOLLOWS: The City Council hereby adopts the U.S. Conference of Mayors Deferred Compensation Program and its attendant investment options and hereby establishes the City of Deferred Compensation Plan for the voluntary participation of all eligible city employees, elected officials and independent contractors. The is hereby authorized to execute for the City, individual participation agreements with each said employee requesting same, and to act as the "Administrator" of the Plan representing the City, and to execute such agreements and contracts as are necessary to implement the Program. It is implicitly understood that other than the incidental expenses of collecting and disbursing the employee's deferrals and other minor adminstrative matters, that there is to be no cost to the City for the Program. PASSED AND ADOPTED THIS DAY OF 19 . MAYOR CITY ATTEST: CITY COORDINATOR, CITY OF *This resolution contains the necessary technical language as to content and substance. If any change in form is necessary in order to comply with applicable city requirements, please make such changes. DC -390 -A (12 -89) White — Service Center, Canary— Entity, Pink— PEBSCO Field Representative