HomeMy WebLinkAbout01-26-89-12 - Resolution - 01/26/1989W~EREAS, the City has considered the establishment of another
Deferred Compensation Plan to be administered by The United
Conference of Mayors and to be made available to all eligible
city employees pursuant to Federal legislation permitting such
Plans; and
WBEREAS, certain substantial tax benefits could accrue to
employees membership in said Deferred Compensation Plans; and
W~LEREAS, 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 andsupplement
their City retirement and Social Security, at no cost to the
City; and
W1]EREAS, The U.~ 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; and
W-~RREAS, The U.S. Conference of Mayors, as Plan Administrator,
agrees to hold harmlessand indemnify theCity, its appointed and
elected officers and participating employees from any loss
resulting from The U.S. Conference of Mayors Program;
NOW~OREBE i~RES~g~VEDthat the Employerhereby adopts the
U.~ Conference of Mayors Deferred Compensation Program and its
attendant investment options and hereby establishes this Deferred
Compensation Program for the voluntary participation of all
eligible city employees.
BE IT F~RRES(]~VED that the Personnel Director shall be the
coordinator for this program and shall receive necessary reports,
notices, etc. from The U.S. Conference of Mayors.
Passed and approved this the 26th day of January, 1989.
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