HomeMy WebLinkAbout1993-11-02-R RESOLUTION # 93— 11 — ••t
THE UNITED STATES CONFERENCE OF MAYORS (USCM) DEFERRED
COMPENSATION PROGRAM
IN THE MATTER OF : ESTABLISHING A DEFERRED COMPENSATION PLAN FOR
THE CITY OF BATESVILLE
I , DENISE M . JOHNSTON , CITY CLERK OF THE CITY OF BATESVILLE , STATE
OF ARKANSAS, DO HEREBY CERTIFY THAT THE FOLLOWING RESOLUTION ,
PROPOSED BY COUNCILMEMBER Ford , SECONDED BY
COUNC I LMEMBER Mitchum , WAS DULY PASSED AND
ADOPTED BY THE COUNCIL OF THE CITY OF BATESVILLE, AT A REGULAR
MEETING THEREOF ASSEMBLED THIS 23 DAY OF November ,
19 93 , BY THE FOLLOWING VOTED, TO WIT :
AYES : COUNCILMEMBERS : All Councilmembers voted for the resolution
NOES 0
ABSENT : 0
City CLERK
CITY OF BATESVILLE .
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 SIF
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 BATESVILLE
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 BATESVILLE DEFERRED
COMPENSATION PLAN FOR THE VOLUNTARY PARTICIPATION OF ALL ELIGIBLE
CITY EMPLOYEES, ELECTED OFFICIALS AND INDEPENDENT CONTRACTORS .
•
THE MAYOR "PS HEREBY AUTHORIZED TO EXEMrrE 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
1ww IMPLICITLY UNDERSTOOD THAT OTHER THAN THE INCIDENTAL EXPENSES OF
COLLECTING AND DISBURSING THE EMPLOYEES DEFERRALS AND OTHER MINOR
ADMINSTRATIVE MATTERS, THAT THERE IS TO BE NO COST TO THE CITY FOR
THE PROGRAM .
PASSE ND ADOPTED THIS 23rd DAY OF November , 19 93
BATESVILLE
/ MAYOR CITY
ATTEST
CITY CLERK
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