HomeMy WebLinkAbout1995-R-02A - USCM DEFERRED COMPENSATION PROGRAMRESOLDTION NO. 1995-2A
THE UNITED STATES CONFERENCE OF MAYORS (USCM)
DEFERRED COMPENSATION PROGRAM
SAMPLE RESOLUTION OF THE COUNCIL OF THE CITY OF
STEPHENVILLE
In the Matter of: ESTABLISHING A DEFERRED COMPENSATION
PLAN FOR THE CITY OF: STEPHENVILLE No.
I, C I NDY L . STAFFORD City Clerk of the City of Stephenville , State of
Texas do hereby certify that the following resolution, proposed by
Councilmember Scott Evans seconded by Councilmember
Bill Johnson , was duly passed and adopted by the Council of the City of
Stephenville , at a regular meeting thereof assembled this 6 th day of
April , 1995 , by the following vote, to wit:
Bill Corbin, Billy Bob Hodges, Bill Johnson,
AYES: COUNCILMEMBERS: Scott Evans, Mayor T.ayi ni a T,ahrmannJohn Wooley
t(RRM: Darrell W. gown, Rarb ra T _rr _1 1 and Alan Nix
ABSENT: NONE
NOES: NONE
City CLERK
CITY OF STFP1_4E N VIT,T.E
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 STEPHENVILLE
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 Stephenville
Deferred Compensation Plan for the voluntary participation of all eligible city employees, elected officials
and independent contractors.
The -Mayor, Lavinia Lohrmann , 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.
PASSE D ADOPTED IS 6th DAY OF Apr i 1 , 19 95 .
STEPHENVILLE
MAYOR_ CITY
ATTEST. CITY COORDINATOR, CITY OF STEPHENVILLE
`This resolution c , tains the n ssary 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