HomeMy WebLinkAboutCity Council Resolutions (R-93-848)-01/05/1993
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RESOLUTION R-93-848
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SUPPORTING THE MATTER OF ESTABLISHING A DEFERRED
COMPENSATION PLAN FOR THE CITY OF COLLEYVILLE
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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
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WHEREAS, certain substantial tax benefits could accrue to
employees, elected officials, and independent contractors
participating in said Deferred Compensation Plans; and
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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
applicable), at no cost to the City; and
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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;
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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:
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NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
COLLEYVILLE, TEXAS:
Sec. 1
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
Colleyville Deferred Compensation Plan for the voluntary
participation of all eligible city employees, elected
officials and independent contractors.
Sec. 2
The Mayor 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
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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
administrative matters, that there is to be no cost to
the City for the Program.
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AND IT IS SO RBSOLVBD:
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pa~~vote o~
ATTEST: J / .
(l~ #aM-<-r
~. Harris, CMC
City Secretary
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Richard Newton
Mayor
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APPROVED AS TO FORM AND LEGALITY:
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Ross T. Foster
City Attorney
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