Resolution - 1993 - 09 - Adopt The United States Conference Of Mayors/Deferred Compensation Program - 10/26/1993
CITY OF EAGLE
RESOLUTION NO.
9-93
A RESOLUTION OF THE CITY OF EAGLE, ADA COUNTY, IDAHO, ADOPTING THE
UNITED STATES CONFERENCE OF MAYORS (USCM) DEFERRED COMPENSATION
PROGRAM; AND PROVIDING AN EFFECTIVE DATE.
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
applicable), at no cost to the City; and
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, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF EAGLE, IDAHO, THAT:
Section 1: The City Council hereby adopts the U.S. Conference
of Mayors Deferred Compensation Program and its attendant
investment options and hereby established the City of Eagle, Idaho,
Deferred Compensation Plan for the voluntary participation of all
eligible city employees, elected officials and independent
contractors.
Section 2: The City Clerk 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
administrative matters, that there is to be no cost to the City for
the Program.
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In the Matter of: ESTABLISHING A DEFERRED
OR THE CITY OF EAGLE, IDAHO.
I ,City Clerk of the City of Eagle,
State of Idaho, d hereby fètifY that the following resolution,
proposed by Counci member ~.~ ,
seconded by Councilmember k:', ,
was duly passed and adopted by the Council of the City of Eagle,
Idaho, at a regular meetinq thereof assembled this ..:::? " day of
D~ , 19~, by the following vote, to wit:
AYES:
NOES:
ABSENT:
COUNCILME~' ~
/}1j) O~ ~D
,
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CITY OF EAGLE, IDAHO.
CLERK
DATED This é) (0
day of
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