HomeMy WebLinkAbout93-154 - ADMIN Resolution - City Council - 1993/10/04RESOLUTION NO. 93.154
RESOLUTION ADOPTING THE U.S. CONFERENCE OF MAYORS
DEFERRED COMPENSATION PROGRAM
WHEREAS, the City of St. Louis Park has established a Deferred Compensation Plan
for all eligible city employees pursuant to Federal legislation permitting such Plans; and
WHEREAS, certain substantial tax benefits could accrue to employees 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 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 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 ST. LOUIS PARK,
MINNESOTA, DOES HEREBY RESOLVE AS FOLLOWS:
The City Council hereby adopts the U.S. Conference of Mayors Deferred
Compensation Program and its attendant investment options for the City's Deferred
Compensation Plan for the voluntary participation of all eligible city employees.
The City Manager 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.
Adopted this 4th day of October, 1993
Reviewed for administration:
4.4,,,,./
Approved as to form and execution:
.A .
City Attorney