HomeMy WebLinkAbout2017-R-7 RESOLUTION NO. 2017—R- 11
BEFORE THE BOARD OF PUBLIC WORKS AND SAFETY
CITY OF JEFFERSONVILLE, INDIANA
A RESOLUTION ADOPTING A 457 DEFERRED COMPENSATION PROGRAM WITH
NATIONWIDE
On the day of July, 2017, the following among other proceedings, were had,
IN THE MATTER OF ESTABLISHING A DEFERRED COMPENSATION PLAN FOR THE
EMPLOYER:
WHEREAS, The Employer has considered the establishment of a Deferred Compensation Plan
to be made available to all eligible employees, elected officials, and independent contractors
pursuant to Section 457 of the Internal Revenue Code permitting such Plans; and
WHEREAS, certain 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 employees to voluntarily set aside and invest
portions of their current income to meet their future financial requirements and supplement their
retirement and Social Security (if applicable); and
WHEREAS, the Employer has established a Master Deferred Compensation program for its
employees, permitting its employees to enjoy the advantages of this Program; and
WHEREAS, by adoption of the Nationwide Program, all regulatory, operational, and
administrative responsibilities are hereby assumed by Nationwide on behalf of the Employer.
WHEREAS,Nationwide as Plan Administrator, agrees to hold harmless and indemnify the
Employer, its appointed and elected officers and participating employees from any loss resulting
from Employer or its Agent's failure to perform its duties and services pursuant to the
Nationwide Program;
NOW, THEREFORE THE EMPLOYER GOVERNING BODY OR NATIONWIDE
REPRESENTATIVE DOES HERBY RESOLVE AS FOLLOWS:
The Employer governing body or representative, meeting in regular scheduled session, this
04 , day of July, 2017, hereby adopts the Nationwide Deferred Compensation Program and
hereby establishes the City of Jeffersonville 457 Deferred Compensation Plan for the voluntary
participation of all eligible employees, elected officials and independent contractors.
The Board of Public Works is hereby authorized to execute for the Employer, individual
participation agreements with each said employee requesting same, and to act as the
"Administrator" of the Plan representing the Employer, and to execute such agreements and
contracts as are necessary to implement the program.
SO RESOLVED THIS *IDAY OF JULY, "Works
Mik
Boary
AT ST:
Vicki Conlin, Clerk