HomeMy WebLinkAbout1997-R-44 RESOLUT,ON .O. 97-R-
A RESOLUTION FOR THE ESTABLISHMENT
OF DEFERRED COMPENSATION PLAN SECTION 457
FOR THE CITY OF JEFFERSONVlLLE
WHEREAS, on April 7, 1997, the Common Council of the City of
Jeffersonville passed and adopted a Resolution Establishing a Deferred
Compensation Plan for the City of Jeffersonville (Resolution No. 97-R-24); and
WHEREAS, the Deferred Compensation Plan is made available to all
eligible city employees, elected officials, and independent contractors pursuant to
Federal legislation permitting such Plans; and
WHEREAS, the City of Jeffersonville (the "City") has considered the
establishment of a second deferred compensation plan to be made available to
the city employees, elected officials, and independent contractors in order to give
them the opportunity of having the option to choose in which plan they want to
participate; and
WHEREAS, Kevin Burke and Mary Pat Boone have presented to the City
Deferred Compensation Plan Section 457 (the "Plan") offered by Heritage
Financial Services, through Annuity Investors Life Insurance Company, Inc.; and
WHEREAS, certain substantial tax benefits could accrue to employees,
elected officials, and independent contractors participating in said Plan; and
WHEREAS, such benefits will act as incentives to City employees to
voluntarily set aside and invest portions of their 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
NOW, THEREFORE, BE IT HEREBY RESOLVED the City Council
hereby adopts the Heritage Financial Services Deferred Compensation Program
and its attendant investment options as a choice for the City's employees within
the City's Deferred Compensation Plan for the voluntary participation of all
eligible city employees, elected officials and independent contractors. .
The Deputy 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 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.
Passed and adopted this.~_._ day of /~//~ b~. , 199~
by the Common Council of the City of J~.~.~**,_Clark ~nt~a.
-¢(~omas R. Galli~an '¢
Presiding Officer
ATTEST:
C. R~chard spencer//Sr. ~"
Clerk and Treasure~'
Presented by me as Clerk and T~asurer to the Mayor of said City of
Jeffersonvillethis ~' dayof .,/~/.~". ,~9~. ~.~,
C. Richard Spencer, J// (---/
Clerk and Treasurer
· Approved and signed by me this ~ d/a.~f , _////~/_.,/~.., 199__.~
an, I~ay~/t