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RESOLUTION N0. 2200 <br />WHEREAS, the City has considered the establishment of <br />a Deferred Compensation Plan to be made available to all <br />eligible city employees, elected officials, and independent <br />contractors pursuant to the newly passed Federal legislation <br />permitting such Plans; and, <br />WHEREAS, certain substantial tax benefits could accrue <br />to employees, elected officials, and independent contractors <br />participating in said Deferred Compensation Plans; and, <br />WHEREAS, such benefits will act as incentives to City <br />employees to voluntarily set aside and invest portions of <br />their current income to meet their future financial require- <br />ments and supplement their City retirement and Social Security <br />(if applicable) at no cost to the City; and, <br />WHEREAS, the U. S. Conference of Mayors has established <br />a master prototype deferred compensation program for cities <br />and political subdivisions permitting its member cities and <br />their employees to enjoy the advantages of this program; <br />NOW, THEREFORE, <br />BE IT RESOLVED BY THE CITY COUNCII, OF THE CITY OF PARIS, <br />that the City Council hereby adopt the U. S. Conference of <br />Mayors Deferred Compensation Program and its attendant invest- <br />ment options and hereby establishes the City of Paris Officials <br />and Independent Contractors Deferred Compensation Plan, <br />BE IT FURTHER RESOLVED, that Robert W. Sokoll, City Manager <br />of the City of Paris, be, and he is hereby authorized to <br />execute for the City, individual participation agreements <br />with each said employee requesting same, and to act as the <br />"Administrator" of the plan representing the City, and to <br />execute such agreements and contracts as are necessary to <br />implement the Program. It is emplicitly understood that <br />other than the incidental expenses of collecting and disbursing <br />the employee's deferrals and other minor administrative rnatters, <br />that there is to be no cost or contribution by the City to the <br />Program. <br />Passed and adopted this 9th day of August, 1982. <br />GJa-1 , ;A..M,"I <br />73'e-Grahat, Mayor <br />ATTEST: <br />H. C. Gre ne, City C er <br />APPROVED AS TO FORM: <br />- Z-1 <br />~ <br />T. K. Haynes, City Attorney <br />