2200 RES CONSIDERED ESTABLISHMENT OF DEFERRED COMPENSATION PLANRESOLUTION N0. 2200
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 the newly passed 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
their current income to meet their future financial require-
ments 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;
NOW, THEREFORE,
BE IT RESOLVED BY THE CITY COUNCII, OF THE CITY OF PARIS,
that the City Council hereby adopt the U. S. Conference of
Mayors Deferred Compensation Program and its attendant invest-
ment options and hereby establishes the City of Paris Officials
and Independent Contractors Deferred Compensation Plan,
BE IT FURTHER RESOLVED, that Robert W. Sokoll, City Manager
of the City of Paris, be, and he 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 emplicitly understood that
other than the incidental expenses of collecting and disbursing
the employee's deferrals and other minor administrative rnatters,
that there is to be no cost or contribution by the City to the
Program.
Passed and adopted this 9th day of August, 1982.
GJa-1 , ;A..M,"I
73'e-Grahat, Mayor
ATTEST:
H. C. Gre ne, City C er
APPROVED AS TO FORM:
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T. K. Haynes, City Attorney