HomeMy WebLinkAbout20008 RES - 10/13/1987A RESOLUTION
ADOPTING THE U. S. CONFERENCE OF MAYORS DEFERRED
COMPENSATION PROGRAM.
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 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 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 from 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, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
CORPUS CHRISTI, TEXAS:
SECTION 1. That the City Council hereby adopts the U. S. Conference
of Mayors Deferred Compensation Program and its attendant investment options and
hereby establishes the City of Corpus Christi Deferred Compensation Plan for the
voluntary participation of all eligible City employees, elected officials and
independent contractors.
SECTION 2. 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 or contribution by the City
to the Program.
ATTEST:
City Secretary %%--,�''/� �
APPRO ED: I S�� DAY OF D��p"!�"� , 19
By
08.1
rney
tIMMEI
THE CITY OF CORPUS CHRISTI, TEXAS
20008
MICROFILMED
Corpus Christi, Texas
l3 day of CC04.1r1.7 , 1981
The above resolution was passed by the following vote:
Betty N. Turner
David Berlanga, Sr.
Leo Guerrero
Frank Mendez
Clif Moss
Bill Pruet
Mary Rhodes
Mary Pat Slavik
Linda Strong
99.066.01
ctAp
20008