HomeMy WebLinkAboutResolution 288 Deferred Compensation Plan
RESOLUTION NO. 288
A RESOLUTION OF THE CITY OF WINTER SPRINGS,
FLORIDA, ESTABLISHING A DEFERRED COMPENSATION
PLAN FOR EMPLOYEES OF THE CITY OF WINTER SPRINGS,
FLORIDA.
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 requirements and supplement their
City retirement and Social Security, 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 COUNCIL
OF THE CITY OF WINTER SPRINGS, FLORIDA, AS FOLLOWS:
SECTION I - The City Council hereby adopts the U. S.
Conference of Mayors Deferred Compensation Program and its attendant in-
vestment options and hereby establishes the City of Winter Springs, Florida
Deferred Compensation plan for the voluntary participation of all eligible
city employees, elected officials and independent contractors.
SECTION II - The Public Employees Benefit Services
Corporation/Small Business Financial Group, Inc., 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.
PASSED and ADOPTED this 12th day of
February, 1980.
CITY OF WINTER SPRINGS, FLORIDA
By Troy J. Piland, Mayor
ATTEST:
Mary T. Norton
City Clerk