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HomeMy Public PortalAboutR 00:365No. 00-365 DaTe of Adoption [qovember 2 2000 RESOLUTION TO ADOPT A LENGTII OF SERVICE AWARI) PI/OGRAM DEFFERRED PLAN PROVIDEI) BY LICOLN NATIONAL LIFE INSURANCE COMPANY AND LINCOLN FINANCIAL GROUI' Wl iEREAS, the Borough of Carteret has agreed to the establishmeut of a Length of Service Award Program (LOSAP) Deferred Compensation Plan. This plan is to be made available to ail bona fide eligible volunteers who are pertbrming qualified services which is defined as fire fighting and prevention services, emergency nredical services and ambulance services pursuant to Section 457 of the Internal Rcvenac Code of 1986, as amended, except for provisions added by reason of the Length of Service Award Program as enacted into Federal law in 1997. The establishment of this Length of Service Award Program will also comply with New Jersey Public Law 1997. Chapter 388 and thc Length of Service Award Plan Documcln; and WIIEREAS, the Borongb of Carteret deems it appropriate to act to ensure retention of existing members and to provide incentives for recrniting new volunteer firelighters/lirst aid organization melnbers; and WHEREAS, the Borough of Carteret has a Length of Service Award Plan Document that implements the Programs objectives; and WI1EREAS, certain tax benefits conld accrue to eligible volunteer firefightcrs organization melnbers. NOW THEREFORE BE IT RESOLVED that the Borough of Carteret is adopting a Length of Service Award Program Deferred Plan which is substantially silnJlar to a Plan that has been submitted to the Internal Revenue Service for a Private Letter Ruling. The use of the Ruling is for guidance only and the I3orough o['Carteret acknowledges that for Internal Revenue Service purposes, the Ruling of al~other sponsoring agency is not to be considered precedent; and BE IT FURTHER RESOLVED by the Governing Body of the Borough of Carteret that, it hereby adopts a Length of Service Award Program Deferred Plan provided by the Lincoln Natioual Life Insurance Company and Lincoln Financial Group, it's agent, Plan Identifier: 01 -LOSAP-LINCOLN-101700; and BE IT FURTHER RESOLVED that The Lincoln National Life Insurance Company and Lincohr Financial Group, it's agent, has agreed to be the provider for tile Borough of Carteret Length of Service Award De£erred Program and it's eligible volunteers as provided for ill it's Length of Service Award Plan Document, Plan Identifier: 01-LOSAP-LINCOLN-101700; and BE IT FURTHER RESOLVED that tile Lincoln National Life Insurance Company and Lincoln Financial Gronp it's agent, will provide, for the benefit of the participaots, a Multi-Fund Variable Annuity contract as its fllnding vehicle; and BE IT FURTIIER RESOLVED that in accordance with N.J.A.C. 5:37-7.1(a) the Borough of Cartel'et solicited a proposal for a Lengtb of Service Award Program (LOSAP) and Service Agreement fi'om Lincoln National Life lnsnrance Company and Lincoln Financial Group it's agent, tile only provider cnrrently doing LOSAP business in the State of New Jersey. A written waiver from the requirement for soliciting proposals fi'om two or lnore providers offering prototypical length o f service award plans was issued by the Director of the Division of Local Governlnent Services in the State Department of Community Affairs; and · ~O. 00-365 PAGE ? BE IT FURTIIER RESOLVEI) that the Mayor and Council accepted Lincoln National Life lnsnrance Comf)any's proposal because of thc level of service, Ibc financial stability of the company, features of tile plan's investment options and references; and BE 1T FURTItER RESOLVEI) that there bas been no collusion, or evidence or appem'ance of collusion, between any local official and a representative of Lincoln National Life Insurance Company and Lincoln Financial Group, it's agent, in the selection of a provider. BE 1T FURTIIER RESOLVED that the Chief Finance Officer is anthorized to execute an Administrative Services Agreenrent with the Lincoln National Life Insnrance Company and Lincoln Financial Group, its agent, Plan Identifier: 01-LOSAP-LINCOI~N- 101700, and such other agreements as are necessary to implement tire LOSAP Deferred Program. It is implicitly understood that there is to be no cost other than the Service Award by the Borongh of Carteret to the program; and BE IT FURTIIER RESOLVED that the Chief Finance Officer is authorized to serve as the "Local Plan Administrator" of the plan, represent the Borough of Carteret, and execute individual Participation Agreements between Lincoln National Life Insurance Company and I.incoln I:inancial Gronp, it's agent and bona fide eligible vohmteers; and BE El' FURTHER RESOLVED by the Borongh o1' Carteret that the Municipal Clerk tbrwards a certified true copy of this resolution to the Chief Finance Officer; and BE lq[' FURTIIER RESOLV1pA) that the Chief Finance Officer will submit all necessary documents to the Director of the Division of Local ©overnment Services in the State Department of Community Affairs for approval. Adopted this 2nd day of November, 2000 and Certified as a true copy of the original on November 3, 2000. KATHLEEN M. BARNEY, RMC/~ ............. Municipal Clerk COUNCILblAN CRTI.I.EY FAZRKAS 0'BRIEN X - Indicalc Vole RECORD OE COUNCIL VOTE COUNCILMAN All - Absent NV- Not Voti.g XOR- I.dlt'atcs Vine m Overrule Veto Adopmd at a mcctiug of thc lvhmicil)al Council 2000