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HomeMy Public PortalAboutr 99:306 99-306 Date of Adoption~ No. IN THE MATTER OF REPLACING THE EXISTING DEFERRED COMPENSATION PLAN FOR THE BOROUGH OF CARTERET WHEREAS, the entity has established a Deferred Compensation Plan, in order to attract and retain qualified employees, which is available to all eligible employees, elected officials, and independent contractor pursuant to Section 457 of the Internal Revenue Code permitting such plans; and WHEREAS, the United States Conference of Mayors has established a Master Deferred Compensation Program for its members, permitting its members and their employees to enjoy the advantages of this program; and WHEREAS, by adopting the USMC Program, all regulatory, operational, administrative and fiduciary responsibilities were assumed by USCM on behalf of entity; and WHEREAS, the entity has previously adopted and is currently employing the USCM program; and WHEREAS, USCM has amended the deferred compensation Plan Document (07-PD- USCM/PEBSCO-041895) to incorporate the requirements of the Small Business Job Protection Act of 1996 (United States Public Law No.104-188) and such plan document has been filed with and approved by the State of New Jersey Department of Community Affairs; and WHEREAS, the entity wishes to adopt this amended Plan Document NOW, THEREFORE, BE IT RESOLVED by the Governing Body as follows: The Governing Body, meeting in regular session, this 20th day of September ,1999 hereby adopts the Plan Document (07-PD-USCM/PEBSCO-041895) and hereby re-establishes the Borough of Carteret Deferred Compensation Plan. The Borough of Carteret is adopting a defetTed compensation plan substantially similar to the one on which a favorable Private Letter Ruling has been previously obtained for the Internal Revenue Service except for provisions added by reason of the Small Business Job Protection Act of 1996 (U.S. Public Law No.104-188), and all such provisions are stated in the plan in terms substantially similar to the text of those provisions in the Internal Revenue Code Section 457. The use of the ruling is for guidance only and acknowledges that for Internal Revenue Service purposes, the ruling of another employer is not to be considered precedent. Pursuant to N.J.A.C. 5:37-5.7 there has been no collusion, or evidence or appearance of collusion, between any local official and a representative of the contractor in the selection of a contractor for the administration of a Service Agreement. IT IS HEREBY FURTHER ORDERED that a n~ue copy of this Court Order/Resolution be spread upon the Court's record of this date. Adopted this 20th day of September, 1999 and certified as a tree copy of the original on September 21, 1999. KATHLEEN M. BARNEY, Municipal Clerk 1999 RECORD OFCOUNCILVOTE - COUNCILMAN YES NO NV A.B. COUNCILMAN YES NO NV A.B. CRILLEY X MANCIJSO X FAZEKAS X O ' BRIEN GUTOWSKI X QIJINONES X X - Indicate Vote AB - Absent NV - Not Voting XOR - Indicates Vote to Overrule Veto Adopted at a meeting of the Municipal Council SPSt"l~z'flll~ 20, 1999 · -/ CLERK L.~