HomeMy Public PortalAboutResolution No. 051-95 01-24-1995 • RESOLUTION NO. 51-95
A RESOLUTION BY THE CITY COUNCIL OF
THE CITY OF RICHLAND HILLS, TEXAS,
ESTABLISHING A DEFERRED COMPENSATION
PLAN FOR THE CITY OF RICHLAND HILLS,
TEXAS.
WHEREAS, The City of Richland Hills 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 Richland Hills, Texas, that the City hereby adopts the U.S.
Conference of Mayors Deferred Compensation Program and its
attendant investment options and hereby establishes the City of
Richland Hills Deferred Compensation Plan for the voluntary
participation of all eligible city employees, elected officials,
and independent contractors.
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 to the City for
the Program.
• RESOLUTION NO. 51-95 PAID 2
PASSED AND APPROVED by the City Council of the City of
Richland Hills, Texas, by a vote of 5 ayes, 0 nays, and 0
abstentions this 24th day of January, 1995.
APPROVED:
C. F. KE EY, MAYOR
ATTEST:
r
TERR WILL , CITY RETARY
•
•
~'~s, ~'/-~s
THE UNITED STA~P~S CONFERENCE OF MAYORS ( SCM)
DEFERRED COMPENSATION PROGRAM
SAMPLE RESOLUTION OF THE COUNCIL OF THE CITY OF ~ c ~i ~~a ~s ~ ~
• In the Matter of: ESTABLISHING A DEFERRED COMPENSATION
PLAN FOR THE CITY OF: r4 ~ c ~...ra,d ~ ,~,1 d~~ No.
I, ,City Clerk of the City of ,State of
do hereby certify that the following resolution, proposed by
Councilmember ,seconded by Councilmember
was duly passed and adopted by the Council of the City of
at a regular meeting thereof assembled this day of
19 , by the following vote, to wit:
AYES: COUNCILMEMBERS:
NOES:
ABSENT:
CLERK
CITY OF
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 Iif appliable?, 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, THE CITY COUNCIL OF THE CITY OF
DOES HEREBY RESOLVE AS FOLLOWS:
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
Deferred Compensation Plan for the voluntary participation of all eligible city employees, elected officials
and independent contractors.
The 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 adminstrative matters, that there is to be no cost to the City for the
Program.
PASSED AND ADOPTEp THIS DAY OF , 19
1
~ ~
MAYOR CITY
ATTEST: CITY COORDINATOR, CITY OF
*This resolution contains the necessary technical language as to content and substance. If any change in
form is necessary in order to comply with applicable city requirements, please make such changes.
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