HomeMy Public PortalAboutRES 85/01RESOLUTION NO. 85-1
A RESOLUTION OF THE TOWN OF GULF STREAM, FLORIDA, AUTHORIZ-
ING THE ESTABLISHMENT OF A DEFERRED COMPENSATION PLAN FOR
THE TOWN OF GULF STREAM AND ITS EMPLOYEES, ELECTED OFFICALS,
AND INDEPENDENT CONTRACTORS.
WHEREAS, the town has considered the establishment of a Deferred
Compensation Plan to be made available to all eligible town 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 em-
ployees, elected officials, and independent contractors participating in said
Deferred Compensation Plans; and
WHEREAS, such benefits will act as incentives to town employees
to voluntarily set aside and invest portions of their current income to
meet their future financial requirements and supplement their town retire-
ment and Social Security, at no cost to the town and
WHEREAS, the U.S. Conference of Mayors has established a master
prototype deferred compensation program for cities and political subdivis-
ions permitting its member cities and their employees to enjoy the advantages
of this program;
NOW, THEREFORE, THE TOWN COMMISSION, OF THE TOWN OF GULF STREAM,
FLORIDA DOES HEREBY RESOLVE AS FOLLOWS:
The Town Commission hereby adopts the U.S. Conferecne of Mayors
Deferred Compensation Program and its attendant investment options and
hereby establishes the Town of Gulf Stream Deferred Compensation plan for
the volunrary participation of all eligible town employees, elected of-
ficals and independent contractors.
The Town Manager is hereby authorized to execute for the Town,
individual participation agreements with each said employee requesting
same, and to act as the "Administrator" of the plan representing the Town,
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 Town to the Program.
PASSED AND ADOPTED by the Commission of the Town of Gulf Stream,
Palm Beach County, Florida this 11th day of January 1985.
i
MAYOR
ATTEST:
P.�
Town Clerk-)
JE MAYOR
COMMISS ONF,t
RESOLUTIONS 1983
83 -1 Opposing the relocation of the Ocean Avenue Bridge (State
Road 804) in the Town of Ocean Rdige, Florida and urging
that no further funds be expended on the proposed project;
and supporting the repair or repair or replacement of the
existing bridge.
83 -2 To borrow money from the Sun First National Bank of Palm
Beach County ($265,000.00) for the purchase of the prop-
erty adjacent to the Town Hall, known as the Phipps prop-
erty.
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