HomeMy Public PortalAbout1994_05_10_R101The Town of
Leesburg,
.rg ma
RESOLUTION NO.
A RESOLUTION:
PRESENTED ~4~y tO, 19q4
94-101 ADOPTED 3{ay 10:1994
ESTABLISHING A DEFERRED COMPENSATION PLAN FOR THE TOWN OF
LEESBURG
WHEREAS, the town has considered the establishment of a Deferred Compensation Plan to be
made available to all eligible town employees and elected officials pursuant to Federal legislation
permitting such plans; and
WHEREAS, certain substantial tax benefits could accrue to employees and elected officials
participating in said Deferred Compensation Plans; and
WHEREAS, The U.S. Conference of Mayors has established a master prototype deferred
compensation program for towns, 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 town, its appointed and elected officials 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:
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
The Town Council hereby adopts the U.S. Conference of Mayors Deferred Compensation Program
and its attendant investment options and hereby establishes the Town of Leesburg Deferred
Compensation Plan for the voluntary participation of ail eligible town employees and elected officials.
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
-2-
A RESOLUTION:
ESTABLISHING A DEFERRED COMPENSATION PLAN FOR THE TOWN OF
LEESBURG
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 town
for the program.
PASSED this 10th day of ~{ay ,1994.
Town of Leesburg
ATTEST:
Clerk of Council
r:deferred