HomeMy Public PortalAboutr 96:140No. 96-140 Date of Adoption May 16, 1996
BOROUGH OF CARTERET, STATE OF NEW JERSEY
DEFERRED COMPENSATION PLAN - PEBSCO
WHEREAS, the Borough of Carteret desires to attract and retain qualified
employees to the Borough of Carteret and, as a means thereof to make available to
these employees the accrual of tax benefits ora Section 457 Deferred Compensation
Plan; and
WHEREAS, PEBSCO has been found to possess the necessary administrative,
enrollment and servicing capabilities for a Section 457 Deferred Compensation Plan;
and
WHEREAS, PEBSCO, as Plan Administrator agrees to hold harmless and indemnify
the Borough of Carteret, it's officers, elected officials and participating employees
from any loss resulting from PEBSCO or its agents failure to perform its duties and
services to the USMC Program; and
NOW, THEREFORE, BE IT FURTHER RESOLVED that the Borough of
Carteret is adopting a Deferred Compensation Plan prepared by PEBSCO and
assigned by the Director of the Division of Local Government Services the Plan
Identifier: 07-PD-USCM/PEBSCO-041895.
BE IT FURTHER RESOLVED that the Borough of Carteret does hereby authorize
the implementation of the Borough of Carteret 457 Deferred Compensation Plan.
BE IT FURTHER RESOLVED that the Borough of Carteret is adopting a Deferred
Compensation Plan substantially similar to one which a favorable Private Letter
Ruling has been previously obtained from the Internal Revenue Service. The use of
the Ruling is for guidance only and the Borough acknowledges that for Internal
Revenue Service purposes, the Ruling of another employer is not to be considered
precedent.
BE IT FURTHER RESOLVED that the Plan Administrator, Borough Treasurer,
shall be designated as the official representative of the Borough with regard to the
implementation and administration of the Plan. The Plan Administrator, Borough
Treasurer, shall be authorized to execute such agreements and contracts as are
necessary to implement and administer the Plan;
BE IT FURTHER RESOLVED that:
(1) Solicit Proposals: A request for proposals for a Deferred Compensation Plan
and Services Agreement was prepared and made available to the providers
of deferred compensation services.
(2) Responding Vendors: The vendors responding to the request were:
Equitable Life, Mutual of Omaha, Valic, Metlife and N.P.C.(National
Plan Coordinators)
(3) Selection Rationale: The successful vendor is PEBSCO. The Borough
reviewed all of the proposals submitted and met with the representatives
of the responding companies. PEBSCO was selected because PEBSCO
has been found to possess the necessary administration, enrollment and
servicing capabilities for the Borough of Carteret. Other reasons for
the selection were impressive professional presentation, proven performance
plus the above mentioned qualifications.
NO. 96-140 PAGE 2
BE IT FURTHER RESOLVED that PEBSCO shall be retained by the Borough of
Carteret as the contractor under the Deferred Compensation Plan and PEBSCO shall
educate all Borough employees regarding the Deferred Compensation Plan and shall
enroll and service these employees who elect to voluntarily participate in the Plan.
As enrolling agent, PEBSCO shall be the alternate Agent for funding options to be
offered under the Plan.
BE IT FURTHER RESOLVED that 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 pursuant to N.J.A.C. 5:37-5.7.
BE IT FURTHER RESOLVED that the Mayor and Borough Clerk are hereby
authorized to execute a Service Agreement with PEBSCO and that such Service
Agreement has been assigned by the Director of the Division of Local Government
Services the following identifier: 07-SA-USCM/PEBSCO-041895 and to submit all
necessary documents to the Director of Local Government Services in the State
Department of Community Affairs.
BE IT FURTHER RESOLVED that a certified copy of this Resolution be
forwarded to the Borough of Carteret Plan Administrator.
BE IT FURTHER RESOLVED that this resolution is passed in conjunction with
Resolution 96-141 and is not intended to delete, replace or substitute for said
resolution.
Adopted this 16th day of May, 1996
and certified as a true copy of the
original on May 17, 1996.
KATHLEEN M. BARNEY,
Municipal Clerk
SUSAN E. JACKL1N,
Assistant Municipal Clerk
RECORD OF COUNCIL VOTE
COUNCILMAN YES NO NV A.B. COUNCILMAN YES NO NV A.B.
BIAID~ARCZUK X '~_31'~0I~ X
FATIACE X O' BRTFN X
F.aZlU(AS X VESEY X
X - Indicate Vote AB - Absent NV - Not Voting XOR - lndicalcs Vote to Overrule____Veto S j
Adopted at a meeting of ~he Municipal Council
_____ MAY 16, 1996