Laserfiche WebLink
CO <br />0 0 <br />titi <br />��kESII.O <br />CITYof ORONO <br />RESOLUTION OF THE CITY COUNCIL <br />NO. 3056 <br />A RESOLUTION AUTHORIZING THE UNITED STATES CONFERENCE OF MAYORS <br />(USCM) DEFERRED COMPENSATION PROGRAM TO INCLUDE ALL CITY OF ORONO <br />EMPLOYEES, TO ENABLE THE PROGRAM TO BE USED AS AN OPTIONAL <br />PENSION PLAN FOR ORONO "OBRA" EMPLOYEES <br />WHEREAS, the City Council of the City of Orono adopted <br />Resolution 3029, A RESOLTUION AUTHORIZING PARTICIPATION IN THE <br />UNITED STATES CONFERENCE OF MAYORS DEFERRED COMPENSATION PROGRAM <br />(Exhibit A); and <br />WHEREAS, the City Council of the City of Orono has <br />considered offering this Deferred Compensation Program to all <br />eligible City employees and elected officials pursuant to federal <br />legislation permitting such plans as an alternative pension plan <br />for "OBRA" employees; and <br />WHEREAS, certain substantial tax benefits could accrue <br />to employees and elected officials participating in said Deferred <br />Compensation Plans; and <br />WHEREAS, such benefits will act as incentives to City <br />employees to set aside and invest portions of their current <br />income to meet their future financial requirements and supplement <br />their City retirement and Social Security (if applicable), at no <br />cost to the City; and <br />WHEREAS, the U.S. Conference of Mayors has established a <br />master prototype deferred compensation program for cities and <br />political subdivisions permitting its member cities and their <br />employees to enjoy the advantages of this program; and <br />WHEREAS, the guidelines for participation in the program <br />by "OBRA" employees will be set out in a separtate "OBRA" <br />alternative pension plan program, and <br />WHEREAS, the U.S. Conference of Mayors, as Plan <br />Administrator, agrees to hold harmless and indemnify the City, <br />its appointed and elected officers and participating employees <br />from any loss resulting from the U.S. Conference of Mayors or its <br />Agent's failure to perform its duties and services pursuant to <br />the U.S. Conference of Mayors Program; <br />NOW, THEREFORE, BE IT RESOLVED, by the City Council of <br />the City of Orono: <br />