12-09-1991 Council Packet - Laserfiche WebLink

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A RB8OL0TION AOTMORISIIIG THB ONITBD STATES CONPBRBNCfe OF MAVORS (U8CH) DBPBRRBD COHPBMSATIOM PROGRAM TO IMCLODE ALL CITY OF ORONO BNPLOTBBS, TO BRABLE THB PROGRAM TO BE OS ED AS AN OPTIONAL PENSION PLAN FOR ORONO ”OBRA* EMPLOYEES WHEREAS, the City Council of the City of Orono adopted Resolution 3029, A RESOLTUION AUTHORIZING PARTICIPATION IN THE UNITED STATES CONFERENCE OF MAYORS DEFERRED COMPENSATION PROGRAM (Exhibit A); and WHBRBA8, the City Council of the City of Orono has considered offering this Deferred Compensation Program to all eligible City employees and elected officials pursuant to federal legislation permitting such plans as an alternative pension plan for **OBRA” employees; and WHBRBA8, certain substantial tax benefits could accrue to employees and elected officials participating in said Deferred Compensation Plans; and WHBRBA8, such benefits will act as incentives to Cit> employees to set aside and invest portions of their 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; and WHEREAS, the guidelines for participation in the program by "OBRA" employees will be set out in a separtate "OBRA" alternative pension plan program, and 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 tc the U.S. Conference of Mayors Program; HOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Orono: i .l