Laserfiche WebLink
y <br />f-; <br />E <br />(1) The City Council hereby adopts the U.S. Conference <br />of Mayors Deferred Compensation Program and its <br />attendant investment options and hereby establishes <br />the City of Orono Deferred Compensation Plan for <br />the participation of all eligible City Employees <br />and elected officials; and <br />(2) The City Administrator or his designee are hereby <br />authorized to execute for the City^ individual <br />participation agreements with each said employee <br />requesting same, and to act as the "Administrator” <br />of the Plan representing the City, and to execute <br />such agreements and contracts as are necessary to <br />implement the Program. It is implicitly understood <br />that other than the incidental expenses of <br />collecting a.iU disbursing the employee's deferrals <br />and other minor administrative matters, that there <br />is to be no cost to the city for the Program. <br />(3) The Mayor and City Clerk are hereby authorized to <br />execute the necessary documents to allow the City <br />of Orono to authorize its Deferred Compensation <br />Program with the United Sta^.es Conference of Mayors <br />to incl'^de all city employees, to enable the <br />progra < < be used as an optional pension plan for <br />Orono "ObtvA" employees. <br />Adopted by the City Council of the City of Orono, <br />Minnesota at a regular meeting held December 9, 1991. <br />ATTEST: <br />Barbara A. Peterson, Mayor <br />Dorothy M. Hallin, City Clerk <br />-V 'V '