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....... '.. '.�. . :• ... �i- .. ..� _�. '.. ". r A�. ';t n a..... � r . ... .. _a 1-_ry ._ ... ... �.....!>..a .r.. -.1• .• • .. M1.� N. r <br />O �\ <br />O O <br />ti <br />ESH / <br />CITY of ORONO <br />RESOLUTION OF THE CITY COUNCIL <br />NO. 3029 <br />A RESOLUTION TO ADOPT THE U.S. CONFERENCE OF MAYORS DEFERRED <br />COMPENSATION PROGRAM AS AN ADDITION TO THE CITY OF ORONO <br />DEFERRED COMPENSATION PLAN <br />WHEREAS, the City has considered the establishment of a <br />Deferred Compensation Plan to be made available to all eligible <br />city employees, elected officials, and independent contractors <br />pursuant to Federal legislation permitting such Plans; and <br />WHEREAS, certain substantial tax benefits could accrue <br />to employees, elected officials, and independent contractors <br />participating in said Deferred Compensation Plans; and <br />WHEREAS, such benefits will act as incentives to City <br />employees to voluntarily set aside and invest portions of the <br />current income to meet their future financial requirements and <br />t supplement their City retirement and Social Security (if <br />applicable), at no 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; <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, THE CITY COUNCIL OF THE CITY.OF ORONO <br />DOES HEREBY RESOLVE AS FOLLOWS: <br />The City Council hereby adopts the U.S. Conference of <br />Mayors Deferred Compensation Program and its attendant investment <br />options and hereby, establishes the City of Orono Deferred <br />Compensation Plan for the voluntary participation of all eligible <br />city employees, elected officials and independent contractors. <br />0 <br />