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CITYof ORONO
RESOLUTION OF THE CITY COUNCIL
NO. 3056
A RESOLUTION AUTHORIZING THE UNITED STATES CONFERENCE OF MAYORS
(USCM) DEFERRED COMPENSATION PROGRAM TO INCLUDE ALL CITY OF ORONO
EMPLOYEES, TO ENABLE THE PROGRAM TO BE USED 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
WHEREAS, 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
WHEREAS, certain substantial tax benefits could accrue
to employees and elected officials participating in said Deferred
Compensation Plans; and
WHEREAS, such benefits will act as incentives to City
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 to
the U.S. Conference of Mayors Program;
NOW, THEREFORE, BE IT RESOLVED, by the City Council of
the City of Orono:
IN 0 kb 01V R-MWEI
RESOLUTION OF THE CITY COUNCIL
NO. 3056
(1) The City Council hereby adopts the U.S. Conference
of Mayors Deferred Compensation Program and its
attendant investment options and hereby establishes
the City of Orono Deferred Compensation Plan for
the participation of all eligible City Employees
and elected officials; and
(2) The City Administrator or his designee are hereby
authorized to execute for the City, individual
participation agreements with each said employee
requesting same, and to act as the "Administrator"
of the Plan representing the City, and to execute
such agreements and contracts as are necessary to
implement the Program. It is implicitly understood
that other than the incidental expenses of
collecting and disbursing the employee's deferrals
and other minor administrative matters, that there
is to be no cost to the city for the Program.
(3) The Mayor and City Clerk are hereby authorized to
execute the necessary documents to allow the City
of Orono to authorize its Deferred Compensation
Program with the United States Conference of Mayors
to include all city employees, to enable the
program to be used as an optional pension plan for
Orono "OBRA" employees.
Adopted by the City Council of the City of Orono,
Minnesota at a regular meeting held December 9, 1991.
Barbara A. Peterson, Mayor
ATTEST:
F1 v- v v / • 4
orothy M allin, City Cler