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CITY of ORONO
RESOLUTION OF THE CITY COUNCIL
NO. 3029
A RESOLUTION TO ADOPT THE U.S. CONFERENCE OF MAYORS DEFERRED
COMPENSATION PROGRAM AS AN ADDITION TO THE CITY OF ORONO
DEFERRED COMPENSATION PLAN
WHEREAS, the City has considered the establishment of a
Deferred Compensation Plan to be made available to all eligible
city employees, elected officials, and independent contractors
pursuant to Federal legislation permitting such Plans; and
WHEREAS, certain substantial tax benefits could accrue
to employees, elected officials, and independent contractors
participating in said Deferred Compensation Plans; and
WHEREAS, such benefits will act as incentives to City
employees to voluntarily set aside and invest portions of the
current income to meet their future financial requirements and
t 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;
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, THE CITY COUNCIL OF THE CITY.OF ORONO
DOES HEREBY RESOLVE AS FOLLOWS:
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 voluntary participation of all eligible
city employees, elected officials and independent contractors.
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RESOLUTION OF THE CITY COUNCIL
NO. 3029
The Finance Director or his/her representative is 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.
Adopted by the City Council of the City of Orono,
Minnesota at a regular meeting held October 14, 1991
ATTWT:
othy Hallin, City Clerk
Barbara A. Peterson, Mayor