HomeMy WebLinkAbout79-464 09-11-1979RESOLUTION No. 464
WHEREAS, recently enacted federal legislation permits the
establishment, of a Deferred Compensation Plan for eligible employees,
elected officials and officers of the City of Euless, Texas; and
WHEREAS, certain subtantial tax benefits could accrue to em-
ployees, elected officials and officers of the City should they
desire to participate in such Deferred Compensation Plan; and
WHEREAS, such benefits may serve as incentive to such eligible
employees, elected officials and officers to voluntarily set aside
and invest portions of their current income to meet their future
financial requirements and to supplement retirement benefits; and
WHEREAS, participations in such Deferred Compensation Plan
would be at no cost to the City of Euless, Texas; and
WHEREAS, the U.S Conference of Mayors has established a mas-
ter prototype Deferred Compensation Program for cities and political
subdivisions permitting its member cities and their eligible em-
ployees, elected officials and officers to enjoy the advantages
of such program; and
WHEREAS, the City of Euless, Texas, is a member city of the
U.S. Conference of Mayors; and
WHEREAS, the Euless City Council desires to provide the oppor-
tunity of participation to its eligible employees, elected officials
and officers in such Deferred Compensation Plan.
NOW, THEREFORE, be it resolved by the City Council of the City
of Euless, Texas, in regular session duly convened, that such Council,
by this Resolution, does adopt the U.S. Conference of Mayors Deferred
Compensation Program and its attendant investment options and here-
by establishes the City of Euless, Texas, Deferred Compensation
Plan for the voluntary participation of all eligible employees,
elected officials and officers of such City.
The City Manager of the City of Euless, Texas, is hereby autho-
rized to execute for and on behalf of the City, individual parti-
cipation agreements with each of said eligible employees, elected
officials and officers requesting same, and to act as the "Adminis-
trator" of the Plan representing the City, and to execute such
agreements and contracts as are necessary to implement such Plari.
It is implicitly understood that other than the incidental expenses
of collecting and disbursing the employee's, elected officials and
officers deferrals and other minor administrative matters, that
there is to be no cost or contribution by the City to such Plan.
ADOPTED by be City Council of the City of Euless, Tm a
a regularly'"sched _Ied meeting on this the lltb day. $w rMr,
1979', by a vote o -. 5 ayes, 0 nays and 0 `abste }ti8r}S:
ATTEST:
APPROVED:
?c/a,toze,&
Harold -Samuel, Mayor