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RESOLUTION 2006 — 8 <br />AUTHORIZING AN EMPLOYEE DEFERRED COMP PROGRAM WITH WENZEL & <br />ASSOCIATES D/B/A ING. <br />WHEREAS, the City of Hugo is modifying the said Deferred Compensation Plan <br />vendor options to be made available to all eligible City employees and elected officials pursuant <br />to Section 457 of the Internal Revenue Code permitting such Plans, to include ING serviced by <br />the agency Wenzel & Associates, Inc.; and <br />WHEREAS, such benefits will act as incentives to City employees to voluntarily set <br />aside and invest portions of their current income to meet their future financial requirements and <br />supplement their PERA retirement and Social Security; and <br />WHEREAS, Wenzel & Associates, as Agent of record, ING as product provider agrees <br />to hold harmless and indemnify the City, its appointed and elected officers and participating <br />employees from any loss resulting from their or their Agent's failure to perform their services <br />pursuant to the Program; <br />NOW, THEREFORE, BE IT RESOLVED that City of Hugo Council hereby authorizes <br />execution of such agreements and contracts as are necessary to expand the Deferred <br />Compensation program. <br />IT IS FURTHER RESOLVED that other than the incidental expenses of collecting and <br />dispensing of the employee deferrals and other minor administrative matters there will be no cost <br />or contribution by City of Hugo to the program <br />Adopted by the City of Hugo, Minnesota this 6th day of March 2006. <br />ATTEST: <br />Ma& Creager, City Cl <br />