HomeMy WebLinkAbout2006.03.06 RESO 2006-0008RESOLUTION 2006 — 8
AUTHORIZING AN EMPLOYEE DEFERRED COMP PROGRAM WITH WENZEL &
ASSOCIATES D/B/A ING.
WHEREAS, the City of Hugo is modifying the said Deferred Compensation Plan
vendor options to be made available to all eligible City employees and elected officials pursuant
to Section 457 of the Internal Revenue Code permitting such Plans, to include ING serviced by
the agency Wenzel & Associates, Inc.; and
WHEREAS, such benefits will act as incentives to City employees to voluntarily set
aside and invest portions of their current income to meet their future financial requirements and
supplement their PERA retirement and Social Security; and
WHEREAS, Wenzel & Associates, as Agent of record, ING as product provider agrees
to hold harmless and indemnify the City, its appointed and elected officers and participating
employees from any loss resulting from their or their Agent's failure to perform their services
pursuant to the Program;
NOW, THEREFORE, BE IT RESOLVED that City of Hugo Council hereby authorizes
execution of such agreements and contracts as are necessary to expand the Deferred
Compensation program.
IT IS FURTHER RESOLVED that other than the incidental expenses of collecting and
dispensing of the employee deferrals and other minor administrative matters there will be no cost
or contribution by City of Hugo to the program
Adopted by the City of Hugo, Minnesota this 6th day of March 2006.
ATTEST:
Ma& Creager, City Cl