HomeMy WebLinkAbout2000.08.21 RESO 2000-0024RESOLUTION 2000-24
THE UNITED STATES CONFERENCE OF MAYORS (USCM)
DEFERRED COMPENSATION PROGRAM
SAMPLE RESOLUTION OF THE COUNCIL OF THE CITY OF Hugo, MN
In the Matter of: ESTABLISHHING A DEFERRED COMPENSATION No.
PLAN FOR THE CITY Ougo F:
2000-24
L Mary Ann Creager City Clerk of the City of Hugo , State of
Minnesota , do hereby certify that the following resolution, proposed by
Councilmember Chuck Haas. , seconded by Councilmember
Jim Leroux , was duly passed and adopted by the Council 2f the City of
Hugo , at a regular meeting thereof assembled this day of
August , AK 2000, by the following vote, to wit:
AYES: COUNCILMEMBERS: Barnes, Haas, Leroux, Petryk, Stoltzman
NOES: NONE
ABSENT: NONE
Mary Ann Creager City CLERK
CITY OF 411110
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 supplement their City retire-
ment 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 Hugo, Minnesota
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 RRIZO -
Deferred Compensation Plan for the voluntary participation of all eligible city employees, elected officials
and independent contractors.
The Finance Director 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.
PASSED AND ADOPTED TH S 21st DAY OF August , 2000
Hugo, MN
M YOR CITY
Clerk Hugo
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ATTEST: CITY QgixlQIR, CITY OF g
*This resolutio the necess technical language as to content and substance. If any change in
form is necessary itainsn order to comply with applicable city requirements, please make such changes.
DC -390—A (8/95) White — Service Center, Canary — Entity, Pink — PEBSCO Field Representative