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RESOLUTION NO . M2/ <br /> A RESOLUTION establishing a Deferred <br /> Compensation Program for the voluntary <br /> participation of all eligible City <br /> employees and elected officials , <br /> (except day laborers) . <br /> WHEREAS , the City of Everett has considered the <br /> establishment of a Deferred Compensation Program to be made <br /> available to all eligible City employees and elected officials , <br /> (except day laborers) , pursuant to the Federal legislation <br /> permitting such plans ; and <br /> WHEREAS certain substantial tax benefits could accrue <br /> to eligible City employees and elected officials participating in <br /> said Deferred Compensation Program; and <br /> WHEREAS such benefits will act as incentives to these <br /> individuals to voluntarily set aside and invest portions of their <br /> current income to meet their future financial requirements and <br /> supplement their City retirement and Social Security payments (if <br /> applicable) at no cost to the City unless otherwise set forth in a <br /> collective bargaining agreement or ordinance ; <br /> NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF <br /> EVERETT that there is hereby adopted and established a Deferred <br /> Compensation Plan, with its attendant investment options , for the <br /> voluntary participation of all eligible City employees and elected <br /> officials . <br /> BE IT FURTHER RESOLVED that the Mayor , or his designee, is <br /> hereby authorized and directed to execute for the City individual <br /> participation agreements with each said eligible individual <br /> requesting same ; and to act as the "administrator" of the Plan, <br /> representing the City ; and to execute such agreements and contracts <br /> as are necessary to implement the Plan. It is understood that there <br /> is to be no cost to the City for this Plan, unless otherwise set <br /> forth in a collective bargaining agreement or ordinance, other than <br /> the incidental expenses of collecting and disbursing the individual <br /> participants ' deferrals and other minor administrative matters . <br /> . . ur . n ntroduc ' + - . ution <br /> Passed and approved this oe0O d y of %ft.' , 1992 . <br /> Heil Pres dent <br />