Resolution 1722 - Laserfiche WebLink

RESOLUTION NO. / 77 1 A RESOLUTION establishing a Deferred Compensation Plan for the voluntary participation of all eligible City 2 employees, elected officials, and independent contractors 3 4 WHEREAS, the City of Everett has considered the 5 establishment of a Deferred Compensation Plan to be made available to all eligible City employees, elected officials, and independent 6 contractors, pursuant to the newly-passed Federal legislation permitting 7 such plans; and 8 WHEREAS, certain substantial tax benefits could accrue to employees, elected officials, and independent contractors 9 participating in said Deferred Compensation Plan; and 10 WHEREAS, such benefits will act as incentives to these 11 individuals to voluntarily set aside and invest portions of their current income to meet their future financial requirements and supplement 12 their City retirement and Social Security payments (if applicable) 13 at no cost to the City; 14 NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF 15 THE CITY OF EVERETT that there is hereby adopted and established a Deferred Compensation Plan, with its attendant investment options, 16 for the voluntary participation of all eligible City employees, elected 17 officials, and independent contractors. 18 BE IT FURTHER RESOLVED that the Mayor, or his designee, is hereby authorized and directed to execute for the City individual 19 participation agreements with each said eligible individual requesting 20 same; and to act as the "administrator" of the Plan, representing the City; and to execute such agreements and contracts as are necessary to 21 implement the Plan. It is understood that there is to be no cost to the 22 City for this Plan other than the incidental expenses of collecting and 23 disbursing the individual participants' deferrals and other minor administrative matters. 24 25 26 / Mir " Councilman Intro• cing Resolution 27 Passed and approved this /) i day of December, 1979. 28 re .00 29 /1 Council President 30 31 32