91-90
".
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City of Chanhassen
Carver and Hennepin Counties, Minnesota
DATE:
SeDtember 23. 1991
RESOLUTION NO:
91-90
MOTION BY: Dimler
SECONDED BY:
Mason
RESOLUTION APPROVING ENROLLMENT OF CHANHASSEN
FIREFIGHTERS IN THE UNITED STATES CONFERENCE
OF MAYORS (USMC) DEFERRED COMPENSATION PROGRAM
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 of Federal legislation permitting such Plans; and
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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 retirement 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 ci ties 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 CHANHASSEN
DOES HEREBY RESOLVE AS FOLLOWS:
e
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 Chanhassen Deferred
Compensation Plan for the voluntary participation of all eligible
city employees, elected officials and independent contractors.
The City Treasurer 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
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administrative matters, that there is to be no cost to the City for
the Program.
Passed and adopted by the Chanhassen City Council this
day of SeDtember 1991.
ATTEST:
~a ~._~
Don Ashworth, City Clerk/Manager
YES
Chmiel
Workman
Dimler
Mason
Winq
None
23rd
NO
ABSENT
None