Resolution 92-01
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RESOLUTION NO.
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A RESOLUTION FOR THE CITY OF WYLIE, TEXAS
ESTABLISHING A DEFERRED COMPENSATION PLAN
UNDER THE UNITED STATES CONFERENCE OF
MAYORS 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 to Federal
legislation permitting such Plans; and
WHEREAS,
certain substantial tax benefits
employees, elected officials,
contractors participating in
Compensation Plans; and
could accrue to
and independent
said Deferred
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
cities and political subdivisions permitting its
member cities and their employees to enjoy the
advantages of this program; and
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; and
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF WYLIE, TEXAS
DOES HEREBY RESOLVE AS FOLLOWS:
SECTION 1 The City Council hereby adopts the U. S.
Conference of Mayors Deferred Compensation Program
and its attendant investment options and hereby
established the City of Wylie Deferred
Compensation Plan for the voluntary participation
of all eligible city employees, elected officials
and independent contractors.
SECTION 2 The City Secretary/Personnel 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, ADOPTED AND APPROVED BY THE CITY COUNCIL OF THE CITY
OF WYLIE, TEXAS ON THIS THE l0TH DAY OF MARCH, 1992.
ATTEST:
I, Carolyn Jones, City Secretary of
of Texas, do hereby certify ,~hat
proposed by Councilmember ~;I/;~
Councilmember
and adopted by
regular meeting
March, 1992, by
/1 Ie)
,.....- /
Mayor
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the City of Wylie, State
the above resolution,
'11JCi I , seconded by
, was duly passed
the City of Wylie, Texas at a
thereof assembled this the l0th day of
the following vote, to wit:
AYES: COUNCILMEMBERS: .5/x
NOES: COUNCILMEMBERS: 0
ABSENT: COU NC I LMEMBERS : (J IJ {;