HomeMy WebLinkAboutRES 93-23RESOLUTION NO.93-23
A RESOLUTION OF THE MAYOR AND CITY COUNCIL OF THE CITY OF APACHE
JUNCTION, ARIZONA,ESTABLISHING A DEFERRED COMPENSATION PLAN FOR THE
CITY OF APACHE JUNCTION.
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 their 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;
NOW THEREFORE,BE IT RESOLVED by the Mayor and City Council of the City of
Apache Junction,Arizona,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 Apache Junction Deferred Compensation Plan for the voluntary
participation of all eligible city employees,elected officials and independent
contractors.
The City Manager 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.
RESOLUTION NO.93-23
PAGE ONE OF TWO
PASSED AND ADOPTED BY THE MAYOR AND CITY COUNCIL OF THE CITY OF APACHE JUNCTION,
ARIZONA,THIS 21ST DAY OF DECEMBER ,1993.
SIGNED AND ATTESTED TO THIS 22ND DAY OF DECEMBER ,1993.
JE
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ATTEST:
KATHLEEN CONNELLY
City Clerk
RESOLUTION NO.93-23
PAGE TWO OF TWO
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