HomeMy WebLinkAboutRES 1980-026 RESOLUTION NO. 80-26
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF GRAPEVINE, TEXAS ADOPTING A DE-
FERRED COMPENSATION PROGRAM; AUTHORIZING
THE EXECUTION OF RELATIVE AGREEMENTS
r�j WHEREAS, the City has considered the establishment of
; a Deferred Compensation Plan to be made available to all
eligible City Employees, elected officials, and independ-
�„� ent contractors pursuant to the newly passed Federal legis-
lation 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 require-
ments and supplement their City retirement and Social Secur-
ity (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;
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF GRAPEVINE,
TEXAS DOES HEREBY RESOLVE AS FOLLOWS:
SECTION l. 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 Grapevine Deferred Compensation Plan for the volun-
tary participation of all eligible city employees, elected
officials and independent contractors.
SECTION 2. The City of Grapevine is hereby authorized
to execute for the City, individual participation agree-
ments 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 neces-
sary to implement the Program. It is emplicitly understood
that other than the incidental expenses of collecting and
disbursing the employee ' s deferrals and other minor adminis-
trative matters, that there is to be no cost or contribu-
tion by the City to the Program.
PA5SED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF GRAPE-
VINE, TEXAS, on this the 15th day of July ,
1980.
APP VED:
,�,:� �..
MAYOR
� ATTEST: '
CITY SECR R �
APPROVED S TO FORM AN LEGALITY:
���
CITY ATTORNEY �