Approving the South Bend, Indiana Deferred Compensation Plan

Home Browse Search

RESOLUTION NO. t3-1 -f'C A RESOLUTION OF THE CITY OF SOUTH BEND, INDIANA APPROVING THE SOUTH BEND, INDIANA DEFERRED COMPENSATION PLAN WHEREAS, On May 13, 1985, Ordinance No. 7451-85 was passed by the South Bend Common Council, establishing a deferred compensation plan for the voluntary participation of all eligible City employees and elected officials, and authorizing the Board of Public Works to enter into a contract with the Public Employees Benefit Service Corporation (PEBSCO) to serve as exclusive servicing manager and enroller for said plan; and WHEREAS, purusant to Ordinance No . 7451-85, the Board of Works of the City of South Bend entered into on the 16th day of September, 1985, a plan entitled "The South Bend, Indiana Deferred Compensation Plan" which is now before this Council for approval ; and WHEREAS, certain substantial tax benefits could accrue to employees and elected officials participating in said deferred compensation plan; and WHEREAS, such benefits will act as incentives to City employees to voluntarily set aside and invest portions of their current income to meet future financial requirements and supplement their City retirement and Social Security benefits, at no cost to the City ; and WHEREAS, the Board of Works of the City of South Bend has entered into a plan document which is based on a master prototype Deferred Compensation Plan established by the U.S. Conference of Mayors ; NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, DOES HEREBY RESOLVE AS FOLLOWS : SECTION I. The City Council hereby adopts and approves the U.S. Conference of Mayors ' Deferred Compensation Program as entered into by the Board of Works of the City of South Bend and hereby establishes the City of South Bend, Indiana Deferred Compensation Plan for the voluntary participation of all eligible City employees and elected officials . SECTION II. The City Controller 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 employees ' deferrals and other minor administrative matters, there be no cost or contribution by the City to the Plan. SECTION III. This Resolution shall be in full force and effect from and after its passage by the Council, approval by the Mayor. g a -4 - 'ember of the . ? o• Council hWUI1 `�°� 1AuU ICE PRESENTED (b -. LI`g�/ OCT > 1985 NOT APPROVED a q� p ADOPTED 1 C7- I . c4 " , RENE GAMMON CITY w"ICRK q ■ Pn.'n IPa