HomeMy WebLinkAboutApproving the South Bend, Indiana Deferred Compensation Plan RESOLUTION
NO. 1357-85
Passed by the Common Council of the City of South Bend, Indiana,
October 14, 19 85 .
Attest: 1"""-ate ✓ City Clerk
Attest: 42.O President of Common Council.•
Presented by me to the Mayor of the City of South Bend, Indiana
October 15, 1985
C
7 ` --c /< / —= c__ City Clerk
Approved and signed by me Crt i5 tfi_ 19 8,5 .
% Maor
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.
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'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