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RESOLUTION NO. / /
A RESOLUTION ESTABLISHING A DEFERRED COMPENSATION PLAN
FOR THE CITY OF WEST MEMPHIS, ARKANSAS
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
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 officials and participating
employees from any loss resulting to the U.S. Conference of
Mayors Program;
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF WEST
MEMPHIS, ARKANSAS, DOES HEREBY RESOLVE AS FOLLOWS:
1. 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 West
Memphis Deferred Compensation Plan for the voluntary
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participation of all eligible city employees, elected ~ `~'~
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officials and independent contractors. ~ ~Q?
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2. The c-~"~..~-~ s~~ ~J is hereby
authorized to execute for the City, individual
participation agreements with each said employee requesting
same, and to act as "Administrator" of he 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 or contribution by the City to the Program.
PASSED AND ADOPTED this °~_ day of ~~~o~ 1989.