1988-016f_
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RESOLUTION 88-16
WHEREAS, the City has considered the establishment of a
Deferred Compensation Plan to be made available to all
eligible city employees, elected officials, and indepen-
dent contractors pursuant to Federal Legislation per-
mitting such Plans; and,
WHEREAS, certain substantial tax benefits could accrue to
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 appliable), 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, THE CITY COUNCIL OF THE CITY OF SOUTHLAKE, TEXAS,
DOES HEREBY RESOLVE AS FOLLOWS:
The City Council hereby adopts the U.S. Conference of Mayors De-
ferred Compensation Program and its attendant investment options
and hereby establishes the City of Southlake Deferred Compensation
Plan for the voluntary participation of all eligible city employees,
elected officials and independent contractors.
The City Manager is
City, individual participation
requesting same, and to act as
representing the City, and to
as are necessary to implement
understood that other than the
and disbursing the employee's
tive matters, that there is to
City to the Program.
PASSED AND APPROVED THIS THE
Aan ST:
ra L. LeGr
City Secretary
hereby authorized to execute for the
agreements with each said employee
the "Administrator" of the Plan
execute such agreements and contracts
the Program. It is implicitly
incidental expenses of collecting
deferrals and other minor administra-
te no cost or contributionby—`)the
5 Johnny
Mayer o
C"I=
a
9
IW&'sterholm
Southlake
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