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RESOLUTION NO. 3 8 8 ( #11 -87)
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A RESOLUTION ESTABLISHING A DEFERRED COMPENSATION PROGRAM FOR
THE EMPLOYEES OF THE CITY OF JACKSONVILLE, ARKANSAS; AND FOR
OTHER PURPOSES.
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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 parti-
cipating in said Deferred Compensation Plans; and,
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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
appliable), at no cost to the City; and,
I li WHEREAS, The U. S. Conference of Mayors has established
a master prototype deferred compensation program for cities and
II political subdivisions permitting its member cities and their
employees to enjoy the advantages of this program;
WHEREAS, The U. S. Conference of Mayors, as Plan Admini-
strator, 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
Ij Agent's failure to perform its duties and services pursuant to The
I U. S. Conference of Mayors Program:
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j NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF JACKSONVILLE,
ARKANSAS, DOES HEREBY RESOLVE AS FOLLOWS:
SECTION 1: The City Council hereby adopts -the-- U.=- &- r -Gon- (
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forcnce-ef Mks Deferred Compensation Program and its attendant
investment options and hereby establishes the City of Jacksonville,
Arkansas Deferred Compensation Plan for the voluntary participation
I j of all eligible city employees, elected officials and independent
contractors.
SECTION 2: The Finance Director or his authorized agent(s)
are hereby authorized to execute for the City, individual parti-
cipation agreements with each said employee requesting same, and
to act as the "Administrator" of the Plan representing the City,
1 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.
SECTION 3: All other Resolutions or parts of Resolutions
in conflict herewith are specifically repealed to the extent of
such conflict.
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SECTION 4: This Resolution shall be in effect from and
after its date of passage.
PAGE TWO Reo62utLon 3 8 8 �
APPROVED AND ADOPTED THIS 3hd DAY OF DECEMBER
1987.
CITY OF JACKSONVILLE, ARKANSAS
_._ BY: laaLAAAA; 141. L.A.
TOMMY SWAIM MAYOR
ATTEST:
Af
LU M. LEONA':, CITY CLERK
APPROVED AS TO FORM:
KEIT VAUGHAN / CIT ATTORNEY