HomeMy WebLinkAboutResolution 1980-003
RESOLUTION NO. 80-3
In the Matter of: ESTABLISHING A DEFERRED
COMPENSATION PLAN FOR THE CITY OF
NORTH RICHLAND HILLS, TEXAS
NO.
I, Jeanette Moore , City Secretary of the City of North
Richland Hills, State of Texas, do hereby certify that the following resolution,
proposed by Councilmember Cavanaugh , seconded by Councilmember Wood , was
duly passed and adopted by the Council of the City of North Richland Hills
at a regular meeting thereof assembled this 28th day of January, 1980,
by the following vote, to wit:
AYES:
NQ¡;~
ABSENT:
Councilmembers: Reeder, Wood, Mills, Cavanaugh, Michener,
Freeman, Cato
None
YJ1~
J nette Moore, City Secretary
ity of North Richland Hills, Texas
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 the newly passed 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 their current income to meet 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;
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF NORTH RICHLAND
HILLS DOES HEREBY RESOLVE AS FOLLOWS:
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 North Richland Hills Deferred Compensation plan for
the voluntary participation of all eligible city employees, elected officials
and independent contractors.
The City Manager 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 emplicitly 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 of contribution by the City to the Program.
PASSED AND APPROVED this 28th day of
, 1 980.
, - dØtøn/
CITY OF NORTH RICHLAND
TEXAS
ATTEST: