Resolution 817RESOLUTION NO. 817
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF EDMONDS, WASHINGTON,
AUTHORIZING THE U.S. CONFERENCE OF MAYORS DEFERRED COMPENSATION
PROGRAM FOR BENEFIT OF THE CITY'S EMPLOYEES.
WHEREAS, the City of Edmonds wishes to establish an additional Deferred Compensation plan
to be available to City employees and elected officials pursuant to Federal legislation permitting
such plans; and
WHEREAS, certain substantial tax benefits can accrue to employees and elected officials
participating in said Deferred Compensation plans; and
WHEREAS, such benefits act as incentives to City employees to voluntarily set aside and invest
portions of their current income to meet future financial requirements and supplement retirement
programs, at no cost to the City; and
WHEREAS, the U. S. Conference of Mayors has established a master prototype deferred
compensation program for cities permitting municipal employees to enjoy the advantages of said
program;
WHEREAS, the U.S. Conference of Mayors, as Plan Administrator, agrees to hold harmless and
indemnify the City of Edmonds, its employees and elected officials, from any loss resulting from
the US Conference of Mayors program 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 EDMONDS DOES
HEREBY RESOLVE AS FOLLOWS:
The City Council hereby adopts the U.S. Conference of Mayors Deferred Compensation program
and its attendant investment options for the voluntary participation of all eligible city employees
and elected officials.
The Mayor and Deferred Compensation Committee is hereby authorized to execute for the City,
independent participation agreements with each participating employee requesting the 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 expense of collecting and disbursing the employee's deferrals and other minor
administrative matters, that there is to be no cost to the City for the program.
RESOLVED this 23rdday of May , 1995
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ATTEST /AUTHENTICATED:
CI CLER�RH DA J. MARCH
FILED WITH THE CLERK: May 19, 1995
PASSED BY THE COUNCIL: May 23, 1995
RESOLUTION NO. 817