6907RESOLUTION NO. 6,907 2 3 7
A RESOLUTION AUTHORIZING THE CITY MANAGER TO AWARD A
CONTRACT FOR PROVIDING A DEFERRED COMPENSATION PLAN
FOR CITY EMPLOYEES; AND FOR OTHER PURPOSES.
WHEREAS, a committee of City employees named by the City
Manager has studied and considered two proposals for the establishment_
of a Deferred Compensation Plan to be made available to all eligible
employees pursuant to Section 457 of the U. S. Internal Revenue Code; and
WHEREAS, certain substantial tax benefits could accrue to
employees participating in said Deferred Compensation Plan; and
WHEREAS, such benefits will act as incentives to City employees
to voluntarily set aside and invest portions of their current income to
meet future financial requirements and supplement their City retirement
at no cost to the City; and
WHEREAS, the U. S. Conference of Mayors has established a
Master Prototype Deferred Compensation Plan for cities and political sub-
divisions permitting its cities and their employees to enjoy the advan-
tages of this program.
NOW, THEREFORE, BE IT RESOLVED.by the Board of Directors of
the City of Little Rock, Arkansas:
Section 1. The Board of Directors hereby adopts the U. S.
Conference of Mayors Deferred Compensation Program and establishes the
City of Little Rock, Arkansas Deferred Compensation Plan for the voluntary
participation of all eligible city employees.
Section 2. The Public Employee Benefit Services Corporation
is hereby authorized to execute for the city, individual participator
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 explicitly understood that other than the incidental expense of col-
lecting and disbursing the employee's deferrals and other minor adminis-
trative matters, that there is to be no cost or contribution by the city
to the program.
Section 3. This resolution shall be in full force and effect
from and after its adoption and approval.
ADOPTED: December 21, 1982
ATTEST
CIT ERK
APPROVED
14 YOR