82-CRESOLUTION NO. 82- ~
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF BOYNTON BEACH, FLORIDA, ESTABLISHING A
DEFERRED COMPENSATION PLAN FOR THE CITY OF
BOYNTON BEACH, FLORIDA.
WHEREAS, the City has considered the establishment of
deferred compensation plans to ~be made availa'ble 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 future financial requirements and
supplement their City retirement and Social Security (if applica~bl
at no cost to the City; and
WHEREAS, the International City Managemen~t Association
Retirement Corporation and the U. S. Conference of Mayors have
established deferred compensation programs for cities and
political subdivisions permitting its member cities and their
employees to enjoy the advantages of these.programs.
NOW, THEREFORE, BE AND IT IS HEREBY RESOLVED BY THE CITY
COUNCIL OF THE CITY OF BOYNTON BEACH, FLORIDA:
Section 1. The City Council here'by adopts the Inter-
national City Management Association Retirement Corporation and
the U. S. Conference of Mayors Deferred Compensation Programs and
their attendant investment options and hereby establishes the City
of Boynton Beach, Florida, Deferred Compensation Plans for the'
voluntary participation of all eligible City employees, elected
officials and independent contractors.
(1)
Section 2. 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 "Administrato3
of t'he plans representing the City, and to execute such agreements
and. Contracts as are necessary to implement these programs. 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 contributio
by the City to these programs.
PASSED AND ADOPTED THIS 5th day of January, 1982.
CITY OF BOYNTON BEACH, FLORIDA
Mayo~ ~7~' ---
ATTEST:
~rk
[ncil M~
(corp. Seal)