RE 07-12-83 RESOLUTION OF THE CITY OF COPPELL, TEXAS
RESOLUTION NO. 071283
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 future financial requirements and supplement 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 COPPELL 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 Coppell 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
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.
PASSED AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF COPPELL THIS ~'~DAY
ATTEST: Andrew Brown,--J~.,-~yor
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Dorothy Timmons~City S~c~'e~ary