HomeMy WebLinkAboutResolution No. 81-10 WHEREAS, the City of The Colony has in its employ certain personnel;
and
WHEREAS, said employees are and will be rendering valuable services
to the City of The Colony; and
WHEREAS, the City of The Colony has considered the establishment
of a Deferred Compensation Plan for the said employees made available
to the City of The Colony and to said employees by the International
City Management Association Retirement Corporation; and
WHEREAS, said employees often are unable to acquire retirement security
under other existing and available retirement plans due to the contingencies
of employment mobility; and
'WHEREAS, the City of The Colony receives benefits under said plans
by being able to assure reasonable retirement security to said employees,
by being more able to attract competent personnel to its service, and by
increasing its flexibility in personnel management through el~ination
of the need for continued employment for the sole purpose of allowing
an employee to qualify for retirement benefits.
NOW, THEREFORE, BE IT RESOLVED that the City of The Colony establish
said Deferred Compensation Plan for said employees and hereby authorizes
its Mayor to execute the Deferred Compensation Plan with the International
City Management Association Retirement Corporation, attached hereto as
Appendix A; and
IT IS FURTHER RESOLVED that the City Manager may, on behalf of
the City of The Colony execute all Joinder Agreements with said employees
and other eligible officials and officers, which are necessary for said
persons participation in the Plan, an example of which appears at
Appendix B, except that any Joinder Agreement for said designated official
shall be executed by the Mayor.
PASSED m~ APPROVED THIS THE ~ DAY OF ~~ , 1981.
ATTEST:
JAN/fC/E ~ARROLL, CITY SECRETARY