HomeMy WebLinkAboutResolution 3843 Adopt IAFF Nationalwide Deferred Compensation PlanCOMMISSION RESOLUTION NO. 3843
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF BOZEMAN,
MONTANA, ADOPTING THE IAFF NATIONWIDE DEFERRED COMPENSATION
PROGRAM AND ESTABLISHING THE CITY OF BOZEMAN DEFERRED
COMPENSATION PLAN FOR VOLUNTARY PARTICIPATION OF ALL ELIGIBLE
EMPLOYEES AND ELECTED OFFICIALS.
WHEREAS, the City of Bozeman (Employer) has considered the establishment of a Deferred
Compensation Plan to be made available to all eligible employees and elected officials pursuant to Section
457 of the Internal Revenue Code permitting such Plans; and
WHEREAS, certain tax benefits could accrue to employees and elected officials participating in
said Deferred Compensation Plans; and
WHEREAS, such benefits will act as incentives to employees to voluntarily set aside and invest
portions of their current income to meet their future financial requirements and supplement their retirement
and Social Security (if applicable); and
WHEREAS, the Employer has established a Master Deferred Compensation program for its
employees, permitting its employees to enjoy the advantages of this Program; and
WHEREAS, by adoption ofthe Nationwide Program, all regulatory, operational, administrative and
fiduciary responsibilities are hereby assumed by Nationwide on behalf of the Employer; and
WHEREAS, Nationwide, as Plan Administrator, agrees to hold harmless and indemnify the
Employer, its appointed and elected officers and participating employees, from loss resulting from Employer
or its Agent's failure to perform its duties and services pursuant to the Nationwide Program.
NOW, THEREFORE, BE IT RESOLVED by the City Commission ofthe City of Bozeman, Montana,
that the Nationwide Deferred Compensation Program is hereby adopted and established as the City of
Bozeman Deferred Compensation Plan for the voluntary participation of its eligible employees and elected
officials.
The City Manager is hereby authorized to execute for the Employer, individual participation
agreements with each said employee requesting same, and to act as the "Administrator" of the Plan
representing the Employer, and to execute such agreements and contracts as are necessary to implement
the program.
PASSED AND ADOPTED by the City Commission of the City of Bozeman, Montana, at a regular
session thereof held on the 6th day of September 2005.
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W L. CETRARO, Mayor
ATTEST:
R IN L. SULLIVAN
City Clerk
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