HomeMy WebLinkAbout80-9-1982792
ORDINANCE NO. 80-9-1982
AN ORDINANCE ADOPTING THE UNITED STATES CONFERENCE OF
MAYORS DEFERRED COMPENSATION PROGRAM FOR THE CITY OF PADUCAH AND
AUTHORIZING THE MAYOR TO EXECUTE SUCH AGREEMENT AND CONTRACTS
NECESSARY TO IMPLEMENT THE PROGRAM
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 legis-
lation permitting such plan;,., -and
WHEREAS, certain ,-substantial tax. -benefits could... accrue_to. employees,
elected officials, and ,independent contractors .participating in. -said. deferred com-
pensation plans; and
WHEREAS, .suc.h, benefits-wil.1 act as -an incentive .to city employees to
voluntarily set aside and invest portions of thei,r..current :income to, meet their
future financial requirements, and to supplement their city retirement and social
security, at no cost to the City; and
WHEREAS, the United States Conference of Mayors has established a
master prototype deferred compensation program for the cities and political sub-
divisions permitting --its member cities .and -,their- employees to,, enjoy the .advantages
of this program:
NOW, THEREFORE, BE- IT;ORDAINED BY. THE- CITY., OF, PADUCAH:;
SECTION 1. The ::City of Paducah hereby adopts the -,.U. --S. Conference
of Mayors Deferred Compensation Program and its attendant investment options and
hereby establishes the City of Paducah Deferred Compensation Plan for the
voluntary participation of all eligible city employees, elected officials, and in-
dependent contractors.
SECTION 2. The City Treasurer 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.
SECTION 3. The Mayor is hereby authorized to execute such agreements
and contracts as are necessary to implement the Program. It is understood that other
than 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 of Paducah.
793
SECTION 4. This ordinance shall be read on two separate days and
will be effective upon publication of title and a certified s-ummary, hereof.
Mayor
Introduced by the Board of Commissioners August 26, 1980
Passed by the Board of Commissioners September 9, 1980
Recorded by Louise McKinney, City Clerk, September 9, 1980
Published by The Paducah Sun September 16, 1980.