HomeMy WebLinkAbout2007-12-18; City Council; Resolution 2007-3131 RESOLUTION NO. 2007-313
2 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CARLSBAD, CALIFORNIA, ESTABLISHING A DEFERRED
3 COMPENSATION PLAN FOR FIRE SAFETY ELIGIBLE
4 EMPLOYEES
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6 WHEREAS, the City of Carlsbad has considered the establishment of a Deferred
7 Compensation Plan to be made available to all fire safety eligible employees, pursuant
8 to Section 457 of the Internal Revenue Code permitting such Plans; and
9 WHEREAS, certain tax benefits could accrue to fire safety eligible employees,
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participating in said Deferred Compensation Plans; and
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WHEREAS, such benefits will act as incentives to fire safety eligible employees
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to voluntarily set aside and invest portions of their current income to meet their future
. financial requirements and supplement their retirement; and
15 WHEREAS, the City of Carlsbad has established a Master Deferred
16 Compensation Program for its fire safety eligible employees, permitting said employees
17 to participate in this Program; and
18 WHEREAS, by adoption of the Nationwide Program, all regulatory, operational,
19 and administrative responsibilities are hereby assumed by Nationwide on behalf of the
20 City of Carlsbad.
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WHEREAS, Nationwide as Plan Administrator, agrees to hold harmless and
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indemnify the City of Carlsbad, its appointed and elected officers and participating fire
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safety eligible employees from any loss resulting from the City of Carlsbad or its Agent's
25 failure to perform its duties and services pursuant to the Nationwide Program.
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1 NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
2 Carlsbad, California, as follows:
1. That the above recitations are true and correct.
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2. That the City Council hereby establishes the City of Carlsbad Fire Safety
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Deferred Compensation Program for the voluntary participation of all fire
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safety eligible employees, and authorizes the Mayor to execute said
agreement.
9 3. The City of Carlsbad Human Resources Director or his/her designee is
10 hereby authorized to execute for the City of Carlsbad, individual
11 participation agreements with each said employee requesting same, and
12 to act as the "Administrator" of the Plan representing the City of Carlsbad,
13 and to execute such agreements and contracts as are necessary to
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implement the program.
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PASSED, APPROVED AND ADOPTED at a Regular Meeting of the City Council
of the City of Carlsbad on the 18th day of December, 2007, by the following vote to wit:
AYES: Council Members Lewis, Kulchin, Hall, Packard and Nygaard.
NOES: None.
ABSENT: None.
(SEAL)*• '