09-684 Deferred CompensationCITY OF MERIDIAN RESOLUTION NO. O~ ~ (O ~ ~I
BY THE CITY COUNCIL: BIRD, HOAGLUN, ROUNTREE, ZAREMBA
A RESOLUTION OF THE MAYOR AND THE CITY COUNCIL OF THE CITY OF
MERIDIAN ADOPTING THE STATE PLAN FOR DEFERRED COMPENSATION.
WHEREAS, the State of Idaho has enacted Idaho Code Section 59-513 which permits
the State of Idaho and any county, city or political subdivision of the state, working through it's
governing body, to contract with an employee to defer income to a 457 deferred compensation
plan; and
WHEREAS, the State of Idaho, by the State board of examiners has established and
maintains the Deferred Compensation Plan ("Plan") for participation by state employees and by
local public employees; and
WHEREAS, the City of Meridian, Idaho, (hereinafter referred to as the "Participating
Employer") desires to adopt the Plan for participation by its employees; and
WHEREAS, the Participating Employer has also determined that it wished to encourage
employee's savings for retirement by offering salary reduction contributions; and
WHEREAS, the Participating Employer has reviewed the Plan; and
By adopting the Plan, the City of Meridian, adopts the investments and services selected
by the State of Idaho Board of Examiners.
NOW THEREFORE, BE IT RESOLVED BY THE MAYOR AND CITY
COUNCIL OF THE CITY OF MERIDIAN, IDAHO:
Section 1. The City of Meridian shall abide by the terms of the Plan, including
amendments to the Plan made by the State of Idaho Board of Examiners, all investment,
administrative, and other service agreements of the Plan, and all applicable provisions of the
Internal Revenue Code and other applicable law.
Section 2. The City of Meridian may terminate its participation in the Plan, if it takes the
following actions:
(a) A resolution must be adopted terminating its participation in the Plan.
RESOLUTION ADOPTING THE STATE PLAN FOR DEFERRED COMPENSATION - PAGE I Oe 2
(b) The resolution must be filed with the State of Idaho Board of Examiners within
fifteen (15) working days of approval by the governing body of the local public
body.
(c) The resolution must be filed not less than two years after the date of the
Employer's participation became effective.
The City Attorney/I-Taman Resources, William L. M. Nary, has authority to execute on
behalf of the City of Meridian documents to implement the Plan for the City of Meridian, and to
take action to correctly maintain the Plan under this Resolution.
ADOPTED by the City Council of the City of Meridian, Idaho, this ~~day of
(.~c ~,~ 1~.e.,e, , 2009.
APPROVED by the Mayor of the City of Meridian, Idaho, this ~ day of
_ G-~zY~.~> 2009.
APPROVED:
ATTEST:
By: ~tf~
Yayce Holman, City Clerk
~~~
Mayor T m y de Weerd
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RESOLUTION ADOPTING THE STATE PLAN FOR DEFERRED COMPENSATION - PnGe 2 of 2