HomeMy WebLinkAboutR92-203 NACo Deferred Compensation Plan 110
Commissioner tz moved adoption
of the following Resolution:
BOARD OF COUNTY COMMISSIONERS
COUNTY OF EAGLE, STATE OF COLORADO
RESOLUTION NO. 92- A-3
AUTHORIZING THE ESTABLISHMENT OF THE
NATIONAL ASSOCIATION OF COUNTIES (NACo)
DEFERRED COMPENSATION PLAN
FOR THE
COUNTY OF EAGLE
WHEREAS, the County has considered the establishment of a
Deferred Compensation Plan to be made available to all eligible
County employees, elected officials, and independent contractors
pursuant to Section 457 of the Internal Revenue Code permitting
such Plans; and
WHEREAS, certain tax benefits could accrue to employees,
elected officials, and independent contractors participating in
said Deferred Compensation Plans; and
WHEREAS, such benefits will act as incentives to County
employees to voluntarily set aside and invest portions of their
current income to meet their future financial requirements and
supplement their County retirement and Social Security (if
applicable); and
WHEREAS, the National Association of Counties has
established a Master Deferred Compensation Program for its member
Counties, permitting its member Counties and their employees to
enjoy the advantages of this Program; and
WHEREAS, by adoption of the NACo Program, all regulatory,
operational, administrative and fiduciary responsibilities are
hereby assumed by NACo on behalf of County; and
WHEREAS, NACo as Plan Administrator, agrees to hold harmless
and indemnify the County, its appointed and elected officers and
participating employees from any loss resulting from NACo or its
Agent's failure to perform its duties and services pursuant to
the NACo Program.
NOW, THEREFORE BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF EAGLE COUNTY, COLORADO:
THAT, the Board of County Commissioners hereby adopts the
National Association of Counties Deferred Compensation Program
and hereby establishes the County of Eagle Deferred Compensation
Program for the voluntary participation of all eligible County
employees, elected officials and independent contractors.
THAT the County Manager is hereby authorized to execute for
the County, individual participation agreements with each said
employee requesting same, and to act as the "Administrator" of
the Plan representing the County, and to execute such agreements
and contracts as are necessary to implement the program. It is
implicitly understood that, other than the incidental expenses of
collecting and disbursing of the employees' deferrals and other
minor administrative matters, there is to be no cost to the
County for the program.
MOVED, READ AND ADOPTED by the Board of County Commissioners
of the County of Eagle, State of Colorado, this j I day of
Dec2,0ber, 1992.
.,�z ti t� A COUNTY OF EAGLE, STATE OF
a: COLORADO, By and Through Its
; ✓
tT BOF COUNTY COMMISSIONERS
a
$7 ` ,L {�1�' BY: / ,� i
lerk to the Board o f •' ,chard411F Chairman
County Commissioners
George ft . Gates, Commissioner
I l l ik
Donald H. Welch, Commissioner
Commissioner 6/1 c seconded adoption of the
foregoing resolution. The roll having been called, the vote was
as follows:
Commissioner Richard L. Gustafson ce-
Commissioner George A. Gates ,42 --
Commissioner Donald H. Welch - 7
This Resolution passed by VI,/r - /J�� vote of the Board of
County Commissioners of the County of Eagle, State of Colorado.
r \naco.res
