Loading...
HomeMy WebLinkAboutR-86-0106r A RESOLUTION DESIGNATING THE COPELAND COMPANIES AS A CO -ADMINISTRATOR OF THE CITY OF MIAMI'S DEFERRED COMPENSATION PLAN AND ADOPTING AND ESTABLISHING SAID COMPANIES' DEFERRED COMPENSATION PROGRAM AND ITS ATTENDANT INVESTMENT OPTIONS FOR THE VOLUNTARY PARTICIPATION OF ALL ELIGIBLE CITY EMPLOYEES, ELECTED OFFICIALS, AND INDEPENDENT CONTRACTORS, SAID DESIGNATION, ADOPTION AND ESTABLISHMENT BEING AT NO COST TO THE CITY; IT BEING UNDERSTOOD THAT THE ONLY OBLIGATION INCURRED BY THE CITY IS THE ADMINISTRATIVE EXPENSE INVOLVED IN COLLECTING AND DISBURSING EMPLOYEE DEFERRALS. WHEREAS, the City of Miami has already established a Deferred Compensation Plan which is available to all eligible City employees, elected officials, and independent contractors pursuant to the Federal Legislation permitting such plans, under Section 457 of the Internal Revenue Code; and WHEREAS, certain substantial tax benefits accrue to employees, elected officials, and independent contractors participating in said Deferred Compensation Plans; and WHEREAS, such benefits act as incentives to City employees to voluntarily set aside and invest portions of their current income to meet their future financial requirements and supplement their City requirement at no out-of-pocket cost to the City; and WHEREAS, the availability of choosing another Deferred Compensation Plan will be a distinct advantage to said City personnel; and WHEREAS, the Copeland Companies have been recommended by various employee groups as an appropriate alternative Plan; NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA: Section 1. The Copeland Companies Deferred Compensation Program and its attendant investment options is hereby adopted and established for the voluntary participation in th 0 CiFF336MMISS101 Deferred Compensation Plan of all eligible City a lolveju., G OF elected officials, and independent contractors. FEB 19 1900 RSOLUTION Nc R 1 0 Section 2. The Copeland Companies is hereby authorized to execute for the City, individual participation agreements with each said employee requesting same, and to act as a "Co - Administrator" of the Plan representing the City, and to execute such agreements and contracts as are necessary to implement its a Program. Section 3. The above actions of the City Commiss:Lon are conditioned upon there being no expenditure of City funds to or 3 on behalf of the Copeland Companies Deferred Compensation Program, it being understood that the only obligation incurred by the City is the administrative expense involved in collecting and { disbursing employee deferrals. ;i r PASSED AND ADOPTED this 13th day of FEBRUA.RY 1986. 2 XAVIER L. S REZ, MAYOR ATTE MAT Y HIRAI, CITY CLERK PREPARED AND APPROVED BY: 41VAK�RTF. C K CHIEF DEPUIK CITY ATTORNEY APPROVED AS TO FORM AND CORRECTNESS: LUCIA A. DOUGHERT , CITY ATTORNEY j RFC/rr/031 0 i CITY OF MIAMI. FLORIDA INTER -OFFICE MEMORANDUM TO: Honorable Mayor and Members of the City Commission FROM: Cesar H . Odio City Manager DATE` January 29, 1986 SUBJECT: Copeland Deferred Compensation Program REFERENCES: ENCLOSURES: Four It is recommended that the City Commission make available to all eligible City employees, elected officials and independent contractors voluntary participation in the Copeland Companies Deferred Compensation Program per the attached Resolution. FILE: The Sanitation Employees Association and the Fraternal Order of Police have approached the City's administration expressing a desire for the City to offer a choice to its employees on their selection of a deferred compensation plan. Based on the recommendations of both the Sanitation Employees Association and the Fraternal Order of Police (letters attached), the Administration is hereby submitting for your consideration a Resolution, approved as to form and correctness by the City Attorney, adopting the Copeland Companies Deferred Compensation Program for the voluntary participation of all eligible City employees, elected officials, and independent contractors. The Administration has reviewed the Program and it is understood that the only obligation incurred by the City will be the administrative expense involved in collecting and disbursing employee deferrals. 36 !'SO-106 111 ly° ' �� F1, •i'• 'F 1 tll s 1 t.'. .'. ��'it� 41 �► �'J, The Only Nalic-al `ol- Oraan;sation in 0— U—tod States LTER E. HCADLEY. JR MIAN11 LODGE No. 20 2300 N W 14i- S1pEET M I A M I Ft.LaliJA 33125 �J20 Hei)orable ;•filler Da\•:kins June 14, 1985 City of Miami Corlunissioner 3500 Pan American Drive Miaiiii, Florida 33133 L)car Commissioner Cawkins: The Copeland Companies i:ecently pres--.rlt.c l to 1-he F.O.P. the merits of deferred COMPensation Ps a I t-inge benefit for City of Mliami e►nployees. rased upon our review of the Copeland P1 an, %•:e believe this firm offers benefits and services that are a significant alternative to the one presently .'Vailable under the City of Miami's DC:P. plan. t•:e request that the Copeland Companies be granted a payroll slot for deferred compensation and included as a co -administrator with the Present carrier, hl:i'Sc0-Nationwide . 41 i cha rd 11. K i rlrle Pr0sl6C11t: P11"I;/infa 666- 1 0 6 �r. 1 S., NITATIUN E,:111'LUY NI-,S 11SSOCIA'1'lUN CITY OF MIAMI 1 1401 N. W. 36TIA STREET MIAMI. FLORIDA 33142 P110HE (305) 638.8283 1rltypv,'5.II ylI'uyAr. 10 Apri 1 1985 Co (A DAVE SIMS EXECUTIVE VICE nnESIUENT r)r1TnV<w1FX ly Yk k ,� W X= !"f V nooSEVELT MEADOWS SECnETAnY•TnEASUnEn Honorable Miller Dawkins Pliami City Commissioner 3500 Pan American Drive Miami, Florida 33133 Dear Commissioner Dawkins: During a recent meeting with Mr. Ed Kinsey, Regional Manager of The Copeland Companies, I was brieferi on the niorits cf deferred compensation as a fringe benefit for City of Miami employees and the services that are offered by The Copeland Companies as plan administrator in other municipalities. I believe that Copeland offers additional benefits and services that are not currently available under the present City of Miami plan, and which would be of immense benefit to our union members as well as other city employees. I therefore request your assistance in having The Copeland Companies granted a payroll slot for deferred compensation and included as a co -administrator with the existing carribr PE©SCO-Nationlvide. Thank you for your consideration in this matter. Sincerely, ���.(,l. cat, - L.•// William R� mitll Executive Director Sanitation Employees Association ®[&S1 r] 1•r`tncn CF THE AST-EMOLY nr I.rNvrn-!srrr1T111 rreoi nvrrr 0.66 w 106