HomeMy WebLinkAboutR-81-08610 V.0`.
RESOLUTION NO. 8 1- 8 b 1
A RESOLUTION AUTHORIZING THE CITY MANAGER
TO ENTER INTO AN AGREEMENT WITH PUBLIC
EMPLOYEES' BENEFITS SERVICES CORPORATION
TO IMPLEMENT A VOLUNTARY DEFERRED COMPEN-
SATION PLAN FOR THE EMPLOYEES OF THE CITY
OF MIAujI; FURTHER AUTHORIZING SAID FIRM
TO EXECUTE FOR THE CITY, INDIVIDUAL PAR-
TICIPATION AGREEMENTS WITH EACH EMPLOYEE
REQUESTING SAME, AND TO ACT AS THE "ADMI-
NISTRATOR" OF THE PLAN REPRESENTING THE
CITY, AND TO EXECUTE SUCH AGREEMENTS AND
CONTRACTS AS ARE NECESSARY TO IMPLEMENT
THE PLAN; FURTHER STATING THE EXPRESS UN-
DERSTANDING THAT OTHER THAN THE INCIDENTAL
EXPENSES OF COLLECTING AND DISBURSING THE
EMPLOYEES' DEFERRALS AND OTHER MINOR ADMINI-
STRATIVE MATTERS, THAT THERE BE NO COST OR
CONTRIBUTION BY THE CITY OF MIAMI TO SAID
PLAN.
WHEREAS, Deferred Compensation Plans may provide tax bene-
fits to city employees; and
WHEREAS, the City Commission passed Resolution No. 81-532
on July 25, 1981, authorizing the City Administration to pub-
lish a request for proposals of services to implement a de-
ferred compensation plan for the employees of the City of Miami;
and
WHEREAS, the city's insurance agent, Johnson & Higgins,
rated the proposals received and recommended the plan proposed
by the Public Employees' Benefit Services Corporation bearing
the date of July 30, 1981 as the plan to be considered for city
employees; and
WHEREAS, the prototype of the proposed plan has been esta-
blished by the U. S. Conference of Mayors for cities and poli-
tical subdivisions;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE
CITY OF MIAMI, FLORIDA:
Section 1. The City Manager is hereby authorized to enter
into an agreement between the City of Miami and Public Employees'
Benefits Services Corporation for the purpose of implementing a
voluntary deferred compensation plan for the employees of the
City of Miami in accordance with the July 30, 1981 proposal of
said firm.
CITY COMMISSION `
MEETING CE
OCT 0 17
r 1981
(81 -86
kwjil z. .. .. ............
Section 2. The Public Employees' Benefits Services Corpo-
ration is hereby authorized to execute for the City, individual
participation agreements with each city employee requesting
same, and to act as the "Administrator" of the plan representing
the City, and to execute such agreements and contracts as are
necessary to implement the plan. It is expressly understood
that other than the incidental expenses of collecting and dis-
bursing the employee's deferrals and other minor administra-
tive matters, that there is to be no cost or contribution by
the City to the Plan. It is hereby further expressly understood
that this Plan is a supplementary and cumulative pension program
and will not, now or in the future, replace the existing City of
Miami Pension Plan and System.
PASSED AND ADOPTED this 7th - day of October , 1981. 11
PREPARED AND APPROVED BY:
ASSISTANT CITY ATTORNEY.
APPROVED AS TO F
�D CORRECTNESS •
tit`
�� �a � .
i`t t i r} isx f Kw•
rnL
+qv�
x
a � � �tr s 1 � �n � -i � i y 1 4 �t r a� r,' r � 3 �t !�✓ £'A � �s 1�� t � � r ? '.
T11
'
is.al t o
E i I
81.861