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<br />RESOLUTION NO. 407 <br /> <br />A RESOLUTION OF THE CITY OF CASSELBERRY, <br />FLORIDA, ESTABLISHING A DEFERRED COMPEN- <br />SATION PLAN FOR THE CITY OF CASSELBERRY, <br />FLORIDA; PROVIDING SEVERABILITY; <br />EFFECTIVE DATE. <br /> <br />WHEREAS, the City of Casselberry, Florida, has considered the <br /> <br />establishment of a Deferred Compensation Plan to be made available to <br /> <br />all eligible City employees, elected officials, and independent contractors <br /> <br />pursuant to the newly passed Federal legislation permitting such plans; and <br /> <br />WHEREAS, certain substantial tax benefits could accrue to employees, <br /> <br />elected officials, and independent contractors participating in said <br /> <br />Deferred Compensation Plans; and <br /> <br />WHEREAS, such benefits will act as incentives to City employees to <br /> <br />voluntarily set aside and invest portions of their current income to meet <br /> <br />their future financial requirements and supplement their City retirement <br /> <br />and Social Security (if applicable), at no cost to the City; and <br /> <br />WHEREAS, the U. S. Conference of Mayors has established a master <br /> <br />prototype deferred compensation program for cities and political subdivi- <br /> <br />sions permitting its member cities and their employees to enjoy the <br /> <br />advantages of this program. <br /> <br />NOW THEREFORE, BE IT ENACTED BY THE CITY COUNCIL <br />OF THE CITY OF CASSELBERRY, FLORIDA, AS FOLLOWS: <br /> <br />1. The City of Casselberry, Florida, hereby adopts the U. S. <br /> <br />Conference of Mayors Deferred Compensation Program and its attendant <br /> <br />investment options and hereby establishes the City of Casselberry, Florida, <br /> <br />Deferred Compensation Plan for the voluntary participation of all eligible <br /> <br />City employees, elected officials, and independent contractors. <br /> <br />2. The Mayor of the City of Casselberry, Florida, is hereby author- <br /> <br />ized to execute for the City, individual participation agreements with <br /> <br />each said employee requesting same, and to act as the "Administrator" of <br /> <br />the plan representing the City, and to execute such agreements and contracts <br /> <br />as are necessary to implement the program. <br /> <br />It is emplicitly understood <br /> <br />that other than the incidental expenses of collecting and disbursing the <br /> <br />employee's deferrals and other minor administrative matters, that there <br />