Agenda - 10-04-1982 - Laserfiche WebLink

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100� 66E _ .- _ _ ___-__-_--_, �--_ ATTACHMENT 2 RESOLUTION ESTABLISHING A DEFERRED COMPENSATION PLAN FOR THE COUNTY OF ORANGE WHEREAS, the County considered the establishment of a Deferred Compensation,Plan to be made available to all eligible County employees, elected officials, and indepe nd- ent n "- ent contzactora.purouant tn,Suotion 457 of the Internal Revenue Code permitting such Plans; and WHEREAS, certain tax benefits could accrue to employees, elected officials, and inde- pendent contractors participating in said Deferred Compensation Plans; and WHEREAS, such benefits will act as incentives to County employees to voluntarily set aside end invest portions of their current income to meet their future financial re� qulrmnent�s and supplement their County retirement and Social Security (if applicable); and WHEREAS, the National Association of Counties has established a Master Deferred Com- pensation Program for its member Counties, permitting itS member Counties and their employees to enjoy the advantages of the Program; WHEREAS, by adoption of the NACo Program, all regulatory, operational, administrative and fiduciary responsibilities are hereby assumed by NACo in 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 THE COUNTY GOVERNING BODY DOES HEREBY RESOLVE AS FOLLOWS: The County governing body, meeting in regular scheduled session, this 4th day of octnbez d t the National Association of Counties Deferred Compensation Pr6gram` 1982, hereby adopts w �oo andhmrmby establishes the County of Orange Deferred Compensation Plan for the voluntary participation of all eligible County employees, elected officials and in-. dependent contractors. The County Administrator ia hereby authorized to execute for the County, individual participation agreements with each said *mploYen,z=qunoting 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 or contribution by the County to the program. Upon motion of Commissioner Hillhnit and.seconded by Marshall the above resolution was introduced _ and adopted. The number voting 'n the affirmative waa five and the number Voting negative in the 62:i22c uicuaru 'wec7 tteu^7 air - - . ' '