R97-23 04-14-97RESOLUTION NO. R97-23
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PEARLAND,
TEXAS, AUTHORIZING THE CITY MANAGER OR HIS DESIGNEE TO
NEGOTIATE AND EXECUTE AGREEMENTS WITH PROVIDERS FOR A
DEFERRED COMPENSATION PLAN, CREDIT UNION PARTICIPATION,
AND UNITED STATES SAVINGS BONDS INVESTMENTS FOR CITY
EMPLOYEES.
WHEREAS, the City of Pearland has employees rendering valuable services; and
WHEREAS, the establishment of a deferred compensation plan as authorized by
Section 457 of the Internal Revenue Code, along with the option of participating in a
credit union and investing in United States Savings Bonds for such employees serves
the interests of the City of Pearland by enabling it to provide reasonable retirement
security for its employees, by providing increased flexibility in its personnel
management system, and by assisting in the attraction and retention of competent
personnel; and
WHEREAS, the City of Pearland has determined that providing for and
facilitating these services for City employees furthers the above objectives; and
WHEREAS, the City of Pearland will incur no costs beyond administrative
expenses for providing these services to City employees; now, therefore,
BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF THE CITY OF PEARLAND, TEXAS:
Section 1. That the City Manager or his designee is hereby authorized to
negotiate and execute on behalf of the City all necessary agreements with providers
of services for a deferred compensation plan, credit union participation, and
United States savings bonds investments to be made available to City employees at
no cost to the City.
RESOLUTION NO. R97-23
Section 2. That the Director of Finance shall be the City's coordinator for these
programs, shall receive necessary reports, notices, etc., from the providers of said
services, and shall administer all duties necessary to facili.tate said services.
PASSED, APPROVED and ADOPTED this the day of ,
A.D., 1997.
ATTEST:
INTERIM i~Y S~ECRETARY ~'
TOM REID
MAYOR
APP~,,~ED AS TO FORM:
d '
2