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RESOLUTION NO. 120-82
ESTABLISHMENT OF A DEFERRED COMPENSATION
PLAN FOR THE COUNTY OF JEFFERSON
(AMENDING RESOLUTION NO. 57-81)
WHEREAS, the County has considered the establishment of a
Deferred Compensation Plan to be made available to all eligible County
employees and elected officials, pursuant to Section 457 of the
Internal Revenue Code permitting such Plans; and
WHEREAS, certain tax benefits could accrue to employees and
elected officials participating in said Deferred Compensation Plans;
anCi
\AJHEREAS, such. benefits will act as incentives to County
employees to voluntarily set aside and invest portions of their current
income to meet their futurè financial requirements and supplement their
County retirement and Social Security (if applicable); and
WHEREAS, the National Association of Counties has established
a ~asteY Deferred Compensation Program for its member counties, per-
mitting its member counties and their employees to enjoy the advantages
of this Program; and
WHEREAS, by adoption of the NACo Program, all regulatory,
operational, administrative and fi.duciary responsibilities are hereby
assumed by NACo in behalf of County; and
WHEREAS, NACo, as Plan Administrator, agrees to ~lc1d harmless
and indemnify the County, its appointed and elected officers and par-
ticipating 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,
BE IT RESOLVED, that the County governing body hereby adopts
the National Association of Counties Deferred Compensation Program and
hereby establishes the County of Jefferson Deferred Compensation Plan
for the voluntary participation of all eligible County employees and
elected officials; and
BE IT FURTHER RESOLVED, that the County Auditor is hereby
authorized to execute for the County, individual participation agree-
ments with each said employee requesting 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
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RESOLUTION NO. 120-82
Page 2
County to the program; and
IT IS HEREBY FURTHER ORDERED, that a true copy of this
Resolution be spread upon the County Commissioners' record of this
date.
ORDERED this ~ day of October, 1982.
JEFFERSON COUNTY
BOARD OF COMMISSIONERS
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