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RESOLUTION NO. 57-81
ESTABLISHMENT OF A DEFERRED COMPENSATION
PLAN FOR THE COUNTY OF JEFFERSON
WHEREAS, the County has considered the establishment of a Deferred
Compensation Plan to be made available to all eligible County employees,
elected officials, and independent contractors pursuant to Section 457 of the
Internal Revenue Code permitting such Plans; and
WHEREAS, certain tax benefits could accrue to employees, elected
officials, and independent contractors participating in said Deferred Com-
pensation Plans; and
WHEREAS, such benefits will act as incentives to County employees
to voluntarily set aside and invest portions of their current income to meet
their future financial requirements and supplement their County retirement
and Social Security (if applicable); and
WHEREAS, the National Association of Counties has established a
Master Deferred Compensation Program for its member Counties, permitting its
member Counties and their employees to enjoy the advantages of this 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 per-
form 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, elected officials
and independent contractors.
BE IT FURTHER RESOLVED, that the County Auditor is hereby
authorized to execute for the County, individual participation agreements
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 dis-
bursing of the employees' deferrals and other minor administrative matters,
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RESOLUTION NO. 57-81
Page 2
there is to be no cost or contribution by the County to the program.
IT IS HEREBY FURTHER ORDERED, that a true copy of this
Resolution be spread upon the County Commissioners' record of this date.
ORDERED THIS ;î¿~ay of May, 1981.
JEFFERSON COUNTY
BOARD OF COUNTY CO~1ISSIONERS
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B. . Brown, C auman .
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A. 0.0 Mear, ember
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Carroll M. Me cer, ~ember
ATTEST:
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