HomeMy WebLinkAbout1981-47 Establishing a Deferred Compensation Plan for Employees with the Equitable Life Assurance Society of the USRESOLUTION NO. 47-81
A RESOLUTION OF THE VILLAGE COUNCIL OF NORTH PALM BEACH, FLORIDA,
ESTABLISHING A DEFERRED COMPENSATION PLAN FOR THE VILLAGE EMPLOYEES WITH
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES.
WHEREAS, the Village of North Palm Beach has in its employ
certain personnel; and
WHEREAS, said employees are and will be rendering valuable
services to the Village of North Palm Beach; and
WHEREAS, the Village of North Palm Beach has considered the
establishment of a Deferred Compensation Plan for said employees made
available to the Village of North Palm Beach and to said employees by the
Equitable Life Assurance Society of the United States; and
WHEREAS, said employees often are unable to acquire retirement
security under other existing and available retirement plans due to the
contingencies of employment mobility; and
WHEREAS, the Village of North Palm Beach receives benefits
under said plans by being able to assure reasonable retirement security
to said employees, by being more able to attract competent personnel
to its service, and by increasing its flexibility in personnel manage-
ment through elimination of the need for contined employment for the sole
purpose of allowing an employee to qualify for retirement benefits.
NOW, THEREFORE, BE IT RESOLVED BY THE VILLAGE COUNCIL OF NORTH
PALM BEACH, FLORIDA:
Section 1. That the Village of North Palm Beach establish said
Deferred Compensation Plan for said employees and hereby authorizes its
Mayor to execute the Deferred Compensation Plan with the Equitable Life
Assurance Society of the United States, copy of which is attached hereto
as Exhibit 1 and by reference made a part hereof.
Section 2. That the Village Manager may on behalf of the
Village of North Palm Beach execute all Joinder Agreements with said
employees and other eligible officials and officers, which are
necessary for said persons participation in the plan, except that
any Joinder Agreement for said designated official sahll be executed
by the Mayor.
Section 3. This Resolution shall take effect immediately
upon passage.
PASSED AND ADOPTED THIS 9th DAY OF JULY, 1981.
ATTEST:
Village Cierk
1
/ Z-5,7>2'p.
MAYOR
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
ARTICLE V • Miscellaneous
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ARTICLE 1 - Definitions
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