Res 102-2008 7/1/2008 RESOLUTION NO. (n�_C�O�g
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF WICHITA
FALLS, TEXAS, AUTHORIZING THE CITY TO PARTICIPATE IN A
DEFERRED COMPENSATION PROGRAM OFFERED BY NATIONWIDE
RETIREMENT SOLUTIONS PURSUANT TO SECTION 457 OF THE
INTERNAL REVENUE CODE; FINDING AND DETERMINING THAT THE
MEETING AT WHICH THIS RESOLUTION WAS PASSED WAS OPEN
TO THE PUBLIC AS REQUIRED BY LAW.
WHEREAS, the City has considered the establishment of a Deferred
Compensation Plan to be made available to all eligible employee pursuant to Section
457 of the Internal Revenue Code permitting such Plans; and
WHEREAS, certain tax benefits will act as incentives to employees to voluntarily
set aside and invest portions of their current income to meet their future financial
requirements and supplement their retirement and Social Security; and
WHEREAS, by adoption of the Nationwide Program, all regulatory, operational,
and administrative responsibilities are hereby assumed by Nationwide on behalf of the
City; and
WHEREAS, Nationwide as Plan Administrator, agrees to hold harmless and
indemnify the City, its appointed and elected officials and participating employees from
any loss resulting from City or its Agent's failure to perForm its duties and services
pursuant to the Nationwide Program.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF WICHITA FALLS, TEXAS, THAT:
SECTION 1. The City hereby adopts the Nationwide Deferred Compensation
Program and hereby establishes the City of Wichita Falls' Deferred Compensation Plan
for the voluntary participation of eligible employees.
SECTION 2. It is hereby officially found and determined that the meeting at
which this resolution was passed was open to the public as required by law.
PASSED AND APPROVED this the 1 day of ,lu 08. '�
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