R-1010-00 Resolution No. 1010-00
A RESOLUTION OF THE VILLAGE COUNCIL OF MIAMI SHORES
VILLAGE,FLORIDA,AUTHORIZING AND DIRECTING THE VILLAGE
MANAGER AND HIS DESIGNEE TO NEGOTIATE AND EXECUTE AN
AGREEMENT BETWEEN VALIC, A SUBSIDIARY OF AMERICAN
GENERAL FINANCIAL GROUP,TO OFFER A SECONDARY DEFERRED
COMPENSATION PLAN UNDER IRS RULE 457 AS A VOLUNTARY
SUPPLEMENTAL PENSION PROGRAM.
WHEREAS, the financial markets have demonstrated considerable fluctuations and
volatility during the past year; and,
WHEREAS,the Village desires to ensure that its employees are offered the opportunity to
supplement their retirement from the Village; and,
WHEREAS,the Internal Revenue Service allows municipal employers to offer deferred
compensation programs under Section 457; and,
WHEREAS,the Village currently offers a Section 457 plan sponsored by the International
City Managers Association Retirement Corporation(ICMA-RC); and,
WHEREAS, other companies provide similar deferred compensation programs; and,
WHEREAS,VALIC, a subsidiary of American General Financial Group has submitted a
proposal to the Village to offer a second deferred compensation plan from which employees may
select their individual investment strategies.
NOW, THEREFORE, BE IT DULY RESOLVED BY THE NIIA NM SHORES
VILLAGE COUNCIL that:
Section 1: The Village Council authorizes and directs the Village Manager and his
designee to accept the proposal between VALIC and the Village to offer a
second Deferred Compensation Plan under Section 457 as a voluntary
program to its employees, at no cost to the Village, and subject to the
review and final approval of the Agreement by the Village Attorney.
Section 2: The Village Council directs the Village Manager and his designee to
implement this voluntary deferred compensation plan under section 457 as
a second plan from which employees may voluntarily elect to make weekly
or other timely contributions to the plan.
PASSED and ADOPTED this 21"day of March 2000.
Attest Mark S.Ulmer,Mayor
Approved as to form:
Barbara S. Fug , CNeff
Village Clerk
Richard Sarafan,E
Village Attorney